hybrid_sample_final - Final.EC201.hybrid.Spr07 Multiple...

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Final.EC201.hybrid.Spr07 Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Two goods are substitutes if 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. ____ 2. The negative 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 . d. All of the above are correct. The table shows individual demand schedules for a market. Table 4-1 Price of the Good Aaron Angela Austin Alyssa $0.00 20 16 4 8 0.50 18 12 6 6 1.00 14 10 2 5 1.50 12 8 0 4 2.00 6 6 0 2 2.50 0 4 0 0 ____ 3. Refer to Table 4-1 . When the price of the good is $1.00, the quantity demanded in this market would be ____ 4. Refer to Table 4-1 . For whom is the good a normal good? ____ 5. If a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain we likely would see ____ 6. When we compare an increase in supply with an increase in quantity supplied, we know that a. the former is depicted by a movement along the supply curve and the latter is depicted by a shift of the curve. b. the former could be caused by a decrease in input costs and the latter would be caused by an increase in the price of the good. c. both are always caused by a change in demand.
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d. both are always caused by a change in the number of market participants. Figure 4-6 ____ 7. Refer to Figure 4-6 . Suppose the supply curves that are drawn represent supply curves for single-family res- idential houses. Then the movement from S to S 1 could be caused by ____
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