Question 1 (Multiple Choice Worth 3 points)
When Mrs. Edwards raises the price of Grad Nite tickets,
a. the demand for movie tickets increases because of the increase in the number of buyers.
b. the quantity demanded for movie tickets increases because the price of Grad Nite tickets increases.
c. the demand for movie tickets increases because student incomes change. the demand for movie tickets increases because they are cheaper than Grad Nite tickets.
d. the quantity demanded for movie tickets increases because the number of buyers increases.
Question 2 (Multiple Choice Worth 3 points)
If the price of papayas increases from $1.00 each to $1.25, will this cause a change in demand or quantity demanded?
a. Quantity Demanded
b. Demand
c. Demand is the entire curve.
Question 3 (Multiple Choice Worth 3 points)
|
Papaya Demand Schedule
|
|
Quantity
|
D1 Price
|
D2 Price
|
D3 Price
|
|
50
|
3
|
3.5
|
4
|
|
100
|
2.5
|
3
|
3.5
|
|
150
|
2
|
2.5
|
3
|
|
200
|
1.5
|
2
|
2.5
|
|
250
|
1
|
1.5
|
2
|
|
300
|
0.5
|
1
|
1.5
|
D = Demand
Use the table above showing three demand curves (D1, D2, and D3) to answer the following question.
Given the D2 demand curve for papayas, at a price of $2.00 each, how many papayas are consumers willing and able to purchase?
a. 50
b. 100
c. 150
d. 200
e. 250
Question 4 (Multiple Choice Worth 3 points)
Suppose people like tuna salad and chicken salad equally well. If the price of tuna salad increases, which of the following statements is true?
a. The quantity demanded of chicken salad will decrease.
b. The quantity demanded of tuna salad will decrease.
c. The demand for tuna salad will increase.
d. The demand for tuna salad will decrease.
e. The demand for chicken salad will decrease.
Question 5 (Multiple Choice Worth 3 points)
If demand for energy drinks decreases when the price of bagels increases, we can say that energy drinks and bagels are
a. normal goods.
b. inferior goods.
c. substitute goods.
d. complementary goods.
e.preferred goods.
Question 6 (Multiple Choice Worth 3 points)
The demand for Grad Nite tickets would decrease if
a. your income decreased and the price of tickets decreased.
b. your income decreased and Grad Nite tickets were a normal good.
c. your income decreased and Grad Nite tickets were an inferior good.
d. the price of Grad Nite tickets increased.
e. your income increased and Grad Nite tickets were a normal good.
Question 7 (Multiple Choice Worth 3 points)
When Mrs. Edwards raises the price of Grad Nite tickets,
a. the demand for Grad Nite tickets decreases because of the increase in the number of buyers.
b. the demand for Grad Nite tickets decreases because the price decreases.
c. the demand for Grad Nite tickets decreases because tastes and preferences change.
d. the quantity demanded for Grad Nite tickets decreases because the price increases.
e. the quantity demanded for Grad Nite ticket decreases because the number of buyers increases.
Question 8 (Multiple Choice Worth 3 points)
If more consumers move to the area, will this cause a change in demand or quantity demanded?
a. Quantity
b. Demanded
c. Demand
Question 9 (Multiple Choice Worth 3 points)
|
Papaya Demand Schedule
|
|
Quantity
|
D1 Price
|
D2 Price
|
D3 Price
|
|
50
|
3
|
3.5
|
4
|
|
100
|
2.5
|
3
|
3.5
|
|
150
|
2
|
2.5
|
3
|
|
200
|
1.5
|
2
|
2.5
|
|
250
|
1
|
1.5
|
2
|
|
300
|
0.5
|
1
|
1.5
|
D = Demand
Use the table above showing three demand curves (D1, D2, and D3) to answer the following question.
Given the D1 demand curve for papayas, if the price of one papaya increases from $1.50 to $2.00, consumers will demand
a. 200 papayas and demand will shift to D2.
b. 50 fewer papayas and demand will shift to D2.
c. 150 additional papayas.
d. 50 additional papayas.
e. 50 fewer papayas.
Question 10 (Multiple Choice Worth 3 points)
If the demand for bubble gum falls when people’s income rises, then bubble gum is
a. a normal good.
b. an inferior good.
c. a substitute good.
d. a complementary good.
e. a preferred good.
