Increase in quantity demanded management paper

ECON 2105 EXAM 2 CHAPTERS 3, 4 AND 8 FALL 2014

1.   What is the difference between an “increase in demand” and an “increase in quantity demanded”?

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A) There is no difference between the two terms; they both refer to a shift of the demand curve.

B) An “increase in demand” is represented by a rightward shift of the demand curve while an “increase in quantity demanded” is represented by a movement along a given demand curve.

C) There is no difference between the two terms; they both refer to a movement downward along a given demand curve.

D) An “increase in demand” is represented by a movement along a given demand curve, while an “increase in quantity demanded” is represented by a rightward shift of the demand curve.

 

2. If, in response to an increase in the price of chocolate, the quantity demanded of chocolate decreases economists would describe this as

A) a decrease in demand.

B) a decrease in quantity demanded.

C) a change in consumer income.

D) a decrease in consumers’ taste for chocolate.

 

3. By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good.

A) quantity; price; quantity

B) price; quantity; quantity

C) price; quantity; price

D) quantity; price; price

 

4. If a demand curve shifts to the right, then

A) demand has increased.

B) quantity demanded has increased.

C) demand has decreased.

D) quantity demanded has decreased.

 

5. Holding everything else constant, an increase in the price of MP3 players will result in

A) a decrease in the quantity of MP3 players supplied.

B) a decrease in the demand for MP3 players.

C) an increase in the supply of MP3 players.

D) a decrease in the quantity of MP3 players demanded.

 

6. A change in all of the following variables will change the market demand for a product except

A) the price of the product.

B) population and demographics.

C) income.

D) tastes.

 

7. Which of the following willshift the demand curve for a good?

A) a change in the technology used to produce the good

B) an increase in the price of the good

C) a decrease in the price of a complementary good

D) a decrease in the price of the good

 

8. A movement along the demand curve for toothpaste would be caused by

A) a change in the price of toothbrushes.

B) a change in consumer income.

C) a change in the price of toothpaste.

D) a change in population.

 

9. The ________ effect refers to the change in quantity demanded for a good that results from the effect of a change in the good’s price on consumer’s purchasing power.

A) ceteris paribus

B) population

C) substitution

D) income

 

10. If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is

A) a neutral good.

B) a normal good.

C) a necessity.

D) a complement.

 

11. If an increase in income leads to a decrease in the demand for popcorn, then popcorn is

A) an inferior good.

B) a neutral good.

C) a necessity.

D) a normal good.

 

Figure 3-1

 

 

 

12. Refer to Figure 3-1. An increase in population would be represented by a movement from

A) A to B.

B) B to A.

C) D1 to D2.

D) D2 to D1.

 

13. Refer to Figure 3-1. A decrease in taste or preference would be represented by a movement from

A) A to B.

B) B to A.

C) D1 to D2.

D) D2 to D1.

 

14. Refer to Figure 3-1. If the product represented is an inferior good, an increase in income would be represented by a movement from

A) A to B.

B) B to A.

C) D1 to D2.

D) D2 to D1.

 

15. Refer to Figure 3-1. A decrease in the price of the product would be represented by a movement from

A) A to B.

B) B to A.

C) D1 to D2.

D) D2 to D1.

 

16. Elvira decreased her consumption of bananas when the price of peanut butter increased. For Elvira, peanut butter and bananas are

A) substitutes in consumption.

B) both inferior goods.

C) complements in consumption.

D) both luxury goods.

 

17. Suppose that when the price of raspberries increases, Lonnie increases his purchases of papayas.  To Lonnie,

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