Macro 1.4-Demand Open Practice - Michael Burbine | Biblioteka

1

Gasoline prices increase by 50 percent and other things remain the same. As a result, there is

no change in the quantity of gasoline demanded.

an increase in the demand for gasoline.

a decrease in the quantity of gasoline demanded.

a decrease in the demand for gasoline.

More information is needed to determine if the demand for gasoline increases or decreases.

1

Car insurance and cars are complements. If the price of car insurance increases, the

More information is needed to determine if the demand increases or decreases.

quantity of cars demanded increases.

quantity of cars demanded decreases.

demand for cars increases.

demand for cars decreases.

1

The number of buyers of sport utility vehicles, SUV, decreases sharply, so

the demand curve for SUVs shifts rightward.

the supply curve for SUVs shifts rightward.

the demand curve for SUVs shifts leftward.

there is a movement downward along the demand curve for SUVs.

there is neither a shift nor a movement along the demand curve for SUVs.

1

The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises,

the demand curve shifts rightward.

the demand curve shifts rightward and there is a movement up along the demand curve to a smaller quantity demanded.

the demand curve shifts leftward.

there is a movement up along the demand curve to a smaller quantity demanded.

there is a movement down along the demand curve to a larger quantity demanded.

1

A demand curve

C. is a graph of the relationship between quantity demanded of a good and its price.

A. has an upward slope.

Both answers A and C are correct.

B. has a downward slope.

Both answers B and C are correct.

1

In the figure, the movement from point a to point b reflects

a decrease in the price of pizza.

a decrease in the number of firms producing pizza.

an increase in the price of the tomato sauce used to produce pizza.

an increase in the demand for pizza.

an increase in the number of people who eat pizza.

1

Your college requires that starting this year, every business student must bring a laptop to school. This requirement

increases the demand for laptops.

has no effect on the demand for laptops because it affects only the supply of laptops.

increases both the demand for and the supply of laptops.

decreases the quantity demanded of laptops.

increases the quantity demanded of laptops.

1

If macaroni and cheese is an inferior good, then a decrease in income results in

a decrease in the demand for macaroni and cheese.

an increase in the supply of macaroni and cheese.

a decrease in the supply of macaroni and cheese.

None of these answers are correct.

an increase in the demand for macaroni and cheese.

1

If the demand for digital cameras increases when consumers' incomes rise, then digital cameras are

1

The quantity demanded of a good or service is

the one quantity that is demanded at several different prices.

the list of all quantities at different prices, as illustrated by a demand schedule and demand curve.

the same as the demand for the good or service.

one quantity at one price.

the list of all quantities at different prices, as illustrated by a supply schedule and a supply curve because the supply shows how much people will be able to buy.

1

Tammy buys four Barbie dolls a year if the price of a doll is $12 per doll. The actual price of a Barbie doll is $13 per doll. The four dolls Tammy buys if the price is $12 are her

demand for Barbie dolls.

quantity demanded of Barbie dolls when the price is $13 per doll because the price is $13 per doll.

All of these are correct.

quantity demanded of Barbie dolls when the price is $12 per doll.

None of these are correct.

1

A demand schedule shows

the quantities that people plan to buy at each different income when all other influences on buying plans remain the same.

the quantities that people would plan to buy if they could afford them at each different price when all other influences on buying plans remain the same.

the quantities that people plan to buy at each different price when all other influences on buying plans remain the same.

the quantities that people plan to buy at each different price as long as producers are willing to supply that quantity.

the quantities that people plan to buy in all possible circumstances.

1

The phrase "a change in demand" most directly implies a

shift of the demand curve.

movement along a demand curve.

movement along the quantity curve.

movement along the price curve.

change in the quantity demanded of a good.

1

Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the

demand for Dell computers decreases.

demand for Apple computers decreases.

supply of Dell computers increases.

demand for Apple computers increases.

demand for Dell computers increases.