Question 1

Use Table: Individual Demand Schedules for Pairs of Socks. What is the market demand if the price of a pair of socks is $7?
​

Accepted Answer

A)  one 
B)  four 
C)  seven 
D)  five 
A)  one 
B)  four 
C)  seven 
D)  five

Question 2

A storm has disrupted gasoline production, and consumers expect that the price of gasoline will increase in the next few days. Today the demand curve for gasoline will:

Accepted Answer

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

Question 3

A graph of the demand for cookies would be smoothest for which of the following groups?

Accepted Answer

A)  nations 
B)  cities 
C)  households 
D)  individuals 
A)  nations 
B)  cities 
C)  households 
D)  individuals

Question 4

Refer to the table The Demand for Running Shoes. If the price of running shows increases from $50 to $70, how much consumer surplus is lost?
​

Accepted Answer

A)  $20 
B)  $50 
C)  $90 
D)  $100 
A)  $20 
B)  $50 
C)  $90 
D)  $100

Question 5

Ali enjoys cheese pizza, but if the price of pizza is $20 or higher, his quantity demanded of pizza is zero. He gets no utility from eating pizza at all after he has consumed eight pizzas. Describe what Ali's graph for pizza looks like.

Accepted Answer

Ali's demand curve graph is a

Question 6

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

Accepted Answer

A)  Niles's consumer surplus did not change. 
B)  Niles's consumer surplus increased by $2. 
C)  Niles's consumer surplus decreased by $1. 
D)  Niles's consumer surplus decreased by $2. 
A)  Niles's consumer surplus did not change. 
B)  Niles's consumer surplus increased by $2. 
C)  Niles's consumer surplus decreased by $1. 
D)  Niles's consumer surplus decreased by $2.

Question 7

The smoothest demand curve for good X is produced when there are _____ demanders and when good X can be purchased:

Accepted Answer

A)  many; in small fractions of a full unit. 
B)  few; only in full units. 
C)  many; only in full units. 
D)  few; in small fractions of a full unit. 
A)  many; in small fractions of a full unit. 
B)  few; only in full units. 
C)  many; only in full units. 
D)  few; in small fractions of a full unit.

Question 8

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

Accepted Answer

A)  $7 
B)  $4 
C)  $11 
D)  $1 
A)  $7 
B)  $4 
C)  $11 
D)  $1

Question 9

Quintin enjoys chili dogs. He is willing to pay $5 for his first chili dog, $4 for his second, $2 for his third, and zero for his fourth chili dog. Quintin's willingness to pay decreases with more chili dogs due to:

Accepted Answer

A)  increasing opportunity cost. 
B)  increasing returns to scale. 
C)  diminishing marginal product of labor. 
D)  diminishing marginal utility. 
A)  increasing opportunity cost. 
B)  increasing returns to scale. 
C)  diminishing marginal product of labor. 
D)  diminishing marginal utility.

Question 10

Consumers consider that good A and good B are complements in consumption. When the price of good A decreases, there is an expectation that there is _____ in the quantity of good A demanded and ______ in the demand for good

Accepted Answer

A)  an increase; an increase 
B)  an increase; a decrease 
C)  a decrease; an increase 
D)  a decrease; a decrease 
A)  an increase; an increase 
B)  an increase; a decrease 
C)  a decrease; an increase 
D)  a decrease; a decrease

Question 11

Jaeyoung believes that the price of coffee will increase soon. All else equal, how will this affect his demand for coffee today?

Accepted Answer

A)  His demand for coffee today decreases. 
B)  His demand for coffee today isn't affected. 
C)  His quantity demanded of coffee increases. 
D)  His demand for coffee today increases. 
A)  His demand for coffee today decreases. 
B)  His demand for coffee today isn't affected. 
C)  His quantity demanded of coffee increases. 
D)  His demand for coffee today increases.

Question 12

If something changes that makes people less 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 13

Refer to the table The Market Demand for Running Shoes. What is the consumer surplus of the first consumer who is willing to buy running shoes at a price of $50 but pays only $30?
​

Accepted Answer

A)  zero 
B)  $20 
C)  $30 
D)  $80 
A)  zero 
B)  $20 
C)  $30 
D)  $80

Question 14

A change in demand is:

Accepted Answer

A)  a shift of the entire demand curve. 
B)  a movement to the left along the demand curve. 
C)  a movement to the right along the demand curve. 
D)  caused by a change in the price of a good. 
A)  a shift of the entire demand curve. 
B)  a movement to the left along the demand curve. 
C)  a movement to the right along the demand curve. 
D)  caused by a change in the price of a good.

Question 15

When the price of ice cream cones is $2 per cone, Celine buys three cones in a month. Which of the following describes an upward movement along Celine'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 16

Suppose that the demand for product Z decreases 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

Use Table: Individual Demand Schedules for Pairs of Socks. What is the market demand if the price of a pair of socks is $7?

A storm has disrupted gasoline production, and consumers expect that the price of gasoline will increase in the next few days. Today the demand curve for gasoline will:

A graph of the demand for cookies would be smoothest for which of the following groups?

Refer to the table The Demand for Running Shoes. If the price of running shows increases from $50 to $70, how much consumer surplus is lost?

Ali enjoys cheese pizza, but if the price of pizza is $20 or higher, his quantity demanded of pizza is zero. He gets no utility from eating pizza at all after he has consumed eight pizzas. Describe what Ali's graph for pizza looks like.

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks rises from $5 to $6, by how much did Niles's consumer surplus change?

The smoothest demand curve for good X is produced when there are _____ demanders and when good X can be purchased:

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

Quintin enjoys chili dogs. He is willing to pay $5 for his first chili dog, $4 for his second, $2 for his third, and zero for his fourth chili dog. Quintin's willingness to pay decreases with more chili dogs due to:

Consumers consider that good A and good B are complements in consumption. When the price of good A decreases, there is an expectation that there is _ in the quantity of good A demanded and __ in the demand for good

Jaeyoung believes that the price of coffee will increase soon. All else equal, how will this affect his demand for coffee today?

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

Refer to the table The Market Demand for Running Shoes. What is the consumer surplus of the first consumer who is willing to buy running shoes at a price of $50 but pays only $30?

A change in demand is:

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

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

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

Use Table: Individual Demand Schedules for Pairs of Socks. What is the market demand if the price of a pair of socks is $7? ​

A storm has disrupted gasoline production, and consumers expect that the price of gasoline will increase in the next few days. Today the demand curve for gasoline will:

A graph of the demand for cookies would be smoothest for which of the following groups?

Refer to the table The Demand for Running Shoes. If the price of running shows increases from $50 to $70, how much consumer surplus is lost? ​

Ali enjoys cheese pizza, but if the price of pizza is $20 or higher, his quantity demanded of pizza is zero. He gets no utility from eating pizza at all after he has consumed eight pizzas. Describe what Ali's graph for pizza looks like.

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

The smoothest demand curve for good X is produced when there are _____ demanders and when good X can be purchased:

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

Quintin enjoys chili dogs. He is willing to pay $5 for his first chili dog, $4 for his second, $2 for his third, and zero for his fourth chili dog. Quintin's willingness to pay decreases with more chili dogs due to:

Consumers consider that good A and good B are complements in consumption. When the price of good A decreases, there is an expectation that there is _____ in the quantity of good A demanded and ______ in the demand for good

Jaeyoung believes that the price of coffee will increase soon. All else equal, how will this affect his demand for coffee today?

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

Refer to the table The Market Demand for Running Shoes. What is the consumer surplus of the first consumer who is willing to buy running shoes at a price of $50 but pays only $30? ​

A change in demand is:

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

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

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: Individual Demand Schedules for Pairs of Socks. What is the market demand if the price of a pair of socks is $7?

Refer to the table The Demand for Running Shoes. If the price of running shows increases from $50 to $70, how much consumer surplus is lost?

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks rises from $5 to $6, by how much did Niles's consumer surplus change?

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

Consumers consider that good A and good B are complements in consumption. When the price of good A decreases, there is an expectation that there is _ in the quantity of good A demanded and __ in the demand for good

Refer to the table The Market Demand for Running Shoes. What is the consumer surplus of the first consumer who is willing to buy running shoes at a price of $50 but pays only $30?