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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.  a luxury good.    4.  an inferior good.    Score: 1/1    2.   An increase in the number of buyers in an area will result in a    Student Response Correct  Answer 1.  movement up the demand curve.    2.  leftward shift in the demand curve.    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.   
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Student Response Correct  Answer 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.    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 demand curve for the product the firm produces  shifts leftward.    2.  The supply curve of the product the firm produces  shifts rightward.    3. The demand curve for the product the firm produces  shifts rightward.    4.  The supply curve of the product the firm produces  shifts leftward.   
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This note was uploaded on 11/08/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Fall '08 term at McMaster University.

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