Economics Quiz 3 Microeconomics

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

  
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Question Excerpt

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1.  If the demand curve for good X is downward-sloping, an increase in the price will result in
A.
B.
C.
D.
E.
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2.  The law of demand states that the quantity demanded of a good changes, other things being equal, when
A.
B.
C.
D.
3.  Which of the following is the result of a decrease in the price tea, other things being equal?
A.
B.
C.
D.
4.  Which of the following will cause a movement along the demand curve for X?
A.
B.
C.
D.
5.  Assuming that beef and pork are substitutes, a decrease in the price of pork will cause the demand curve for beef to
A.
B.
C.
D.
6.  Assuming that  coffee and tea are substitutes, a decrease in the price of coffee, other things being equal, results in a (an)
A.
B.
C.
D.
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7.  Assuming steak and potatoes are complements, a decrease in the price of steak will
A.
B.
C.
D.
8.  Assuming that steak is a normal good, a decrease in consumer income, other things being equal, will
A.
B.
C.
D.
9.  An increase in consumer income, other things being equal, will
A.
B.
C.
D.
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.
B.
C.
D.
E.
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