Macro Ch.3 Quiz

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

Macro Ch.3 Quiz - Subjecto.com

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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