Homework2_ch3_1

Homework2_ch3_1 - Econ 2005: Principles of Microeconomics...

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Econ 2005: Principles of Microeconomics Dr. Gebre Gebremariam Spring 2008 Homework 2 Due Date: Friday, 08 February 2008, at the end of class Select the option that provides the single best answer and mark the letter that corresponds to your answer on the answer sheet provided separately. 1)  1
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Which of the following is held constant along the demand curve?  A) 
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Price of the  good  B) 
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Quantity  C) 
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Income  D) 
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Both A and B  2) 
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The "law  of demand" implies that as prices __________ increases.  A) 
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fall, demand  B) 
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rise, demand  C) 
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fall, quantity  demanded  D) 
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rise, quantity  demanded 3) 
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Accordin g to the law of demand there is __________ relationship between price and quantity demanded.  A) 
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a positive  B) 
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a negative  C) 
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either a  positive or negative  D) 
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a constantly  changing  4) 
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Which of the following explains the law of demand?  A) 
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The law of  diminishing marginal utility  B) 
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A normal  versus inferior good effect  C) 
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A tastes and  preferences effect  D) 
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The law of  output  increasing at a decreasing rate  5) 
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Demand  curves  A) 
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 have a  negative slope.  B) 
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 decrease at an  increasing rate.  C) 
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 increase at a  decreasing rate.  D) 
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 do not  intersect either coordinate  axis.  Refer to the information provided in Figure 3.1 below to answer the questions that follow. Figure 3.1   6) 
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Refer to  Figure  3.1. A decrease in _________ would most likely cause the demand for macaroni and cheese to  shift from  D 0  to  D 1 A) 
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the price of  macaroni and cheese  B) 
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the price of  flour used to make macaroni and cheese  C) 
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income,  assuming macaroni and cheese is a normal good  D) 
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This note was uploaded on 12/09/2009 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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Homework2_ch3_1 - Econ 2005: Principles of Microeconomics...

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