Chapter 07 - Supply and Demand

Chapter 07 - Supply and Demand - Page 1 of 28 Practice Test...

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Unformatted text preview: Page 1 of 28 Practice Test Microeconomics: Theory and Policy Chapter 07: Supply and Demand B. Modjtahedi Question 1 Which of the following is the definition of the consumer demand function? A. The quantities of a good the consumer is willing to buy. B. The quantities of a good the consumer is able to buy. C. The quantities of a good the consumer is willing and able to buy. D. All of the above. E. None of the above. Question 2 Which of the following is the definition of the market demand function? A. The quantities of a good consumers are willing to buy. B. The quantities of a good consumers are able to buy. C. The quantities of a good consumers are willing and able to buy. D. All of the above. E. None of the above. Question 3 If the price of broccoli decreases, which of the following will be the most likely outcome? A. The quantity of broccoli demanded will increase. B. The quantity of broccoli demanded will decrease. C. Demand for broccoli will increase. D. Demand for broccoli will decrease. E. None of the above. Question 4 If the price of broccoli increases, which of the following will be the most likely outcome? A. The quantity of broccoli demanded will increase. B. The quantity of broccoli demanded will decrease. C. Demand for broccoli will increase. D. Demand for broccoli will decrease. E. None of the above. Question 5 If the own-price of a good increases, which of the following will be the most likely outcome? A. The quantity demanded will increase. B. The quantity demanded will decrease. C. Demand for the good will increase. D. Demand for the good will decrease. E. None of the above. Question 6 Which of the following statements is correct about the market demand function for flat TVs? Page 2 of 28 A. It is the product of price of flat TVs and the quantities demanded. B. It is the vertical sum of prices consumers are willing to pay for given quantities. C. It is the sum of quantities suppliers are willing and able to supply on demand. D. It is horizontal sum of quantities consumers are willing and able to buy at given prices. E. None of the above. Question 7 The figure above shows the market demand function for pizzas sold in pizza shops. Currently the demand function is D . Which of the following events will cause the demand function to shift D 1 ? A. A decrease in the price of pizzas. B. An increase in the price of gasoline. C. A decrease in the price of hamburgers. D. A new report by the Health Department that pizzas could increase blood cholesterol. E. None of the above. Question 8 The figure above shows the market demand function for pizzas sold in pizza shops. Currently the demand function is D . Which of the following events will cause an increase in the quantity demanded of pizzas?...
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This note was uploaded on 11/08/2010 for the course ECN ECN 001A taught by Professor Scottcarrell during the Spring '10 term at UC Davis.

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Chapter 07 - Supply and Demand - Page 1 of 28 Practice Test...

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