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101.If macaroni and cheese an inferior good, then an increase

Question : 101.If macaroni and cheese an inferior good, then an increase : 1485227

 

101.If macaroni and cheese is an inferior good, then an increase in

a.

the price will cause the demand curve for macaroni and cheese to shift to the left.

b.

the price will cause the demand curve for macaroni and cheese to shift to the right.

c.

a consumer’s income will cause the demand curve for macaroni and cheese to shift to the left.

d.

a consumer’s income will cause the demand curve for macaroni and cheese to shift to the right.

102.Two goods are substitutes when a decrease in the price of one good

a.

decreases the demand for the other good.

b.

decreases the quantity demanded of the other good.

c.

increases the demand for the other good.

d.

increases the quantity demanded of the other good.

103.Suppose that a decrease in the price of good X results in fewer units of good Y being demanded.  This implies that X and Y are

a.

complementary goods.

b.

normal goods.

c.

inferior goods.

d.

substitute goods.

104.Good X and good Y are substitutes.  If the price of good Y increases, then the

a.

demand for good X will decrease.

b.

quantity demanded of good X will decrease.

c.

demand for good X will increase.

d.

quantity demanded of good X will increase.

105.A likely example of substitute goods for most people would be

a.

peanut butter and jelly.

b.

tennis balls and tennis rackets.

c.

televisions and subscriptions to cable television services.

d.

pencils and pens.

106.If muffins and bagels are substitutes, a higher price for bagels would result in a(n)

a.

increase in the demand for bagels.

b.

decrease in the demand for bagels.

c.

increase in the demand for muffins.

d.

decrease in the demand for muffins.

107.You wear either shorts or sweatpants every day.  You notice that sweatpants have gone on sale, so your demand for

a.

sweatpants will increase.

b.

sweatpants will decrease.

c.

shorts will increase.

d.

shorts will decrease.

108.If American cheese and cheddar cheese are substitutes, then which of the following would increase the demand for cheddar cheese?

a.

a decrease in the price of cheddar cheese

b.

an increase in the price of American cheese

c.

a decrease in the price of American cheese

d.

Both a) and b) are correct.

109.Two goods are complements when a decrease in the price of one good

a.

decreases the quantity demanded of the other good.

b.

decreases the demand for the other good.

c.

increases the quantity demanded of the other good.

d.

increases the demand for the other good.

110.If goods A and B are complements, then an increase in the price of good A will result in

a.

more of good A being sold.

b.

more of good B being sold.

c.

less of good B being sold.

d.

no difference in the quantity sold of either good.

 

 

 

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