Question 1

Which of the following best describes the demand schedule?

Accepted Answer

A)  the quantity of a good that is demanded at a specific price 
B)  the amount that is being demanded at every possible price 
C)  the time at which something is purchased 
D)  the decrease in willingness to purchase a good as quantity increases 
A)  the quantity of a good that is demanded at a specific price 
B)  the amount that is being demanded at every possible price 
C)  the time at which something is purchased 
D)  the decrease in willingness to purchase a good as quantity increases

Question 2

Holding all other factors constant, when the price of running shoes falls, the:

Accepted Answer

A)  demand curve for running shoes will shift to the right. 
B)  demand curve for running shoes will shift to the left. 
C)  quantity of running shoes demanded will increase. 
D)  quantity of running shoes demanded will decrease. 
A)  demand curve for running shoes will shift to the right. 
B)  demand curve for running shoes will shift to the left. 
C)  quantity of running shoes demanded will increase. 
D)  quantity of running shoes demanded will decrease.

Question 3

_____ is the satisfaction or happiness that individuals feel from consuming goods and services.

Accepted Answer

A)  Utility 
B)  Marginal utility 
C)  Demand curve 
D)  Demand schedule 
A)  Utility 
B)  Marginal utility 
C)  Demand curve 
D)  Demand schedule

Question 4

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes an increase in Valentina's monthly demand for ice cream cones?

Accepted Answer

A)  When the price of ice cream cones is $1, she will buy four cones per month. 
B)  When the price of ice cream cones is $2, she will buy two cones per month. 
C)  When the price of ice cream cones is $3, she will buy two cones per month. 
D)  When the price of ice cream cones is $2, she will buy four cones per month. 
A)  When the price of ice cream cones is $1, she will buy four cones per month. 
B)  When the price of ice cream cones is $2, she will buy two cones per month. 
C)  When the price of ice cream cones is $3, she will buy two cones per month. 
D)  When the price of ice cream cones is $2, she will buy four cones per month.

Question 5

A table that indicates the quantity of a good that would be demanded in a given period at various prices is known as a:

Accepted Answer

A)  demand schedule. 
B)  demand graph. 
C)  utility table. 
D)  marginal utility table. 
A)  demand schedule. 
B)  demand graph. 
C)  utility table. 
D)  marginal utility table.

Question 6

What does the word "marginal" mean in the phrase "diminishing marginal utility"?

Accepted Answer

A)  one more 
B)  average 
C)  all 
D)  constant 
A)  one more 
B)  average 
C)  all 
D)  constant

Question 7

Use Table: Demand Schedules for Three Cookie Buyers. If these are the only cookie consumers in the market, how many cookies will the market demand at a price of $2?
​

Accepted Answer

A)  six 
B)  13 
C)  two 
D)  four 
A)  six 
B)  13 
C)  two 
D)  four

Question 8

Refer to the table The Demand for Running Shoes. If the price of running shows decreases from $80 to $50, how much consumer surplus is gained?
​

Accepted Answer

A)  $20 
B)  $30 
C)  $50 
D)  $60 
A)  $20 
B)  $30 
C)  $50 
D)  $60

Question 9

All else held constant, when consumers have a stronger taste for a product, the demand curve:

Accepted Answer

A)  shifts to the left. 
B)  shifts to the right. 
C)  decreases. 
D)  remains constant. 
A)  shifts to the left. 
B)  shifts to the right. 
C)  decreases. 
D)  remains constant.

Question 10

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?
​

Accepted Answer

A)  Consumer surplus increased by $1. 
B)  Consumer surplus increased by $7. 
C)  Consumer surplus did not change. 
D)  Consumer surplus decreased by $1. 
A)  Consumer surplus increased by $1. 
B)  Consumer surplus increased by $7. 
C)  Consumer surplus did not change. 
D)  Consumer surplus decreased by $1.

Question 11

If something changes that makes people more willing to buy a good at every possible price, this represents:

Accepted Answer

A)  an increase in quantity demanded. 
B)  a decrease in quantity demanded. 
C)  an increase in demand. 
D)  a decrease in demand. 
A)  an increase in quantity demanded. 
B)  a decrease in quantity demanded. 
C)  an increase in demand. 
D)  a decrease in demand.

Question 12

All else equal, the demand for _____ good will increase when income increases.

Accepted Answer

A)  an inferior 
B)  a normal 
C)  a complementary 
D)  a substitute 
A)  an inferior 
B)  a normal 
C)  a complementary 
D)  a substitute

Question 13

The price of meatballs increases, and as a result, the demand curve for salad shifts to the right. Based on this information, we can conclude that salad and meatballs are:

Accepted Answer

A)  complements in consumption. 
B)  substitutes in consumption. 
C)  normal goods. 
D)  inferior goods. 
A)  complements in consumption. 
B)  substitutes in consumption. 
C)  normal goods. 
D)  inferior goods.

Question 14

Use Table: Individual Demand Schedules for Pairs of Socks. What is the value of Daphne's marginal utility from the fourth pair of socks?
​

Accepted Answer

A)  $7 
B)  $4 
C)  $34 
D)  $8.50 
A)  $7 
B)  $4 
C)  $34 
D)  $8.50

Question 15

An increase in demand will be caused by:

Accepted Answer

A)  an increase in the price of a good. 
B)  a decrease in the price of a good. 
C)  a decrease in utility. 
D)  a change in something other than price. 
A)  an increase in the price of a good. 
B)  a decrease in the price of a good. 
C)  a decrease in utility. 
D)  a change in something other than price.

Question 16

When the price of chips increases, Hector's demand for soda decreases. What kinds of goods does Hector consider chips and soda?

Accepted Answer

A)  complements 
B)  substitutes 
C)  inferior goods 
D)  normal goods 
A)  complements 
B)  substitutes 
C)  inferior goods 
D)  normal goods

Question 17

If second-hand mattresses are an inferior good, when average consumer income falls, the demand curve for second-hand mattresses will _____, all else equal.

Accepted Answer

A)  remain unchanged 
B)  decrease 
C)  increase 
D)  see a movement upward along the curve 
A)  remain unchanged 
B)  decrease 
C)  increase 
D)  see a movement upward along the curve

Question 18

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes a decrease in Valentina's monthly demand for ice cream cones?

Accepted Answer

A)  When the price of ice cream cones is $1, she will buy four cones per month. 
B)  When the price of ice cream cones is $2, she will buy two cones per month. 
C)  When the price of ice cream cones is $3, she will buy two cones per month. 
D)  When the price of ice cream cones is $2, she will buy four cones per month. 
A)  When the price of ice cream cones is $1, she will buy four cones per month. 
B)  When the price of ice cream cones is $2, she will buy two cones per month. 
C)  When the price of ice cream cones is $3, she will buy two cones per month. 
D)  When the price of ice cream cones is $2, she will buy four cones per month.

Question 19

Suppose that the demand for product Z increases when the price of product W falls. Economists would say that products Z and W are _____ goods.

Accepted Answer

A)  complementary 
B)  unrelated 
C)  normal 
D)  substitute 
A)  complementary 
B)  unrelated 
C)  normal 
D)  substitute

Question 20

When Beau's income increases, they buy more books and fewer cups of coffee. Based on this information, we can conclude that Beau considers coffee to be:

Accepted Answer

A)  a complement in consumption. 
B)  a substitute in consumption. 
C)  a normal good. 
D)  an inferior good. 
A)  a complement in consumption. 
B)  a substitute in consumption. 
C)  a normal good. 
D)  an inferior good.

Which of the following best describes the demand schedule?

Holding all other factors constant, when the price of running shoes falls, the:

_____ is the satisfaction or happiness that individuals feel from consuming goods and services.

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes an increase in Valentina's monthly demand for ice cream cones?

A table that indicates the quantity of a good that would be demanded in a given period at various prices is known as a:

What does the word "marginal" mean in the phrase "diminishing marginal utility"?

Use Table: Demand Schedules for Three Cookie Buyers. If these are the only cookie consumers in the market, how many cookies will the market demand at a price of $2?

Refer to the table The Demand for Running Shoes. If the price of running shows decreases from $80 to $50, how much consumer surplus is gained?

All else held constant, when consumers have a stronger taste for a product, the demand curve:

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?

If something changes that makes people more willing to buy a good at every possible price, this represents:

All else equal, the demand for _____ good will increase when income increases.

The price of meatballs increases, and as a result, the demand curve for salad shifts to the right. Based on this information, we can conclude that salad and meatballs are:

Use Table: Individual Demand Schedules for Pairs of Socks. What is the value of Daphne's marginal utility from the fourth pair of socks?

An increase in demand will be caused by:

When the price of chips increases, Hector's demand for soda decreases. What kinds of goods does Hector consider chips and soda?

If second-hand mattresses are an inferior good, when average consumer income falls, the demand curve for second-hand mattresses will _____, all else equal.

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes a decrease in Valentina's monthly demand for ice cream cones?

Suppose that the demand for product Z increases when the price of product W falls. Economists would say that products Z and W are _____ goods.

When Beau's income increases, they buy more books and fewer cups of coffee. Based on this information, we can conclude that Beau considers coffee to be:

Foundations of Economics

Extension: Understanding Graphs

Markets and Economies

Supply

Market Equilibrium

Elasticity

Consumer Behavior

Production Costs

Perfect Competition

Market Power

Factor Markets

Market Failure and Government Failure

Measuring an Economys Performance

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money and Banking

Monetary Policy

Economic Growth and Development

International Trade and Finance

Filters

Exam 3: Demand

Which of the following best describes the demand schedule?

Holding all other factors constant, when the price of running shoes falls, the:

_____ is the satisfaction or happiness that individuals feel from consuming goods and services.

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes an increase in Valentina's monthly demand for ice cream cones?

A table that indicates the quantity of a good that would be demanded in a given period at various prices is known as a:

What does the word "marginal" mean in the phrase "diminishing marginal utility"?

Use Table: Demand Schedules for Three Cookie Buyers. If these are the only cookie consumers in the market, how many cookies will the market demand at a price of $2? ​

Refer to the table The Demand for Running Shoes. If the price of running shows decreases from $80 to $50, how much consumer surplus is gained? ​

All else held constant, when consumers have a stronger taste for a product, the demand curve:

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market? ​

If something changes that makes people more willing to buy a good at every possible price, this represents:

All else equal, the demand for _____ good will increase when income increases.

The price of meatballs increases, and as a result, the demand curve for salad shifts to the right. Based on this information, we can conclude that salad and meatballs are:

Use Table: Individual Demand Schedules for Pairs of Socks. What is the value of Daphne's marginal utility from the fourth pair of socks? ​

An increase in demand will be caused by:

When the price of chips increases, Hector's demand for soda decreases. What kinds of goods does Hector consider chips and soda?

If second-hand mattresses are an inferior good, when average consumer income falls, the demand curve for second-hand mattresses will _____, all else equal.

When the price of ice cream cones is $2 per cone, Valentina buys three cones in a month. Which of the following describes a decrease in Valentina's monthly demand for ice cream cones?

Suppose that the demand for product Z increases when the price of product W falls. Economists would say that products Z and W are _____ goods.

When Beau's income increases, they buy more books and fewer cups of coffee. Based on this information, we can conclude that Beau considers coffee to be:

Foundations of Economics

Extension: Understanding Graphs

Markets and Economies

Supply

Market Equilibrium

Elasticity

Consumer Behavior

Production Costs

Perfect Competition

Market Power

Factor Markets

Market Failure and Government Failure

Measuring an Economys Performance

Aggregate Demand and Aggregate Supply

Fiscal Policy

Money and Banking

Monetary Policy

Economic Growth and Development

International Trade and Finance

Filters

Use Table: Demand Schedules for Three Cookie Buyers. If these are the only cookie consumers in the market, how many cookies will the market demand at a price of $2?

Refer to the table The Demand for Running Shoes. If the price of running shows decreases from $80 to $50, how much consumer surplus is gained?

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?

Use Table: Individual Demand Schedules for Pairs of Socks. What is the value of Daphne's marginal utility from the fourth pair of socks?