Practice questions times 2

C 80 d 250 24

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Unformatted text preview: 20. Currentlyyoupurchase6packagesofhotdogsamonth.Youwillgraduatefromcollegein December,andyouwillstartanewjobinJanuary.Youhavenoplanstopurchasehotdogsin January.Foryou,hotdogsare a. asubstitutegood. b. anormalgood. c. aninferiorgood. d. acomplementarygood.    21. Soupisaninferiorgoodif a. thedemandforsoupfallswhenthepriceofasubstituteforsouprises. b. thedemandforsoupriseswhenthepriceofsoupfalls. c. thedemandcurveforsoupslopesupward. d. thedemandforsoupfallswhenincomerises.   22. SupposethatCarolynreceivesapayincrease.Wewouldexpect a. toobserveCarolynmovingdownandtotherightalonghergivendemandcurve. b. Carolyn'sdemandforinferiorgoodstodecrease. c. Carolyn'sdemandforeachoftwogoodsthatarecomplementstoincrease. d. Carolyn'sdemandfornormalgoodstodecrease.    23. Twogoodsaresubstituteswhenadecreaseinthepriceofonegood a. decreasesthedemandfortheothergood. b. decreasesthequantitydemandedoftheothergood. c. increasesthedemandfortheothergood. d. increasesthequantitydemandedoftheothergood.   24. Thefollowingtablecontainsasupplyscheduleforagood.  Price QuantitySupplied $10 100 $20 ?  Ifthelawofsupplyappliestothisgood,then“?”couldbe a. 0. b. 50. c. 100. d. 150.    25. Asupplyscheduleisatablethatshowstherelationshipbetween a. priceandquantitysupplied. b. inputcostsandquantitysupplied. c. quantitydemandedandquantitysupplied. d. profitandquantitysupplied.   26. Whichofthefollowingisnotheldconstantinasupplyschedule?  technology a. b. thepriceofthegood c. thepricesofinputs d. expectations    27. Thedifferencebetweenasupplyscheduleandasupplycurveisthat a. asupplyscheduleincorporatesdemandandasupplycurvedoesnot. b. asupplyscheduleincorporatesprofitandasupplycurvedoesnot. c. asupplyschedulecanshift,butasupplycurvecannotshift. d. asupplyscheduleisatableandasupplycurveisdrawnonagraph.    28. Thesupplycurveforagoodis a. alinethatrelatesprofitandquantitysupplied. b. alinethatrelatesinputpricesandquantitysupplied. c. alinethatrelatespriceandquantitysupplied. d. alinethatrelatespriceandprofit.  29. Thelinethatrelatesthepriceofagoodandthequantitysuppliedofthatgoodiscalledthe a. supplyschedule,anditusu...
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This note was uploaded on 01/27/2014 for the course ECON 1010 taught by Professor Jonathanpritchett during the Fall '12 term at Tulane.

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