Economics Quiz 3 Microeconomics

10 Questions  I  By Cha24ampong
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 Economics Quiz 3 Microeconomics
This is an interactive quiz on microeconomics precisely demand, supply and markets

  
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Questions and Answers

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  • 1. 
    If the demand curve for good X is downward-sloping, an increase in the price will result in
    • A. 

      An increase in the demand for good X.

    • B. 

      A decrease in the demand for good X.

    • C. 

      No change in the quantity demanded for good X.

    • D. 

      A larger quantity demanded for good X.

    • E. 

      A smaller quantity demanded for good X.


  • 2. 
    The law of demand states that the quantity demanded of a good changes, other things being equal, when
    • A. 

      The price of the good changes.

    • B. 

      Consumer income changes.

    • C. 

      The prices of other goods change.

    • D. 

      A change occurs in the quantities of other goods purchased


  • 3. 
    Which of the following is the result of a decrease in the price tea, other things being equal?
    • A. 

      A leftward shift in the demand curve for tea.

    • B. 

      A downward movement along the demand curve for tea.

    • C. 

      A rightward shift in the demand curve for tea.

    • D. 

      An upward movement along the demand curve for tea.


  • 4. 
    Which of the following will cause a movement along the demand curve for X?
    • A. 

      A change in the price of a close substitute.

    • B. 

      A change in the price of good X.

    • C. 

      A change in consumer tastes and preferences for good X.

    • D. 

      A change in consumer income.


  • 5. 
    Assuming that beef and pork are substitutes, a decrease in the price of pork will cause the demand curve for beef to
    • A. 

      Shift to the left as consumers switch from beef to pork.

    • B. 

      Shift to the right as consumers switch from beef to pork.

    • C. 

      Remain unchanged, since beef and pork are sold in separate markets.

    • D. 

      None of the above.


  • 6. 
    Assuming that  coffee and tea are substitutes, a decrease in the price of coffee, other things being equal, results in a (an)
    • A. 

      Downward movement along the demand curve for tea.

    • B. 

      Downward movement along the demand curve for tea.

    • C. 

      Upward movement along the demand curve for tea.

    • D. 

      Rightward shift in the demand curve for tea.


  • 7. 
    Assuming steak and potatoes are complements, a decrease in the price of steak will
    • A. 

      Decrease the demand for steak.

    • B. 

      Increase the demand for steak

    • C. 

      Increase the demand for potatoes.

    • D. 

      Decrease the demand for potatoes.


  • 8. 
    Assuming that steak is a normal good, a decrease in consumer income, other things being equal, will
    • A. 

      Cause a downward movement along the demand curve for steak.

    • B. 

      Shift the demand curve for steak to the left.

    • C. 

      Cause an upward movement along the demand curve for steak.

    • D. 

      Shift the demand curve for steak to the right.


  • 9. 
    An increase in consumer income, other things being equal, will
    • A. 

      Shift the supply curve for a normal good to the right.

    • B. 

      Cause an upward movement along the demand curve for an inferior good.

    • C. 

      Shift the demand curve for an inferior good to the left.

    • D. 

      Cause a downward movement along the supply curve for a normal good.


  • 10. 
    Yesterday, seller A supplied 400 units of a good X at $10 per unit. Today, seller A supplies the same quantity of units at $5 per unit. Based on this evidence, seller A has experienced a (an)
    • A. 

      Decrease in supply.

    • B. 

      Increase in supply.

    • C. 

      Increase in the quantity supplied.

    • D. 

      Decrease in the quantity supplied.

    • E. 

      Increase in demand.


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