| 1. | An increase in the price of a product will reduce the amount of information technology purchased because:
| A. | supply curves are upsloping.
| | B. | the college cost means that existent incomes have risen.
| | C. | consumers will substitute other products for the one whose price has risen.
| | D. | consumers substitute relatively high-priced for relatively low-priced products.
| |
| 2. | Which of the following will non crusade the demand for product Chiliad to change?
| A. | a change in the price of close-substitute product J
| | B. | an increment in consumer incomes
| | C. | a change in the cost of K
| | D. | a modify in consumer tastes
| |
| 3. | Which of the following would not shift the demand curve for beefiness?
| A. | a widely publicized report which indicates beef increases one's cholesterol
| | B. | a reduction in the price of cattle feed
| | C. | an effective advertising campaign by pork producers
| | D. | a change in the incomes of beef consumers
| |
| 4. | If the price of K declines, the demand bend for the complementary product J will:
|
| 5. | A business firm'due south supply curve is upsloping because:
| A. | the expansion of production necessitates the use of qualitatively inferior inputs.
| | B. | mass production economies are associated with larger levels of output.
| | C. | consumers envision a positive relationship between price and quality.
| | D. | beyond some point the production costs of additional units of output will rise.
| |
| vi. | |  | | R-1 F03083 | Refer to the above diagram. The equilibrium price and quantity in this market volition be:
|
| 7. | |  | | R-2 F03090 | Refer to the to a higher place diagram. A cost of $xx in this market place will outcome in:
| B. | a shortage of 50 units.
| | C. | a surplus of fifty units.
| | D. | a surplus of 100 units.
| | E. | a shortage of 100 units.
| |
| eight. | | 
| | R-3 F03140 | Which of the above diagrams illustrate(south) the consequence of a decrease in incomes upon the market for secondhand clothing?
|
| 9. | |
| | R-3 F03140 | Which of the to a higher place diagrams illustrate(south) the upshot of a governmental subsidy on the market for AIDS research?
|
| 10. | An constructive ceiling price will:
| A. | induce new firms to enter the manufacture.
| | B. | upshot in a production surplus.
| | C. | result in a production shortage.
| |
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