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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
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
- 3. 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.
- 4. 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.
- 5. 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.
- 6. Multiple ChoiceIf the price on a product goes up the quantity demanded will go down. This follows the economic theory of:Law of Demandelasticityincome effectNone of the above
- 7. Multiple ChoiceConsuming more of one good because of a change in price of another good is known as theincome effectsubstitution effectelasticity effectdemand effect
- 8. Multiple ChoiceWhich factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.incomepopulationconsumer tastes & advertisingprices of related goods
- 9. Multiple ChoiceAn increase in the number of consumers can causethe demand curve to shift leftthe demand curve to shift rightthe demand curve to shift updiminishing returns
- 10. Multiple ChoiceFor an inferior good, an increase in consumer income will cause:The demand curve to shift leftThe demand curve to shift rightThe supply curve to shift leftThe supply curve to shift right
- Answer choicesTagsAnswer choicesTags