Micro-Economics Ch 3 Questions

Micro-Economics Ch 3 Questions - Name: _ Date: _ 1. The...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Page 1 Name: __________________________ Date: _____________ 1. The Kansas market for corn is considered a competitive market. This means there are ________ buyers and ________ sellers of corn in Kansas. A) many; few B) few; many C) many; many D) few; few 2. The law of demand states that, other things equal: A) as the price increases, the quantity demanded will increase. B) as the price decreases, the demand curve will shift to the right. C) as the price increases, the demand will decrease. D) as the price increases, the quantity demanded will decrease. 3. When the economy suffers a downturn, vacationers are more likely to take car trips than to fly. Which of the following provides the most reasonable explanation for this phenomenon? A) Air travel and vacation travel by car are complementary goods. B) Air travel and vacation travel by car are both normal goods. C) Air travel is a normal good and vacation travel by car is an inferior good. D) Air travel is an inferior good and vacation travel by car is a normal good. 4. A shift of the demand curve for Luis's Pizza would not be caused by a change in the: A) buyers' incomes. B) price of Luis's Pizza. C) price of Humberto's Pizza. D) popularity of Luis's Pizza. 5. A good is normal if: A) when income increases, the demand remains unchanged. B) when income increases, the demand decreases. C) when income increases, the demand increases. D) income and the demand are unrelated. 6. A decrease in the price of eggs will result in a(n): A) increase in the demand for eggs. B) increase in the supply of eggs. C) greater amount of eggs supplied. D) greater amount of eggs demanded.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/02/2011 for the course ECONOMICS 202 taught by Professor Black during the Fall '08 term at Boise State.

Page1 / 4

Micro-Economics Ch 3 Questions - Name: _ Date: _ 1. The...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online