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- 1. Multiple Choice
Movement along the demand curve for high rise apartments will be caused by a change in ______________.
price of the single-story link houses.
consumer’s income.
consumer’s taste and preference.
price of the high rise apartments.
- 2. Multiple Choice
Which of the following is NOT a determinant of demand for diesel?
The price of petrol
The price of diesel
The price of automobile
Consumer’s income
- 3. Multiple Choice
Sugar and honey are viewed as substitute for each other in many cooking applications. If the price of sugar rises, we would expect _________________.
the demand for honey to increase
the quantity demanded of honey to increase
the demand for honey to decrease
the quantity demanded of honey to decrease
- 4. Multiple Choice
As the price of egg increases, Sophie’s production of cakes will _______________.
Increase the supply of cakes
Increase the quantity supplied of cakes
Decrease the supply of cakes
Decrease the quantity supplied of cakes
- 5. Multiple Choice
The law of supply indicates that __________________.
decrease the supply of a good when its price fall.
increase the supply of a good when its price rises.
increases the quantity supplied of a good when its price rises.
decreases the quantity supplied of a good when input prices fall.
- 6. Multiple Choice
All of the following are held to be constant when the supply curve for a product is drawn, EXCEPT __________________.
the price of the product.
the state of the technology.
the number of the producers.
the price of inputs used to make the product.
- 7. Multiple Choice
Which of the following could not cause an increase in the supply of wheat?
A decrease in the price of wheat.
A decrease in the price of corn.
A decrease in the price of machinery and equipment used in wheat farming.
Improvements in the techniques of growing wheat.
- 8. Multiple Choice
The definition of demand in an economic perspective is ________________.
the desire to purchase goods and services at a certain price.
the desire of all individuals in a market to purchase goods.
the desire of an individual to obtain goods and services, supported by the ability to pay a certain price.
he ability of an individual to spend his/her income to purchase goods and services.
- 9. Multiple Choice
The law of demand shows the relationship between __________________.
consumer’s income and demand.
population and demand.
demand and supply.
price and quantity demand.
- 10. Multiple Choice
Assuming other factors do not change, an increase in the price of pen will cause the demand curve for ink to __________________.
remain unchanged.
shift to the left.
shift to the right
become steeper.
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