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111) Which of the following is NOT a non-price determinant of demand?

A) the price of the good or service

B) tastes and preferences

C) expectations of future prices

D) prices of related goods and services

112) Which of the following would cause a change in the quantity demanded of a product?

A) a higher price

B) a higher income

C) expectations of future price increases

D) All of the above are correct.

 

113) Which of the following would most likely be considered complements?

A) butter and margarine

B) rental cars and taxis

C) plastic wrap and aluminum foil

D) tennis rackets and tennis balls

 

114) If a good is a normal good, an increase in income will

A) decrease the quantity demanded of the good.

B) increase the demand for the good.

C) cause the demand curve for the good to shift to the left.

D) cause a movement down along the demand curve.

 

115) All of the following cause a shift in the demand curve EXCEPT a change in the

A) price of related goods.

B) price of the good or service.

C) consumer income.

D) number of consumers.

116) If the price of one good goes up and the demand of a related good goes down, the two goods are

A) complements.

B) substitutes.

C) inferior goods.

D) normal goods.

 

117) When income increases, the demand curve for an inferior good

A) shifts to the right.

B) shifts to the left.

C) moves up along the demand curve for the product.

D) remains constant.

 

118) We know that products G and H are related goods, because when the price of G increases,

A) the demand curve for H will shift to the right, because G and H are complementary goods.

B) the quantity of H demanded will shift along its demand curve, because G and H are complementary goods.

C) the demand curve for H will shift to the left, because G and H are complementary goods.

D) the demand curve for H will remain unchanged because G and H are substitute goods.

 

119) An increase in the quantity demanded is shown by

A) a leftward shift of the demand curve.

B) a rightward shift of the demand curve.

C) a movement down along a demand curve.

D) a movement up along a demand curve.

120) A movement along a demand curve is

A) a change in demand and can be caused by a change in consumers' income.

B) a change in the quantity demanded and is caused by a change in the price of the good.

C) a change in the quantity demanded and can be caused by a change in consumers' income.

D) a change in demand and is caused by a change in the price of the good.

 

 

 

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