# Macro Ch.3 Quiz

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 Steve went to his favorite hamburger restaurant with \$3, expecting to buy a \$2 hamburger and a \$1 soda. When he arrived he discovered that hamburgers were on sale for \$1, so Steve bought two hamburgers and a soda. Steve’s response to the decrease in the price of hamburgers is best explained by: the income effect In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by a change in buyer’s taste Which of the following will not cause the demand for product K to change? A.) a change in the price of close substitute product J B.) an increase in incomes of buyers of product K C.) a change in the price of product K D.) a change in consumer taste for product K C If the price of product L increases, the demand curve for close-substitute product J will: shift to the right A shift to the right in the demand curve for product A can be most reasonably explained by saying that: consumer preferences have changed in favor of A so that they now want to buy more at each possible price Which of the following will cause the demand curve for product A to shift to the left? A.) population growth that causes an expansion in the number of buyers of A B.) an increase in money income if A is an inferior good C.) a decrease in the price of complementary good C D.) an increase in money income if A is an inferior good D If Z is an inferior good, an increase in money income will shift the: demand curve to the left If the demand for steak (a normal good) shifts to the left, the most likely reason is that: consumer incomes have fallen If products A and B are complements and the price of B decreases the: demand for A will increase and the quantity demanded of B will increase An improvement in production technology will: shift the supply curve to the right

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