02 Jun Question Sample Test Multiple Choice Identify the choice that best completes the statement or answers the question.
Question
Sample Test
Multiple Choice
Identify the choice that best completes the statement or answers the question.
____ 1. Which of the following illustrates the law of demand?
a. Jorge buys fewer pencils at $2 per pencil than at $1 per pencil, ceteris paribus.
b. Chen buys more ice cream at $4 per half-gallon than at $3 per half gallon, ceteris paribus.
c. Karissa buys fewer sweaters at $50 each than at $35 each, ceteris paribus.
d. a, b, and c
e. a and c
____ 2. If an increase in income results in an increase in the demand for chicken, then chicken is
a. a neutral good.
b. a luxury good.
c. a normal good.
d. an inferior good.
____ 3. An increase in the number of buyers in an area will result in a
a. movement up the demand curve.
b. movement down the demand curve.
c. leftward shift in the demand curve.
d. rightward shift in the demand curve.
____ 4. “As the price of apples goes up, the demand for apples goes down.” The author of this statement
a. implies that price and demand are unrelated.
b. uses the word “demand” when he should use the word “supply.”
c. uses the word “demand” when he should use the words “quantity demanded.”
d. implies that demand and price have a direct relationship.
____ 5. Which of the following is true about the relationship between price and quantity supplied?
a. There is always a direct relationship.
b. There is always an inverse relationship.
c. There is usually a direct relationship.
d. There is usually an inverse relationship.
____ 6. If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen?
a. The demand curve for the product the firm produces shifts rightward.
b. The demand curve for the product the firm produces shifts leftward.
c. The supply curve of the product the firm produces shifts rightward.
d. The supply curve of the product the firm produces shifts leftward.
____ 7. Which of the following will not shift a supply curve?
a. a change in the price of relevant resources
b. a change in the good’s own price
c. a change in the number of sellers
d. a change in per-unit costs brought about by a change in taxes.
____ 8. On a supply-and-demand diagram, quantity demanded equals quantity supplied
a. only at the single equilibrium price.
b. at every price at or above the equilibrium price.
c. at every price at or below the equilibrium price.
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