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Fall 2012 Econ 2003 Test 4 VERSION A Name Banner Signature Date Section _______________________________ _______________________________...

This is going to be my last test in this course. Help will be much appreciated guys!

Fall 2012 Econ 2003 Test 4 VERSION A Name _______________________________ Banner _______________________________ Signature _______________________________ Date _______________________________ Section _______________________________ By taking this Exam you are Agreeing to the Following Policy The University expects every student to maintain a high standard of individual integrity. Scholastic dishonesty is a serious offense that includes, but is not limited to, cheating on a test or other class work, plagiarism (the appropriation of another's work and the unauthorized incorporation of that work in one's own work), and collusion (unauthorized collaboration with another person in preparing college work offered for credit). In cases of scholastic dishonesty, the faculty member responsible for the case may initiate disciplinary proceedings against the student. BY TAKING THIS TEST YOU ARE AGREEING TO THE ABOVE POLICY AND ALSO TO WORK BY YOURSELF ON THIS TEST. PLEASE BRING BOTH THE PRINTED EXAM AND A PROPERLY FILLED OUT F - 1712 PAR - L 200 QUESTION FORM ____ 1. The demand for a product is the amount that a. sellers are willing to sell at a particular price b. buyers are willing to purchase at a given price c. buyers purchase in the market d. buyers are willing and able to purchase at alternative prices e. buyers are able to purchase at a specific price ____ 2. A demand curve shows how quantity demanded changes as the price changes. It implies that a. economists are concerned only with money b. it is impossible to show how anything but price affects demand c. only a change in price can shift a demand curve d. quantity demanded is unrelated to price e. everything else that affects demand is assumed to be constant ____ 3. If pretzels are a normal good, the income effect of a price change means that a. as income increases, the demand curve for pretzels shifts rightward b. as the price of pretzels increases, income increases c. as income increases, the quantity demanded increases along the demand curve for pretzels d. as the price of pretzels increases, the real income of individuals who demand pretzels decreases, so the quantity demanded of pretzels decreases e. as income increases, the demand curve for pretzels shifts leftward ____ 4. A demand curve usually has a a. positive slope because price and quantity demanded are inversely related b. negative slope because as price rises, demand falls c. positive slope because price and quantity demanded are positively related d. slope of zero because there is no change along a demand curve when everything else is held constant e. negative slope because price and quantity demanded are inversely related
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____ 5. The demand curve for spinach shows the quantity demanded of spinach a. as income increases b. as income decreases c. only at the equilibrium price of spinach d. at each possible price of spinach e. at each possible price of a substitute good ____ 6. Studies show that the demand curve for peas has shifted. Which of the following explanations would you reject first? a. The demand for string beans has changed. b. The price of peas has changed. c. The income of consumers has changed. d. The demand for corn has changed. e. The price of string beans has changed. ____ 7. The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following? a. a rightward shift of the demand curve b. a movement leftward along the demand curve c. a rightward shift of the supply curve d. a leftward shift of the demand curve e. a movement rightward along the demand curve ____ 8. If we say that demand has increased, we mean that there has been a. a rightward shift of the demand curve b. an increase in the slope of the demand curve c. a leftward movement along the demand curve d. a rightward movement along the demand curve e. a leftward shift of the demand curve ____ 9. A decrease in demand for a good could mean that a. the demand curve has shifted to the left b. consumers are willing to pay a higher price for each quantity of the good c. the demand curve has undergone a parallel shift to the right d. consumers are willing to buy larger quantities of the good at each price e. the demand curve has undergone a nonparallel shift to the right ____ 10. A change in income will a. affect the quantity demanded of candy through the income effect of a price change b. affect the demand for candy through the income effect of a price change c. affect quantity demanded only if candy is a normal good d. have no effect on the demand for candy, because income is assumed constant along a demand curve e. shift the demand curve for candy ____ 11. Which of the following is most likely to be an inferior good? a. soft drinks b. a subscription to the Wall Street Journal c. restaurant meals d. airline travel e. used clothing
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Fall 2012 Econ 2003 Test 4 Student. Solutions.txt

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