Economics Quiz: Test On Microeconomics! Trivia
(32).jpg "Economics Quiz: Test On Microeconomics! Trivia")
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- 1.
- 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 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.
- 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.
- 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.
- 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.
- 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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