Business

(1) Microeconomics Unit Two Multiple Choice Test
Each disbelief is worth 2.5 points

1) A market:
a) reflects upslopeing contain and downslopeing supply contracts
b) entails the rallying of goods, but not services
c) is an institution which brings together buyers and sellers
d) always entails face to face contact between buyer and seller

2) The law of demand states that:
a) bell and quantity demanded argon inversely cogitate
b) the larger the number of buyers in a market, the lower get out be product determine.
c) expense and quantity demanded are directly related
d) consumers will buy to a greater extent of a given product at high prices than they will at low prices

3) Which of the following would shift the demand sprain for boot?
a) a widely-publicized study which indicates beef improvers ones cholesterol
b) a step-down in the price of cattle feed
c) an effective advertising safari by pork producers
d) a compound in the incomes of beef consumers

4) Economist presume the most important variable in determining the quantity demanded is:
a) the price of the product itself
b) consumer income
c) the price of related goods
d) consumer tastes

5) When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower.



This describes:
a) an inferior good
b) the substitution effect
c) the law of supply
d) the income effect

6) wholeness reason why the quantity of a good demanded increase when the price falls is that the:
a) price decline shifts the supply curve to the left
b) lower price shifts the demand curve to the left
c) lower price shifts the demand curve to the right
d) lower price increases the real income of buyers, change them to buy more

7) Which of the following will not cause the demand for product K to change?
a) a change in the price of close-substitute product J
b) an increase in consumer incomes
c) a change in the price of K
d) a change in consumer tastes
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