I created this quiz to practice for my economics honors final.
Pretty lame i know.
Money income and quantity demanded.
Price and production costs.
Price and quantity demanded.
Consumer tastes and the quantity demanded.
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Complimentary goods.
Substitute goods.
Independent goods.
Inferior goods.
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Scarcity
Capital
The factors of production
Labor
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Entails the exchange of goods, but not services.
Is an institution that brings together buyers and sellers.
Reflects upsloping demand and downsloping supply curves.
Always requires face-to-face contact between buyer and seller.
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Fur coats
Ocean cruises
Used clothing
Steak
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Beer & marijuana are substitute goods.
Beer & marijuana are complimentary goods.
Beer is an inferior good.
Marijuana is an inferior good.
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Complementary goods and the higher price for oil increased the demand for natural gas.
Substitute goods and the higher price for oil increased the demand for natural gas.
Complementary goods and the higher price for oil increased the demand for natural gas.
Substitute goods and the higher price for oil decreased the supply of natural gas.
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Cause the demand curve for film to become vertical.
Shift the demand curve for film to the right.
Shift the demand curve for film to the left.
Not affect the demand for film.
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There are many goods that are substitutes for bicycles.
There are many goods that are complimentary to bicycles.
There are few goods that are substitutes for bicycles.
Bicycles are normal goods.
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Move from point x to point y.
Shift from D1 to D2
Shift from D2 to D1
Move from point y to point x
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Increasing opportunity cost
Decreasing opportunity cost
Constant opportunity cost
Absolute and comparative advantage
Comparative but not absolute advantage
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A widely publicized study that indicates beef increases one's cholesterol
A reduction in the price of cattle feed
An effective advertising campaign by pork producers
A change in the incomes of beef consumers
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A change in the price of close-substitute product J
An increase in consumer income
A change in the price of K
A change in consumer tastes
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Shift downward toward the horizontal axis.
Shift to the left.
Shift to the right.
Remain unchanged.
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Both A and B are inferior goods.
A is a superior good and B is an inferior good.
A is an inferior good and B is a superior good.
A and B are complementary goods.
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Greater than the sum of the individual demand curves.
Steeper than any individual demand curve that is part of it.
The horizontal sum of individual demand curves.
The vertical sum of individual demand curves.
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Move from point x to point y.
Shift from D1 to D2.
Shift from D2 to D1.
Move from point y to point x.
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They are consumed independently.
An increase in the price of one will increase the demand for the other.
A decrease in the price of one will increase the demand for the other.
They are necessarily inferior goods.
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An increase in income if C is an inferior good.
A decrease in income if C is a normal good.
A decrease in the price of a product that is a close substitute for C.
A decrease in the price of a product that is complimentary to C.
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Whose amount demanded will increase if its price decreases.
Whose amount demanded will increase if its price increases.
Whose demand curve will shirt leftward as incomes rise.
The consumption of which varies directly with incomes.
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A decline in income if X is an inferior good.
A decline in the price of Z if X and Z are substitute goods.
A change in consumer tastes that is unfavorable to X.
An increase in the price of Y if X and Y are complimentary goods.
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Increase in immigration
Advancements made in Information Management Systems
Decrease in unemployment
Increase in educational levels of the general population
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The price of the steak, drinks & tip.
The cost of dressing up and transportation to the restaurant
The lost opportunity to have chicken instead.
All the above are opportunity costs of the steak dinner
None of the above is an opportunity cost of the steak dinner
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