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81) A demand curve is a graphical representation of

A) consumer tastes.

B) national income.

C) the demand schedule.

D) relative prices.

82) When economists talk about a demand schedule for a product, they mean

A) the amount of a good that consumers intend to purchase at each price in a set of possible prices in a given time period.

B) the amount of a good that consumers are able to purchase (though they might not be willing to) at different prices in a given period of time.

C) the amount of a good that consumers intend to purchase at only one particular price in a given period of time.

D) the amount of a good that producers are willing to make available for sale at a particular price in a given time period.

 

83) Adding the quantities demanded by all consumers at every price will yield

A) the market-clearing price.

B) the number of consumers.

C) the total substitution effect from a price change.

D) the market demand curve.

 

84) When the price of a good falls, there will be

A) an outward shift in the good's demand curve.

B) both an outward shift in the good's demand curve and a movement along the good's demand curve.

C) a movement along the good's demand curve.

D) no change in quantity demanded.

 

85) In deriving the demand schedule for a good, economists assume that

A) consumers have equal incomes to allocate among goods.

B) a consumer will allocate all of her income to one good.

C) all other influences on demand except the product price are held constant.

D) reported income changes at each point on the demand schedule.

86) A demand schedule provides

A) the quantities of a good people are willing to sell every year.

B) the amount of a good a person wants to sell during a given time period.

C) the alternative quantities demanded for a given time period at different possible prices.

D) the amount of a good a person wants at different times of the day.

 

87) An increase in quantity demanded is caused by

A) an increase in income.

B) a decrease in the price of the good.

C) a decrease in the price of a complement.

D) a change in expectations about price in the future.

 

88) Gasoline prices in the United States decreased significantly between 2008 and 2009. A decrease in the price of gasoline, holding other things constant, will cause which of the following to occur?

A) increase the demand for gasoline.

B) decrease the demand for gasoline.

C) increase the quantity of gasoline demanded.

D) decrease the quantity of gasoline demanded.

 

89) A schedule of how much of a good people will purchase for a range of possible prices during a specified time period, other things constant, is the definition of

A) supply.

B) demand.

C) a purchasing contract.

D) an economic market.

90) The market demand curve for a particular good

A) is the horizontal sum of all individual demand curves for the good.

B) may be less than an individual demand curve for the good.

C) may or may not show a direct relationship between price and quantity demanded.

D) will not be affected by any of the determinants of individual demand.

 

 

 

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