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Economics - Chapter 17 > Economics - Chapter 17 - EZ test online by Doug Fletcher > Flashcards

Economics - Chapter 17 - EZ test online by Doug Fletcher Flashcards

To study for Econmics test chapters 17 - 21

1
Q

As the price of an item goes up, the quanitity demanded

  • ..rises
  • ..falls
  • ..remains the same
A

Falls

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2
Q

The law of demand holds

  • ..for individuals, but not for markets
  • ..for markets, but not for individuals
  • ..for both individuals and for markets
  • ..for neither invidiuals nor for markets
A

for both individuals and for markets

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3
Q

When we go from one demand curve to another, there has definitely been ..

  • ..a change in quantity demanded
  • .. a change in demand
  • ..an increase in demand
  • ..a decrease in demand
A

a change in demand

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4
Q

Changes in demand are caused by each of the following except…

  • ..changes in income
  • ..changes in prices of related goods and services
  • ..changes in tastes and preference
  • ..changes in supply
A

changes in supply

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5
Q

As income falls, the demand for normal goods _______ and the demand for inferior goods _________________

  • ..falls, falls
  • ..rises, rises
  • ..falls, rises
  • ..rises, falls
A

falls, rises

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6
Q

A move from E to F represents…

  • ..an increase in quantity demanded
  • ..a decrease in quantity demanded
  • ..an increase in demand
  • ..a decrease in demand
A

a decrease in demand

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7
Q

A move from F (mark on bottom diagonal line of graph) to G (a lower mark on the diagonal line on the graph) represents.. .

  • .a change in quantity demanded .
  • .a change in demand .
  • .an increase in demand .
  • .a decrease in demand
A

a change in quantity demanded

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8
Q

As income rises, the demand for inferior goods ..

  • rises .
  • .falls ..
  • stays about the same ..
  • cannot be determined
A

falls

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9
Q

Whe the demand for CD’s rises, buyers will purchase more CD’s at.. .

  • .all prices …
  • some prices ..
  • no prices
A

all prices

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10
Q

If good A and good B are substitues and the price of good A decreases the demand for good B will ..

  • not change ..
  • decrease .
  • .increase .
  • .become nonexistent
A

decrease

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11
Q

A drop in the price of oil will result in ..

  • an increase in the demand for oil ..
  • a decrease in the demand for oil .
  • .an increase in the quantity of oil demanded ..
  • a decrease in the quantity of oil demanded ..
  • both an increase in the demand and an increase in the quantity demanded
A

an increase in the quantity of oil demanded

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12
Q

A normal good is defined as a good for which demand increases.. ..

  • as the income of consumers increases ..
  • as its own price decreases ..
  • as the price of close subsitutes decreases ..
  • as the total number of consumers increases ..
  • as a reflection of changing consumer tastes
A

as the income of consumers increases

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13
Q

An increase in the price of Coors is likely to cause… ..

  • a decrease in the demand for Coors ..
  • a decrease in the demand for Budweiser ..
  • an increase in the demand for Budweiser ..
  • an increase in the demand for Coors
A

an increase in the demand for Budweiser

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14
Q

What is NOT a complement for automobiles? ..

  • gasoline to run the car .
  • .price of the car .
  • .the insurance for the car .
  • .the cost of financing the car ..
  • the cost of periodic maintenance
A

price of the car

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15
Q

If beans are inferior goods, a decrease in income will cause..what shift on the demand curve? ..

  • cause beans to sell at a lower price
  • increase the production of beans .
  • .shift the demand curve for beans to the left ..
  • shift the demand curve for beans ot the right ..
  • rotate the supply curve in a clockwise manner
A

a shift in the demand curve for beans to the right

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16
Q

If the price of Diet Pepsi rises, what happens to the price of Diet coke? ..

  • it will rise .
  • .it will fall .
  • it will remain the same .
  • .there is no way of telling what will happen to the price
A

It will rise

17
Q

Chicken and pork are substitutes. Other things being equal, what will an increase in the price of chicken cause?

  • put downward pressure on the price of pork
  • have no effect on the demand of pork
  • increase the demand for pork
  • decrease the demand for pork
A

Increase the demand for pork

18
Q

Computers and computer software are complements. A decrease ine the price of computers is likely to cause..

  • decrease the demand for computers
  • decrease the demand for computer software
  • increase the demand for computers
  • increase the demand for computer software
A

an increase in the demand for computer software

19
Q

. A move from E to F represents on the graph represents:

  • an increase in quantity demanded
  • a decrease in quantity demanded
  • an increase in demand
  • a decrease in demand
A

a decrease in demand

20
Q

A move from F to G on the same graphed line represents

  • a change in quantity demanded
  • a change in demand
  • an increase in demand
  • a decrease in demand
A

a change in quantity demanded

21
Q

When Pope Paul VI issued a decree allowing American Catholic bishops to end year-round meatless Fridays, except during Lent, the effect in terms of supply and demand , was to cause what?

  • an increase in demand
  • a decrease in demand
  • an increase in supply
  • a decrease in supply
A

a decrease in demand

22
Q

If coffee is a substitute for tea, and the price of coffee rises, what will happen ?

  • demand for tea will decrease
  • demand for tea will increase
  • the quanity demanded of coffee will rise
  • the quantity demanded of tea will decrease
A

demand for tea will increase

23
Q

A move from a lower line labeled D1 to a higher line labled D2 is a(n)

  • an increase in quantiity demanded
  • a decrease in quantity demanded
  • an increase in demand
  • a decrease in demand
A

an increase in demand

24
Q

All of the following could shift the demand curve except?

  • a change in the price of substitutes
  • a shift of the supply curve
  • a rise in income
  • a rise in population that buys the good
A

a shift of the supply curve

25
Q

A shift in the demand curve for gasoline would occur if:

  • the price of gasoline changed
  • more oil was discovered
  • there was a shift in the supply curve for gasoline
  • the people decided to travel more by car
A

people decided to travel more by car

Economics - Chapter 17 (1 decks)

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