Assignment#2

# Assignment#2 - Title Assignment 2 DUE JAN 25 Started 8:18...

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View Attempt 1 of unlimited Title: Assignment 2 DUE JAN 25 Started: January 12, 2010 8:18 PM Submitted: January 12, 2010 8:58 PM Time spent: 00:40:05 Total score: 20/20 = 100% Total score adjusted by 0.0 Maximum possible score: 20 1. If an increase in income results in an increase in the demand for chicken, then chicken is Student Response Correct Answer 1.a neutral good. 2.a normal good. 3.an inferior good. 4.a luxury good. Score: 1/1 2. An increase in the number of buyers in an area will result in a Student Response Correct Answer 1.leftward shift in the demand curve. 2.movement up the demand curve.

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Student Response Correct Answer 3.movement down the demand curve. 4.rightward shift in the demand curve. Score: 1/1 3. If the demand curve for a good shifts leftward, Student Response Correct Answer 1.quantity demanded is greater at each price. 2.quantity demanded remains constant at each price. 3.demand is greater at each price. 4.quantity demanded is less at each price. Score: 1/1 4. As the price of good X rises, the demand for good Y falls. Therefore, goods X and Y are Student Response Correct Answer 1.substitutes. 2.normal goods.
Student Response Correct Answer 3.complements. 4.inferior goods. 5.none of the above Score: 1/1 5. If the workers of a firm successfully negotiate an increase in wages, which of the following is most likely to happen? Student Response Correct Answer 1.The supply curve of the product the firm produces shifts leftward. 2.The demand curve for the product the firm produces shifts leftward. 3.The demand curve for the

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Assignment#2 - Title Assignment 2 DUE JAN 25 Started 8:18...

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