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- 1. Multiple Choice
Which answer is NOT a factor that can change demand?
natural and man-made disasters
tastes and preferences
buyers and price
expectations
income
- 2. Multiple Choice
Which of the following would NOT be an inferior good?
a leather couch
boxed macaroni and cheese
generic cans of soup
a used car
a black-and-white television
- 3. Multiple Choice
A normal good is defined by its relation to _____.
income
demand
weather
national economy
money supply
- 4. Multiple Choice
Alberto owns a sporting goods store that specializes in soccer equipment. By trying different prices throughout the year, he has been able to construct this demand curve for soccer balls. How many soccer balls can Alberto expect to sell in a week at $25 each?
18
20
30
35
45
- 5. Multiple Choice
Which items are NOT substitute goods?
desk and couch
bus and automobile
letters and email
tent and RV camper
folding chair and stool
- 6. Multiple Choice
Which of the following is likely to shift the supply curve right?
scientists find a way to make solar panels more efficient at no extra cost
vast increase in hurricanes in the Caribbean (oil)
a tax on businesses that goes into effect immediately
the closing of 70% of a town’s restaurants
increase in the price of rubber (tires)
- 7. Multiple Choice
Which answer does NOT belong to the NICEJAG acronym?
end production
government action
input
natural or man-made disasters
competition
- 8. Multiple Choice
Which answer does NOT belong to the TRIBE acronym?
independent analysis
tastes and preferences
related goods and services
buyers and price
expectations
- 9. Multiple Choice
Which shift does the chart show?
an increase in demand
a decrease in demand
a decrease in supply
an increase in supply
- 10. Multiple Choice
Which scenario does the graph represent?
a grocery store’s reduction of ice cream inventories as winter approaches
a decline in automobile sales as consumers await the release of new models
a sub sandwich shop opening a new store on the other side of town
a resort building new guest rooms after a positive news story convinces many people to plan vacations there
- 11. Multiple Choice
At which price point will Barry’s have the most revenue?
E
A
B
D
C
- 12. Multiple Choice
A(n) ______ good can be used in place of another good.
substitute
end
interchange
proxy
- 13. Multiple Choice
Cutting back on money spent on a hobby because of increasing medical bills is an example of _____ affecting a change in demand.
income
revenue
interest
expectations
- 14. Multiple Choice
A business anticipating a cold winter by manufacturing snow shovels in July is an example of _____ affecting a change in supply.
expectations
income
comission
profit
- 15. Multiple Choice
Quantity _____ is the amount of a service or good that consumers are able and willing to purchase at a specific time.
demanded
supplied
commanded
imposed
- 16. Multiple Choice
Quantity demanded or supplied is measured in units of ______.
time
100
quality
inventory
- 17. Multiple Choice
An increase in demand for a good related to an increase in income is characteristic of a(n) _____ good.
normal
luxury
neccesity
inferior
- 18. Multiple Choice
The ______ is the amount of a service or good that producers are willing and able to sell at a specific time.
supply
demand
backlog
funding
- 19. Multiple Choice
Demand for a(n) ____ good will fall as income increases.
inferior
normal
baseline
fundamental
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