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- 1. Multiple Choice
What happens to demand when we drop the ceteris paribus rule?
demand always increases
demand always decreases
the entire demand curve can shift
the demand curve becomes straight
- 2. Multiple Choice
Which answer best describes a normal good?
a good whose demand is unaffected by changes in price
a good whose price is unaffected by changes in demand
a good consumers demand less of as their incomes increase
a good consumers demand more of as their incomes increase
- 3. Multiple Choice
What would you expect to be the impact of an event such as a forecast of a major storm on demand for storm-related supplies?
a shift in the demand curve to the right
a change upward along the original demand curve
a shift in the demand curve to the left
a change downward along the original demand curve
- 4. Multiple Choice
The closing of a major factory in a city is likely to affect which non-price determinants of demand most strongly in the short term?
consumer tastes
demographics
income
population
- 5. Multiple Choice
"Ceteris paribus" means demand will change when price changes
no matter what other factors may influence the market.
if other market factors remain constant.
only if the supply also does not change.
only in the short-term.
- 6. Multiple Choice
In general, a decrease in consumer income will have what effect on demand for normal goods?
It will have no effect
It will cause demand to rise
It will cause demand to fall
It will cause demand to fluctuate sharply
- 7. Multiple Choice
The increasing age of the American population is an example of how
changing demographics can cause demand shifts.
the law of ceteris paribus works.
lack of substitutes can blunt demand shifts.
demand does not always change when prices change.
- 8. Multiple Choice
Which of the following is the best example of substitute for movie tickets?
inferior goods
jewlery
takeout pizza
rentals of on-demand programming
- 9. Multiple Choice
A change in demand for one good will have what effect on its complement?
no effect
different effects at different times
the same effect
the opposite effect
- 10. Multiple Choice
Which of the following is the likely result of a successful advertising campaign for an electronic game?
a supply curve that has shifted to the right
a supply curve that has shifted to the left
a demand curve that has shifted to the right
a demand curve that has shifted to the left
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