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Question;Question 1. Question;(TCO 2) Economists use the term "demand" to refer;to;a particular price-quantity combination on a stable demand curve.;the total amount spent on a particular;commodity over a stipulated time period.;an upsloping line on a graph that relates;consumer purchases and product price.;a schedule of various combinations of market;prices and quantities-demanded.;Question 2. Question;(TCO 2) Which of the following will not cause the demand for;product K to change?;A change in the price of close-substitute product J;An increase in consumer incomes;A change in the price of K;A change in consumer tastes;Question 3. Question;(TCO 2) If X is a normal good, a rise in money income will;shift the;supply curve for X to the left.;supply curve for X to the right.;demand curve for X to the left.;demand curve for X to the right.;Question 4. Question;(TCO 2) Which of the following would mostly likely increase;the demand for gasoline?;The expectation by consumers that gasoline prices will be higher in the future;The expectation by consumers that gasoline;prices will be lower in the future;A widespread shift in car ownership from SUVs;to hybrid sedans;A decrease in the price of public;transportation;Question 5. Question;(TCO 2) The supply curve shows the relationship between;price and quantity supplied.;production costs and the amount demanded.;total business revenues and quantity supplied.;physical inputs of resources and the resulting;units of output.;Question 6. Question;(TCO 2) If the demand for bacon is relatively elastic, a 10%;decline in the price of bacon will;decrease the amount demanded by more than 10%.;increase the amount demanded by more than 10%.;decrease the amount demanded by less than 10%.;increase the amount demanded by less than 10%.;Question 7. Question;(TCO 2) If the price of hand calculators falls from $10 to;$9 and, as a result, the quantity demanded increases from 100 to 125, then;demand is elastic.;demand is inelastic.;demand is of unit elasticity.;not enough information is given to make a;statement about elasticity.;Question 8. Question;(TCO 2) The concept of price elasticity of demand measures;the slope of the demand curve.;the number of buyers in a market.;the extent to which the demand curve shifts as;the result of a price decline.;the sensitivity of consumer purchases to price;changes.;Question 9. Question;(TCO 2) If the University Chamber Music Society decides to;raise ticket prices to provide more funds to finance concerts, the Society is;assuming that the demand for tickets is;parallel to the horizontal axis.;shifting to the left.;inelastic.;elastic.;Question 10. Question;(TCO 2) The more time consumers have to adjust to a change;in price;the smaller will be the price elasticity of demand.;the greater will be the price elasticity of;demand.;the more likely the product is a normal good.;the more likely the product is an inferior;good.;Question 11. Question;(TCO 2) What is the Law of Supply? Why does the supply curve;slope upwards?;Comments: quantity supplied.;Question 12. Question;(TCO 2) Suppose the price of widgets rises from $5 to $7 and;consumption of widgets falls from 25 widgets a month to 15 widgets. Calculate your;price elasticity of demand of widgets. What can you say about your price;elasticity of demand of widgets? Is it Elastic, Inelastic, or Unitary Elastic?;Why? Use the Midpoint formula and please show your work.


Paper#55504 | Written in 18-Jul-2015

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