ECO 304K- PS1 - Economics 304K: Spring 2008 Problem Set 1...

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Economics 304K: Spring 2008 Problem Set 1 DUE: Tuesday, JANUARY 29 NAME: _________________________________ I. Multiple Choice (5 points, 1 point each) 1. Which of the following will increase the demand for large automobiles? a. A fall in the price of small automobiles. b. A fall in the price of large automobiles. c. A fall in the price of gasoline. d. A fall in buyers' incomes. e. A fall in consumer preferences for driving large automobiles. 2. Which of the following would result in a change in the quantity demanded? a. An increase in population. b. A change in tastes. c. An increase or decrease in the price of a substitute or complement. d. A change in income. e. A shift in the supply curve. 3. A supply curve will shift with changes in: a. technology. b. income. c. tastes. d. number of buyers. e. market price. f. none of the above. 4. For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
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This note was uploaded on 04/24/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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ECO 304K- PS1 - Economics 304K: Spring 2008 Problem Set 1...

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