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devry econ 312 week 2 quiz




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.;1 of 1;Comments;Question 2. Question;(TCO 2) Which of the following would not shift the demand;curve for beef?;A widely publicized study that indicates beef;increases one's cholesterol;A reduction in the price of cattle feed;An effective advertising campaign by pork;producers;A change in the incomes of beef consumers;Question 3. Question;(TCO 2) Which of the following is most likely to be an;inferior good?;Fur coats;Ocean cruises;Used clothing;Steak;Instructor Explanation: Chapter 3.;Points Received: 1 of 1;Comments;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) The price elasticity of demand is generally;negative, but the minus sign is ignored.;positive, but the plus sign is ignored.;positive for normal goods and negative for;inferior goods.;positive because price and quantity demanded;are inversely related.;Question 7. Question;(TCO 2) Suppose the price* of local cable TV service;increased from $16.20 to $19.80, and as a result, the number of cable;subscribers decreased from 224,000 to 176,000.;Use the Midpoint formula to find the answer. Along this portion of the;demand curve, price elasticity of demand is;0.8;1.2;1.6;8.0;Question 8. Question;(TCO 2) A firm can sell as much as it wants at a constant;price. Demand is thus;perfectly inelastic.;perfectly elastic.;relatively inelastic.;relatively elastic.;Question 9. Question;(TCO 2) The demand schedules for such products as eggs;bread, and electricity tend to be;perfectly price elastic.;of unit price elasticity.;relatively price inelastic.;relatively price elastic.;Question 10. Question;(TCO 2) The demand for autos is likely to be;less price elastic than the demand for Honda;Accords.;more price elastic than the demand for Honda;Accords.;of the same price elasticity as the demand for;Honda Accords.;perfectly inelastic.;Question 11. Question;(TCO 2) What is the Law of Supply? Why does the supply curve;slope upwards?;Question 12. Question;(TCO 2) Suppose the price of widgets falls from $7 to $5 and;consumption of widgets rises from 15 widgets a month to 25 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.


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