{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

practive test 2 - Exam Name MULTIPLE CHOICE Choose the one...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Exam Name___________________________________ MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The "law of demand" refers to the fact that, other things remaining the same, when the price of a good rises, A) there is a movement up along the demand curve to a smaller quantity demanded. B) there is a movement down along the demand curve to a larger quantity demanded. C) the demand curve shifts rightward. D) the demand curve shifts leftward. 1) 2) Over the next several months, gasoline prices increase by 50 percent and other things remain the same. As a result, there is 2) 3) The quantity demanded of a good or service is 3) 4) The "quantity demanded" of any good or service is ____ during a specified time period and at a specified price. 4) 5) The price of lumber increases. What will be the effect in the housing market? A) Supply will shift to the left and the quantity demanded will remain the same. B) Supply will shift to the right and the quantity demanded will decrease. C) Supply will shift to the left and the quantity demanded will decrease. D) Supply and demand will both shift to the left. E) None of the above. 5) 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
6) Your college requires that starting this year, every business student must bring a laptop to school. This requirement 6) 7) The American Dairy Association starts a highly successful advertising campaign that makes most people want to drink more milk. As a result, 7)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}