1. A change in which of the following will NOT shift the demand curve for hamburgers?
- the price of hot dogs
- the price of hamburgers
- the price of hamburger buns
- the income of hamburger consumers
2. An increase in ________ will cause a movement along a given demand curve, which is called a change in ________.
- supply, demand
- supply, quantity demanded
- demand, supply
- demand, quantity supplied
3. Movie tickets and DVDs are substitutes. If the price of DVDs increases, what happens in the market for movie tickets?
- The supply curve shifts to the left.
- The supply curve shifts to the right.
- The demand curve shifts to the left.
- The demand curve shifts to the right.
4. The discovery of a large new reserve of crude oil will shift the ________ curve for gasoline, leading to a ________ equilibrium price.
- supply, higher
- supply, lower
- demand, higher
- demand, lower
5. If the economy goes into a recession and incomes fall, what happens in the markets for inferior goods?
- Prices and quantities both rise
- Prices and quantities both fall.
- Prices rise, quantities fall.
- Prices fall, quantities rise.
6. Which of the following might lead to an increase in the equilibrium price of jelly and a decrease in the equilibrium quantity of jelly sold?
- an increase in the price of peanut butter, a complement to jelly
- an increase in the price of Marshmallow Fluff, a substitute for jelly
- an increase in the price of grapes, an input to jelly
- an increase in consumers’ incomes, as long as jelly is a normal good
7. True or False: An increase in the demand for notebooks raises the quantity of notebooks demanded but not the quantity supplied.
Course: ECO 102 Intro to Macroeconomic
School: Community College of Alleghany County
- : 05/03/2017
- : 14