ngân hàng đề thi câu hỏi trắc nghiệm kinh tế vi mô chương 4 (principle of economics mankiw 2018)

Toàn bộ những gì bạn cần để qua môn kinh tế học, tài liệu này tập hợp những câu hỏi trắc nghiệm mới nhất của kinh tế vi mô năm 2018. Về nội dung tài liệu, với các khái niệm phổ biến và khái quát nhất về kinh tế vi mô cũng như những giải thích về các cơ chế hoạt động của nền kinh tế, bộ giáo trình bao gồm 23 phần cung cấp cho người đọc các kiến thức khá toàn diện và chuyên sâu về các nguyên lý kinh tế học như các lý thuyết cổ điển, các lý thuyết về phát triển: nền kinh tế trong dài hạn, các lý thuyết về vòng tròn kinh tế: nền kinh tế trong ngắn hạn, các yếu tố vi mô ẩn sau kinh tế vĩ mô, các tranh luận về chính sách vĩ mô… Tất cả đều được giải thích và đánh giá bởi một vị giáo sư kinh tế hàng đầu trên thế giới. Các khái niệm trong sách được định nghĩa rất rõ ràng, dễ nắm bắt, dễ hiểu, có tóm tắt các chương tạo điều kiện tốt nhất cho việc ôn tập.

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The Market Forces of Supply and Demand

TRUE/FALSE

1 Prices allocate a market economy’s scarce resources

NAT: Analytic LOC: Markets, market failure, and externalities

TOP: Market economies MSC: Definitional

2 In a market economy, supply and demand determine both the quantity of each good produced and the price at which it is sold

3 A market is a group of buyers and sellers of a particular good or service

TOP: Markets MSC: Definitional

4 Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product

NAT: Analytic LOC: Supply and demand TOP: Demand | Supply

MSC: Definitional

5 A yard sale is an example of a market

TOP: Markets MSC: Applicative

6 A newspaper’s classified ads are an example of a market

7 Most markets in the economy are highly competitive

8 In a competitive market, the quantity of each good produced and the price at which it is sold are not

determined by any single buyer or seller

TOP: Competitive markets MSC: Definitional

9 In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price

10 In a perfectly competitive market, the goods offered for sale are all exactly the same

NAT: Analytic LOC: Perfect competition TOP: Perfect competition

MSC: Definitional

202

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11 In a perfectly competitive market, buyers and sellers are price setters.

MSC: Definitional

12 All goods and services are sold in perfectly competitive markets

MSC: Definitional

13 If a good or service has only one seller, then the seller is called a monopoly

NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Definitional

14 Monopolists are price takers

NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Interpretive

15 Local cable TV companies frequently are monopolists

16 The quantity demanded of a product is the amount that buyers are willing and able to purchase at a particular price

NAT: Analytic LOC: Supply and demand TOP: Quantity demanded

MSC: Definitional

17 The law of demand is true for most goods in the economy

MSC: Definitional

18 The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of thegood rises, and when the price falls, the quantity demanded falls

MSC: Definitional

19 The demand curve is the upward-sloping line relating price and quantity demanded

MSC: Definitional

20 Individual demand curves are summed horizontally to obtain the market demand curve

NAT: Analytic LOC: Supply and demand TOP: Market demand curve

MSC: Definitional

21 The market demand curve shows how the total quantity demanded of a good varies as the income of buyers varies, while all the other factors that affect how much consumers want to buy are held constant

NAT: Analytic LOC: Supply and demand TOP: Market demand curve

MSC: Definitional

22 If something happens to alter the quantity demanded at any given price, then the demand curve shifts

MSC: Definitional

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23 A movement upward and to the left along a given demand curve is called a decrease in demand

MSC: Interpretive

24 An increase in demand shifts the demand curve to the left

MSC: Definitional

25 If the demand for a good falls when income falls, then the good is called an inferior good

MSC: Definitional

26 When Mario's income decreases, he buys more pasta For Mario, pasta is a normal good

NAT: Analytic LOC: Supply and demand TOP: Inferior goods

MSC: Applicative

27 A decrease in income will shift the demand curve for an inferior good to the right

MSC: Interpretive

28 An increase in the price of a substitute good will shift the demand curve for a good to the right

NAT: Analytic LOC: Supply and demand TOP: Substitutes

MSC: Interpretive

29 Baseballs and baseball bats are substitute goods

MSC: Applicative

30 A decrease in the price of a complement will shift the demand curve for a good to the left

MSC: Interpretive

31 When an increase in the price of one good lowers the demand for another good, the two goods are called complements

MSC: Definitional

32 Cocoa and marshmallows are complements, so a decrease in the price of cocoa will cause an increase in the demand for marshmallows

MSC: Applicative

33 If a person expects the price of socks to increase next month, then that person’s current demand for socks will increase

NAT: Analytic LOC: Supply and demand TOP: Expectations

MSC: Applicative

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34 A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.

MSC: Interpretive

35 Whenever a determinant of demand other than price changes, the demand curve shifts

MSC: Interpretive

36 An increase in the price of pizza will shift the demand curve for pizza to the left

MSC: Applicative

37 Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette advertising on television are all policies aimed at shifting the demand curve for cigarettes to the right

MSC: Applicative

38 Most studies have found that tobacco and marijuana are complements rather than substitutes

MSC: Applicative

39 The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price

NAT: Analytic LOC: Supply and demand TOP: Quantity supplied

MSC: Definitional

40 When the price of a good is high, selling the good is profitable, and so the quantity supplied is large

NAT: Analytic LOC: Supply and demand TOP: Law of supply

MSC: Definitional

41 When the price of a good is low, selling the good is profitable, and so the quantity supplied is large

MSC: Definitional

42 Price cannot fall so low that some sellers choose to supply a quantity of zero

NAT: Analytic LOC: Supply and demand TOP: Quantity supplied

MSC: Interpretive

43 The law of supply states that, other things equal, when the price of a good rises, the quantity supplied of the good falls

MSC: Definitional

44 The law of supply states that, other things equal, when the price of a good falls, the quantity supplied falls as well

MSC: Definitional

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45 If a higher price means a greater quantity supplied, then the supply curve slopes upward.

NAT: Analytic LOC: Supply and demand TOP: Supply curve

MSC: Definitional

46 Individual supply curves are summed vertically to obtain the market supply curve

NAT: Analytic LOC: Supply and demand TOP: Market supply curve

MSC: Definitional

47 The market supply curve shows how the total quantity supplied of a good varies as input prices vary, holding constant all the other factors that influence producers’ decisions about how much to sell

NAT: Analytic LOC: Supply and demand TOP: Market supply curve

MSC: Definitional

48 If something happens to alter the quantity supplied at any given price, then we move along the fixed supply curve to a new quantity supplied

MSC: Interpretive

49 A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied

NAT: Analytic LOC: Supply and demand TOP: Supply | Quantity suppliedMSC: Interpretive

50 A decrease in supply shifts the supply curve to the left

MSC: Definitional

51 A reduction in an input price will cause a change in quantity supplied, but not a change in supply

NAT: Analytic LOC: Supply and demand TOP: Input prices

MSC: Interpretive

52 An increase in the price of ink will shift the supply curve for pens to the left

NAT: Analytic LOC: Supply and demand TOP: Input prices

MSC: Applicative

53 If there is an improvement in the technology used to produce a good, then the supply curve for that good will shift to the left

MSC: Interpretive

54 Advances in production technology typically reduce firms’ costs

MSC: Interpretive

55 If a company making frozen orange juice expects the price of its product to be higher next month, it will supply more to the market this month

MSC: Applicative

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56 When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now.

MSC: Interpretive

57 An increase in the price of a product and an increase in the number of sellers in the market affect the supply curve in the same general way

MSC: Interpretive

58 Whenever a determinant of supply other than price changes, the supply curve shifts

MSC: Interpretive

59 A decrease in the price of pizza will shift the supply curve for pizza to the left

MSC: Applicative

60 Supply and demand together determine the price and quantity of a good sold in a market

MSC: Definitional

61 A market’s equilibrium is the point at which the supply and demand curves intersect

MSC: Definitional

62 At the equilibrium price, quantity demanded is equal to quantity supplied

NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Definitional

63 The equilibrium price is the same as the market-clearing price

64 At the equilibrium price, buyers have bought all they want to buy, but sellers have not sold all they want to sell

65 The actions of buyers and sellers naturally move markets toward equilibrium

66 When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied

67 When the market price is above the equilibrium price, suppliers are unable to sell all they want to sell

68 A surplus is the same as an excess demand

MSC: Definitional

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69 Sellers respond to a surplus by cutting their prices.

MSC: Definitional

70 Price will rise to eliminate a surplus

NAT: Analytic LOC: Equilibrium TOP: Surplus MSC: Interpretive

71 When quantity supplied exceeds quantity demanded at the current market price, the market has a surplus and market price will likely rise in the future to eliminate the surplus

NAT: Analytic LOC: Equilibrium TOP: Surplus MSC: Interpretive

72 When the market price is below the equilibrium price, the quantity of the good demanded exceeds the quantitysupplied

73 When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell

74 A shortage is the same as an excess demand

MSC: Definitional

75 Sellers respond to a shortage by cutting their prices

MSC: Definitional

76 Price will rise to eliminate a shortage

NAT: Analytic LOC: Equilibrium TOP: Shortage MSC: Interpretive

77 When quantity demanded exceeds quantity supplied at the current market price, the market has a shortage and market price will likely rise in the future to eliminate the shortage

NAT: Analytic LOC: Equilibrium TOP: Shortage MSC: Interpretive

78 Surpluses drive price up while shortages drive price down

NAT: Analytic LOC: Equilibrium TOP: Shortage | Surplus

MSC: Interpretive

79 A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price

NAT: Analytic LOC: Equilibrium TOP: Shortage | Surplus

MSC: Interpretive

80 In a market, the price of any good adjusts until quantity demanded equals quantity supplied

NAT: Analytic LOC: Equilibrium TOP: Equilibrium MSC: Interpretive

81 When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change

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82 Demand refers to the amount buyers wish to buy, whereas the quantity demanded refers to the position of the demand curve.

NAT: Analytic LOC: Supply and demand

TOP: Demand | Quantity demanded MSC: Definitional

83 Supply refers to the position of the supply curve, whereas the quantity supplied refers to the amount suppliers wish to sell

NAT: Analytic LOC: Supply and demand TOP: Supply | Quantity supplied

MSC: Definitional

84 It is not possible for demand and supply to shift at the same time

NAT: Analytic LOC: Supply and demand TOP: Supply | Demand

MSC: Interpretive

85 A decrease in demand will cause a decrease in price, which will cause a decrease in supply

MSC: Interpretive

86 An increase in demand will cause an increase in price, which will cause an increase in quantity supplied

MSC: Interpretive

87 An increase in supply will cause a decrease in price, which will cause an increase in demand

MSC: Interpretive

88 A decrease in supply will cause an increase in price, which will cause a decrease in quantity demanded

MSC: Interpretive

89 In a market economy, prices are the signals that guide the allocation of scarce resources

i a change in the price of a related good

ii a change in tastes

iii a change in the number of buyers

iv a change in price

v a change in consumer expectations

vi a change in income

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a A change in demand refers to a shift of the demand curve A change in quantity demanded refers to

a movement along a fixed demand curve

b A change in price causes a change in quantity demanded All of the other changes listed shift the demand curve

A change in quantity demanded A change in demand

LOC: Supply and demand TOP: Demand | Quantity demanded

MSC: Interpretive

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i a change in input costs

ii a change in producer expectations

iii a change in price

iv a change in technology

v a change in the number of sellers

LOC: Supply and demand TOP: Supply | Quantity supplied

MSC: Interpretive

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b What is the equilibrium price and the equilibrium quantity?

c Suppose the price is currently $5 What problem would exist in the market? What would you

expect to happen to price? Show this on your graph

d Suppose the price is currently $2 What problem would exist in the market? What would you

expect to happen to price? Show this on your graph

b The equilibrium price (Pe) is $4 and the equilibrium quantity (Qe) is 8,000

c A surplus of 4,000 flashlights would be the problem in the market, and we would expect the price

to fall

d A shortage of 8,000 flashlights would be the problem in the market, and we would expect the price

to rise

LOC: Supply and demand TOP: Equilibrium | Shortage | Surplus

MSC: Applicative

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4 Fill in the table below, showing whether equilibrium price and equilibrium quantity go up, go down, stay the same, or change ambiguously.

No Change in Supply An Increase in Supply A Decrease in Supply

LOC: Supply and demand TOP: Demand | Supply

MSC: Interpretive

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5 Suppose we are analyzing the market for hot chocolate Graphically illustrate the impact each of thefollowing would have on demand or supply Also show how equilibrium price and equilibrium quantity would change.

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a Winter starts and the weather turns sharply colder.

b The price of tea, a substitute for hot chocolate, falls

c The price of cocoa beans decreases

d The price of whipped cream falls

e A better method of harvesting cocoa beans is introduced

f The Surgeon General of the U.S announces that hot chocolate cures acne

g Protesting farmers dump millions of gallons of milk, causing the price of milk to rise

h Consumer income falls because of a recession, and hot chocolate is considered a normal good

i Producers expect the price of hot chocolate to increase next month

j Currently, the price of hot chocolate is $0.50 per cup above equilibrium

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price

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S S'

In (j), a price above equilibrium will affect both quantity demanded and quantity supplied and will cause a surplus inthe market It will not cause either demand or supply to shift

LOC: Supply and demand TOP: Demand | Supply

MSC: Applicative

Sec00 - The Market Forces of Supply and Demand

MULTIPLE CHOICE

1 The two words most often used by economists are

a prices and quantities

b resources and allocation

c supply and demand

d efficiency and equity

NAT: Analytic LOC: The study of economics and definitions of economics

TOP: Economists MSC: Definitional

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2 The forces that make market economies work are

a work and leisure

b politics and religion

c supply and demand

d taxes and government spending

3 In a market economy, supply and demand determine

a both the quantity of each good produced and the price at which it is sold

b the quantity of each good produced, but not the price at which it is sold

c the price at which each good is sold, but not the quantity of each good produced

d neither the quantity of each good produced nor the price at which it is sold

4 In a market economy, supply and demand are important because they

a play a critical role in the allocation of the economy’s scarce resources

b determine how much of each good gets produced

c can be used to predict the impact on the economy of various events and policies

d All of the above are correct

5 In a market economy,

a supply determines demand and demand, in turn, determines prices

b demand determines supply and supply, in turn, determines prices

c the allocation of scarce resources determines prices and prices, in turn, determine supply and

demand

d supply and demand determine prices and prices, in turn, allocate the economy’s scarce resources

Sec01 - The Market Forces of Supply and Demand - Markets and Competition

2 Which of the following statements is correct?

a Buyers determine supply and sellers determine demand

b Buyers determine demand and sellers determine supply

c Buyers determine both demand and supply

d Sellers determine both demand and supply

NAT: Analytic LOC: Supply and demand TOP: Demand | Supply

MSC: Definitional

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3 The demand for a good or service is determined by

a those who buy the good or service

b the government

c those who sell the good or service

d both those who buy and those who sell the good or service

MSC: Definitional

4 The supply of a good or service is determined by

a those who buy the good or service

b the government

c those who sell the good or service

d both those who buy and those who sell the good or service

MSC: Definitional

5 For a market for a good or service to exist,

a there must be a group of buyers and sellers

b there must be a specific time and place at which the good or service is traded

c there must be a high degree of organization present

6 Which of the following is an example of a market?

a a gas station

b a garage sale

c a barber shop

d All of the above are examples of markets

7 The market for ice cream is

a a monopolistic market

b a highly competitive market

c a highly organized market

d both (b) and (c) are correct

8 Most markets in the economy are

a markets in which sellers, rather than buyers, control the price of the product

b markets in which buyers, rather than sellers, control the price of the product

c perfectly competitive

d highly competitive

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9 In a competitive market, the price of a product

a is determined by buyers and the quantity of the product produced is determined by sellers

b is determined by sellers and the quantity of the product produced is determined by buyers

c and the quantity of the product produced are both determined by sellers

d None of the above is correct

TOP: Competitive markets MSC: Interpretive

10 In a competitive market, the quantity of a product produced and the price of the product are

determined by

a buyers

b sellers

c both buyers and sellers

11 In a competitive market, the quantity of a product produced and the price of the product are

determined by

a a single buyer

b a single seller

c one buyer and one seller working together

d all buyers and all sellers

12 A competitive market is a market in which

a an auctioneer helps set prices and arrange sales

b there are only a few sellers

c the forces of supply and demand do not apply

d no individual buyer or seller has any significant impact on the market price

13 A competitive market is one in which

a there is only one seller, but there are many buyers

b there are many sellers and each seller has the ability to set the price of his product

c there are many sellers and they compete with one another in such a way that some sellers are

always being forced out of the market

d there are so many buyers and so many sellers that each has a negligible impact on the price of the

product

14 Assume Tibana buys computers in a competitive market It follows that

a Tibana has a limited number of sellers to turn to when she buys a computer

b Tibana will find herself negotiating with sellers whenever she buys a computer

c if Tibana buys a large number of computers, the price of computers will rise noticeably

TOP: Competitive markets MSC: Applicative

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15 In a competitive market, each seller has limited control over the price of his product because

a other sellers are offering similar products

b buyers exert more control over the price than do sellers

c these markets are highly regulated by the government

d sellers usually agree to set a common price that will allow each seller to earn a comfortable profit

16 For a competitive market, which of the following statements is correct?

a A seller can always increase her profit by raising the price of her product

b If a seller charges more than the going price, buyers will go elsewhere to make their purchases

c A seller often charges less than the going price to increase sales and profit

d A single buyer can influence the price of the product, but only when purchasing from several sellers

in a short period of time

17 If a seller in a competitive market chooses to charge more than the going price, then

a the sellers’ profits definitely would increase

b the owners of the raw materials used in production would raise the prices for the raw materials

c other sellers would also raise their prices

d buyers will make purchases from other sellers

18 The highest form of competition is called

a absolute competition

b cutthroat competition

c perfect competition

d market competition

MSC: Definitional

19 Which of the following is not a characteristic of a perfectly competitive market?

a Different sellers sell identical products

b There are many sellers

c Sellers must accept the price the market determines

d All of the above are characteristics of a perfectly competitive market

MSC: Interpretive

20 Which of the following is not a characteristic of a perfectly competitive market?

a Sellers set the price of the product

b There are many sellers

c Buyers must accept the price the market determines

d All of the above are characteristics of a perfectly competitive market

MSC: Interpretive

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21 The term price takers refers to buyers and sellers in

a perfectly competitive markets

b monopolistic markets

c markets that are regulated by the government

d markets in which buyers cannot buy all they want and/or sellers cannot sell all they want

MSC: Definitional

23 All market participants are price takers that have no influence over prices in markets that feature

a only a few buyers and a few sellers

b numerous sellers but only a few buyers

c numerous buyers but only a few sellers

d numerous buyers and numerous sellers

MSC: Interpretive

24 If buyers and sellers in a certain market are price takers, then individually

a they have no influence on market price

b they have some influence on market price, but that influence is limited

c buyers will be able to find prices lower than those determined in the market

d sellers will find it difficult to sell all they want to sell at the market price

MSC: Interpretive

25 In a perfectly competitive market, at the market price,

a buyers cannot buy all they want and sellers cannot sell all they want

b buyers cannot buy all they want, but sellers can sell all they want

c buyers can buy all they want, but sellers cannot sell all they want

d buyers can buy all they want and sellers can sell all they want

MSC: Applicative

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27 Assume the market for tennis balls is perfectly competitive When one tennis ball producer exits themarket,

a the price of tennis balls increases

b the price of tennis balls decreases

c the price of tennis balls does not change

d there is no longer a market for tennis balls

MSC: Applicative

28 Assume the market for pork is perfectly competitive When one pork buyer exits the market,

a the price of pork increases

b the price of pork decreases

c the price of pork does not change

d there is no longer a market for pork

MSC: Applicative

29 A monopoly is a market

a with one seller, and that seller is a price taker

b with one seller, and that seller sets the price

c with one buyer, and that buyer is a price taker

d with one buyer, and that buyer sets the price

30 Which of the following would most likely serve as an example of a monopoly?

a a bakery in a large city

b a bank in a large city

c a local cable television company

d a small group of corn farmers

NAT: Analytic LOC: Monopoly TOP: Monopoly MSC: Applicative

31 Which of the following is not a reason perfect competition is a useful simplification, despite the

diversity of market types we find in the world?

a Perfectly competitive markets are the easiest to analyze because everyone participating in the

market takes the price as given by market conditions

b Some degree of competition is present in most markets

c There are many buyers and many sellers in all types of markets

d Many of the lessons that we learn by studying supply and demand under perfect competition apply

in more complicated markets as well

MSC: Definitional

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Sec02 - The Market Forces of Supply and Demand - Demand

MULTIPLE CHOICE

1 The quantity demanded of a good is the amount that buyers

a are willing to purchase

b are willing and able to purchase

c are willing and able and need to purchase

d are able to purchase

NAT: Analytic LOC: Supply and demand TOP: Quantity demanded

MSC: Definitional

2 “Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.” This relationship between price and quantity demanded

a applies to most goods in the economy

b is represented by a downward-sloping demand curve

c is referred to as the law of demand

MSC: Definitional

3 The law of demand states that, other things equal,

a when the price of a good falls, the demand for the good rises

b when the price of a good rises, the quantity demanded of the good rises

c when the price of a good rises, the demand for the good falls

d when the price of a good falls, the quantity demanded of the good rises

MSC: Definitional

4 The law of demand states that, other things equal,

a an increase in price causes quantity demanded to increase

b an increase in price causes quantity demanded to decrease

c an increase in quantity demanded causes price to increase

d an increase in quantity demanded causes price to decrease

MSC: Interpretive

5 Which of these statements best represents the law of demand?

a When buyers’ tastes for a good increase, they purchase more of the good

b When income levels increase, buyers purchase more of most goods

c When the price of a good decreases, buyers purchase more of the good

d When buyers’ demands for a good increase, the price of the good increases

MSC: Interpretive

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6 A downward-sloping demand curve illustrates

a that demand decreases over time

b that prices fall over time

c the relationship between income and quantity demanded

d the law of demand

MSC: Applicative

8 Which of the following demonstrates the law of demand?

a After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise

b Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal

c Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal

d Kendra buys fewer Snickers at $0.60 per Snickers since the price of Milky Ways fell to $0.50 per Milky Way

MSC: Applicative

9 The following table contains a demand schedule for a good

Price Quantity Demanded

NAT: Analytic LOC: Supply and demand TOP: Demand schedule

MSC: Definitional

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11 A demand schedule is a table that shows the relationship between

a quantity demanded and quantity supplied

b income and quantity demanded

c price and quantity demanded

d price and income

NAT: Analytic LOC: Supply and demand TOP: Demand schedule

MSC: Interpretive

13 The demand curve for a good is

a a line that relates price and quantity demanded

b a line that relates income and quantity demanded

c a line that relates quantity demanded and quantity supplied

d a line that relates price and income

MSC: Definitional

14 The line that relates the price of a good and the quantity demanded of that good is called the

a demand schedule, and it usually slopes upward

b demand schedule, and it usually slopes downward

c demand curve, and it usually slopes upward

d demand curve, and it usually slopes downward

MSC: Definitional

15 When drawing a demand curve,

a demand is on the vertical axis and price is on the horizontal axis

b quantity demanded is on the vertical axis and price is on the horizontal axis

c price is on the vertical axis and demand is on the horizontal axis

d price is on the vertical axis and quantity demanded is on the horizontal axis

MSC: Definitional

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17 The market demand curve

a is found by vertically adding the individual demand curves

b slopes upward

c represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good

d represents the sum of the quantities demanded by all the buyers at each price of the good

MSC: Interpretive

18 The market demand curve

a is the sum of all individual demand curves

b is the demand curve for every product in an industry

c shows the average quantity demanded by individual demanders at each price

d is always flatter than an individual demand curve

d and then average them

MSC: Interpretive

20 A market demand curve shows

a the relationship between price and the number of buyers in a market

b how quantity demanded changes when the number of buyers changes

c the sum of all prices that individual buyers are willing and able to pay for each possible quantity of the good

d how much of a good all buyers are willing and able to buy at each possible price

MSC: Interpretive

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22 Suppose Spencer and Kate are the only two demanders of lemonade Each month, Spencer buys six glasses of lemonade when the price is $1.00 per glass, and he buys four glasses when the price is

$1.50 per glass Each month, Kate buys four glasses of lemonade when the price is $1.00 per glass, and she buys two glasses when the price is $1.50 per glass Which of the following points is on the market demand curve?

a (quantity demanded = 2, price = $1.50)

b (quantity demanded = 4, price = $2.50)

c (quantity demanded = 10, price = $1.00)

d (quantity demanded = 16, price = $2.50)

Austin’sQuantityDemanded

Alyssa’sQuantityDemanded

MSC: Applicative

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26 Refer to Table 4-1 If these are the only four buyers in the market, then when the price increases

from $1.00 to $1.50, the market quantity demanded

a decreases by 1.75 units

b increases by 2 units

c decreases by 7 units

d decreases by 24 units

MSC: Applicative

27 Refer to Table 4-1 For whom is the good a normal good?

a Aaron

b Austin

c all of the four demanders

d This cannot be determined from the table

Chuck’sQuantityDemanded

Dottie’sQuantityDemanded

MSC: Applicative

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30 Refer to Table 4-2 If these are the only four buyers in the market, then when the price decreases

from $6 to $4, the market quantity demanded

a increases by 0.75 units

b increases by 3 units

c increases by 8 units

d decreases by 27 units

MSC: Applicative

32 When we move along a given demand curve,

a only price is held constant

b income and price are held constant

c all nonprice determinants of demand are held constant

d all determinants of quantity demanded are held constant

MSC: Interpretive

33 Once the demand curve for a product or service is drawn, it

a remains stable over time

b can shift either rightward or leftward

c is possible to move along the curve, but the curve will not shift

d tends to become steeper over time

MSC: Interpretive

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34 If something happens to alter the quantity demanded at any given price, then

a the demand curve becomes steeper

b the demand curve becomes flatter

c the demand curve shifts

d we move along the demand curve

MSC: Definitional

35 When quantity demanded decreases at every possible price, we know that the demand curve has

a shifted to the left

b shifted to the right

c not shifted; rather, we have moved along the demand curve to a new point on the same curve

d not shifted; rather, the demand curve has become flatter

MSC: Interpretive

36 When quantity demanded increases at every possible price, we know that the demand curve has

a shifted to the left

b shifted to the right

c not shifted; rather, we have moved along the demand curve to a new point on the same curve

d not shifted; rather, the demand curve has become steeper

MSC: Interpretive

37 An increase in demand is represented by

a a movement downward and to the right along a demand curve

b a movement upward and to the left along a demand curve

c a rightward shift of a demand curve

d a leftward shift of a demand curve

MSC: Interpretive

38 A decrease in demand is represented by

a a movement downward and to the right along a demand curve

b a movement upward and to the left along a demand curve

c a rightward shift of a demand curve

d a leftward shift of a demand curve

MSC: Interpretive

39 An increase in quantity demanded

a results in a movement downward and to the right along a fixed demand curve

b results in a movement upward and to the left along a fixed demand curve

c shifts the demand curve to the left

d shifts the demand curve to the right

MSC: Interpretive

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40 A decrease in quantity demanded

a results in a movement downward and to the right along a fixed demand curve

b results in a movement upward and to the left along a fixed demand curve

c shifts the demand curve to the left

d shifts the demand curve to the right

MSC: Interpretive

41 A leftward shift of a demand curve is called

a an increase in demand

b a decrease in demand

c a decrease in quantity demanded

d an increase in quantity demanded

MSC: Interpretive

42 A rightward shift of a demand curve is called

MSC: Interpretive

43 A movement upward and to the left along a demand curve is called

MSC: Interpretive

44 A movement downward and to the right along a demand curve is called

MSC: Interpretive

45 An increase in the price of a good will

a increase demand

b decrease demand

c increase quantity demanded

d decrease quantity demanded

MSC: Interpretive

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46 A decrease in the price of a good will

a increase demand

b decrease demand

c increase quantity demanded

d decrease quantity demanded

MSC: Interpretive

47 When the price of a good or service changes,

a the supply curve shifts in the opposite direction

b the demand curve shifts in the opposite direction

c the demand curve shifts in the same direction

d there is a movement along a given demand curve

MSC: Interpretive

48 The demand curve for hot dogs

a shifts when the price of hot dogs changes because the price of hot dogs is measured on the vertical axis of the graph

b shifts when the price of hot dogs changes because the quantity demanded of hot dogs is measured

on the horizontal axis of the graph

c does not shift when the price of hot dogs changes because the price of hot dogs is measured on the vertical axis of the graph

d does not shift when the price of hot dogs changes because the quantity demanded of hot dogs is measured on the horizontal axis of the graph

MSC: Applicative

49 Which of the following changes would not shift the demand curve for a good or service?

a a change in income

b a change in the price of the good or service

c a change in expectations about the future price of the good or service

d a change in the price of a related good or service

MSC: Interpretive

50 Which of the following would not shift the demand curve for mp3 players?

a a decrease in the price of mp3 players

b a fad that makes mp3 players more popular among 12-25 year olds

c an increase in the price of CDs, a complement for mp3 players

d a decrease in the price of satellite radio, a substitute for mp3 players

MSC: Applicative

51 Which of the following events would cause a movement upward and to the left along the demand curve for olives?

a The number of buyers of olives decreases

b Consumer income decreases, and olives are a normal good

c The price of pickles decreases, and pickles are a substitute for olives

d The price of olives rises

MSC: Applicative

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52 A movement along the demand curve might be caused by a change in

a income

b the prices of substitutes or complements

c expectations about future prices

d the price of the good or service that is being demanded

MSC: Interpretive

53 Holding the nonprice determinants of demand constant, a change in price would

a result in either a decrease in demand or an increase in demand

b result in a movement along a stationary demand curve

c result in a shift of supply

d have no effect on the quantity demanded

MSC: Interpretive

54 A decrease in the price of a good would

a increase the supply of the good

b increase the quantity demanded of the good

c give producers an incentive to produce more to keep profits from falling

d shift the supply curve for the good to the left

MSC: Interpretive

55 The demand curve for textbooks shifts

a when a determinant of the demand for textbooks other than income changes

b when a determinant of the demand for textbooks other than the price of textbooks changes

c when any determinant of the demand for textbooks changes.

d only when the number of textbook-buyers changes

NAT: Analytic LOC: Supply and demand TOP: Determinants of demand

MSC: Applicative

56 Which of the following is not a determinant of the demand for a particular good?

a the prices of related goods

b income

c tastes

d the prices of the inputs used to produce the good

d the prices of related goods

MSC: Interpretive

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58 Which of the following is not a determinant of demand?

a the price of a resource that is used to produce the good

b the price of a complementary good

c the price of the good next month

d the price of a substitute good

NAT: Analytic LOC: Supply and demand TOP: Determinants of demandMSC: Interpretive

59 If the demand for a good falls when income falls, then the good is called

a a normal good

b a regular good

c a luxury good

d an inferior good

MSC: Definitional

60 If a good is normal, then an increase in income will result in

a an increase in the demand for the good

b a decrease in the demand for the good

c a movement down and to the right along the demand curve for the good

d a movement up and to the left along the demand curve for the good

MSC: Interpretive

61 If Francis experiences a decrease in his income, then we would expect Francis’s demand for

a each good he purchases to remain unchanged

b normal goods to decrease

c luxury goods to increase

d inferior goods to decrease

MSC: Applicative

63 Pizza is a normal good if

a the demand for pizza rises when income rises

b the demand for pizza rises when the price of pizza falls

c the demand curve for pizza slopes downward

d the demand curve for pizza shifts to the right when the price of burritos rises, assuming pizza and burritos are substitutes

MSC: Applicative

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64 Suppose that when income rises, the demand curve for computers shifts to the right In this case, weknow computers are

a inferior goods

b normal goods

c perfectly competitive goods

d durable goods

MSC: Applicative

65 Which of the following would shift the demand curve for gasoline to the right?

a a decrease in the price of gasoline

b an increase in consumer income, assuming gasoline is a normal good

c an increase in the price of cars, a complement for gasoline

d a decrease in the expected future price of gasoline

MSC: Definitional

67 If a good is inferior, then an increase in income will result in

a an increase in the demand for the good

b a decrease in the demand for the good

c a movement down and to the right along the demand curve for the good

d a movement up and to the left along the demand curve for the good

MSC: Interpretive

68 Currently you purchase 6 packages of hot dogs a month You will graduate from college in

December, and you will start a new job in January You have no plans to purchase hot dogs in January For you, hot dogs are

a a substitute good

b a normal good

c an inferior good

d a complementary good

MSC: Applicative

69 Soup is an inferior good if

a the demand for soup falls when the price of a substitute for soup rises

b the demand for soup rises when the price of soup falls

c the demand curve for soup slopes upward

d the demand for soup falls when income rises

MSC: Applicative

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70 Suppose that Carolyn receives a pay increase We would expect

a to observe Carolyn moving down and to the right along her given demand curve

b Carolyn's demand for inferior goods to decrease

c Carolyn's demand for each of two goods that are complements to increase

d Carolyn's demand for normal goods to decrease

MSC: Applicative

71 Two goods are substitutes when a decrease in the price of one good

a decreases the demand for the other good

b decreases the quantity demanded of the other good

c increases the demand for the other good

d increases the quantity demanded of the other good

MSC: Interpretive

73 Good X and good Y are substitutes If the price of good Y increases, then the

a demand for good X will decrease

b quantity demanded of good X will decrease

c demand for good X will increase

d quantity demanded of good X will increase

MSC: Interpretive

74 A likely example of substitute goods for most people would be

a peanut butter and jelly

b tennis balls and tennis rackets

c televisions and subscriptions to cable television services

d pencils and pens

MSC: Applicative

75 A higher price for bagels would result in a(n)

a increase in the demand for bagels

b decrease in the demand for bagels

c increase in the demand for muffins

d decrease in the demand for muffins

MSC: Applicative

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76 You wear either shorts or sweatpants every day You notice that sweatpants have gone on sale, so your demand for

a sweatpants will increase

b sweatpants will decrease

c shorts will increase

d shorts will decrease

MSC: Applicative

77 Two goods are complements when a decrease in the price of one good

a decreases the quantity demanded of the other good

b decreases the demand for the other good

c increases the quantity demanded of the other good

d increases the demand for the other good

MSC: Definitional

78 If goods A and B are complements, then an increase in the price of good A will result in

a more of good A being sold

b more of good B being sold

c less of good B being sold

d no difference in the quantity sold of either good

MSC: Interpretive

79 A likely example of complementary goods for most people would be

a butter and margarine

b lawnmowers and automobiles

c chips and salsa

d cola and lemonade

MSC: Applicative

80 A higher price for batteries would result in a(n)

a increase in the demand for flashlights

b decrease in the demand for flashlights

c increase in the demand for batteries

d decrease in the demand for batteries

MSC: Applicative

81 Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding You notice that the price of bananas has increased How would this price increase affect your demand for vanilla pudding?

a It would decrease

b It would increase

c It would be unaffected

d There is insufficient information given to answer the question

MSC: Applicative

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82 Holding all other things constant, a higher price for ski lift tickets would

a increase the number of skiers

b increase the price of skis

c decrease the number of skis sold

d decrease the demand for other winter recreational activities

MSC: Applicative

83 When quantity demanded has increased at every price, it might be because

a the number of buyers in the market has decreased

b income has increased and the good is an inferior good

c the costs incurred by sellers producing the good have decreased

d the price of a complementary good has decreased

MSC: Interpretive

84 Which of the following might cause the demand curve for an inferior good to shift to the left?

a a decrease in income

b an increase in the price of a substitute

c an increase in the price of a complement

MSC: Analytical

85 When it comes to people's tastes, economists generally believe that

a tastes are based on forces that are well within the realm of economics

b tastes are based on historical and psychological forces that are beyond the realm of economics

c tastes can only be studied through well-constructed, real-life models

d since tastes do not directly affect demand, there is little need to explain people's tastes

MSC: Definitional

86 Economists normally

a do not try to explain people's tastes, but they do try to explain what happens when tastes change

b believe that they must be able to explain people's tastes in order to explain what happens when tastes change

c do not believe that people's tastes determine demand and therefore they ignore the subject of tastes

d incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements

MSC: Applicative

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88 Suppose scientists provide evidence that chocolate pudding increases the bad cholesterol levels of those who eat it We would expect to see

a no change in the demand for chocolate pudding

b a decrease in the demand for chocolate pudding

c an increase in the demand for chocolate pudding

d a decrease in the supply of chocolate pudding

MSC: Applicative

89 If buyers today become more willing and able than before to purchase larger quantities of Vanilla Coke at each price of Vanilla Coke, then

a we will observe a movement downward and to the right along the demand curve for Vanilla Coke

b we will observe a movement upward and to the left along the demand curve for Vanilla Coke

c the demand curve for Vanilla Coke will shift to the right

d the demand curve for Vanilla Coke will shift to the left

MSC: Applicative

90 A very hot summer in Atlanta will cause

a the demand curve for lemonade to shift to the left

b the demand for air conditioners to decrease

c the demand for jackets to decrease

d a movement downward and to the right along the demand curve for tank tops

MSC: Applicative

91 If a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain, then we likely would see

a an increase in demand for brown sugar and a decrease in demand for white sugar

b a decrease in demand for brown sugar and an increase in demand for white sugar

c an increase in demand for both brown sugar and white sugar

d no change in demand for either type of sugar because weight loss is not a determinant of demand

MSC: Applicative

92 Which of the following events could shift the demand curve for gasoline to the left?

a The income of gasoline buyers rises, and gasoline is a normal good

b The income of gasoline buyers falls, and gasoline is an inferior good

c Public service announcements run on television encourage people to walk or ride bicycles instead

of driving cars

d The price of gasoline rises

MSC: Applicative

93 An increase in the number of college scholarships issued by private foundations would

a increase the supply of education

b decrease the supply of education

c increase the demand for education

d decrease the demand for education

MSC: Applicative

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