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- 1. Multiple Choice
A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change inmarket sizeprice of a substitute goodprice of a complementary goodtastes and preferences (popularity)
- 2. Multiple ChoiceAn decrease in demand for iPhones in Hong Kong could be caused by a(n)increase in price for Samsung Galaxyincrease in population in HKthe price for iPhones is expected to increase next weekthe price of iPhone apps increased
- 3. Multiple ChoiceAn decrease in demand for iPhones in Hong Kong could be caused by a(n)increase in price for Samsung Galaxyincrease in population in HKthe price for iPhones is expected to increase next weekthe price of iPhone apps increased
- 4. Multiple ChoiceConsider the market for SUVs. If the price of gasoline increases then the Demand for these vehicles willincreasedecreasenot be affected
- 5. Multiple ChoiceThe law of demand states that as the price increases thenquantity demanded increasesquantity demanded decreasesdemand increasesdemand decreases
- 6. Multiple ChoiceWhat factor could have caused the demand to decrease?incomes increasedexpectation that prices will increasea decrease in the price of a substituteincrease in market size
- 7. Multiple ChoiceDonald Trump has been elected and the demand for US tourist visas has decreased because ofmarket sizeexpectations of future pricesincomepopularity (tastes and preferences)
- 8. Multiple ChoiceWhich item would provide you with the least marginal utility?a second copy of the daily newspaper.a second large glass of watera second hamburgera second car.
- 9. Multiple ChoiceThe demand for a(n) ___ increases as money income increases- that is, the demand curve shifts rightward when consumer income increases.normal goodinferior goodsuperior gooddeclining good
- 10. Multiple ChoiceThousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?Prices or availability of substitutesPrices or availability of complementary goodsChange in the weather or seasonPopulation (Change in the number of buyers)
- 11. Multiple ChoiceThe diagram represents aincrease in demanddecrease in demandchange in quantity demandnone of the above
- 12. Multiple ChoiceChevy is offering trucks at lower prices, people are buying more trucks because ofchange in demand to expectationschange in demand due to complements.change in demand due to incomechange in quantity demanded due to a change in price.
- 13. Multiple ChoiceConsider the market for cars in Hong Kong. If the price of gasoline increases then the Demand for cars willincreasedecrease
- 14. Multiple ChoiceA change in demand is shownalong the demand curvewith a new demand curve above or below the original demand curvewithout a demand graphwith a totally vertical line
- 15. Multiple ChoiceWhich of the following best describes the Law of Demand?As price goes down, demand goes down. (and vice versa).As price goes down, demand goes up (and vice versa).As demand goes down, supply goes up.As demand goes up, price becomes elastic.
- 16. Multiple ChoiceWhat is the only factor that does not shift or change demand or supply, it only causes movement along a stable demand or supply curve?populationincomepricetastes and preferences
- 17. Multiple ChoiceA good used in place of another good to meet the same need is calledComplementary goodCapital GoodSubstitute GoodConsumer Good
- 18. Multiple ChoiceThe price of movie tickets in a town has risen from $7 to $9. What is the most likely effect of the change in price?The demand curve for movie tickets will move right.The quantity demanded for movie tickets will increase.The demand curve for movie tickets will move leftThe quantity demand for movie tickets will decrease
- 19. Multiple ChoiceWhat factor could have caused the demand to decrease?incomes increasedexpectation that prices will increasea decrease in the price of a substituteincrease in market size
- 20. Multiple ChoiceConsumers are willing to buy more at lower prices than higher priceslaw of demandlaw of supplylaw of inversescarcity
- 21. Multiple ChoiceThe amount of a good or service that consumers are willing and able to buy at a SPECIFIC PRICEDemandQuantity DemandedSupplyQuantity Supplied
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