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econ 1 sample test on demand

econ 1 sample test on demand - Econ 1 First Exam on...

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Econ 1 First Exam on Demand. (Chs 10 and 5) Name (last first) ___________________________,______________________ last Indicate the appropriate (econ 1) choice for each of the following: [ANSWERS FOR THIS PORTION BELOW] ___ budget constraint ___ utility ___ marginal utility ___ inelastic demand ___ income effect ___ cross-price elasticity of demand A This is likely to be positive between ice tea and beer B A really good Boy Scout knife has a lot of this C A rational consumer tries to get as much of this as possible D What a lawyer makes when he refuses to negotiate E It s because of this that some folks will buy more of a commodity as its price increases F When consumers get confused and mix up the prices that they paid for commodities G Income and prices are what this is all about H A power company that is poorly managed I For most folks this keeps getting smaller and smaller the more tea they drink J The impression a wealthy person has upon entering a room K This is more likely when ice tea is the only drink in town
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