Business

(1) Microeconomics Unit Two Multiple Choice Test severally disbelief is worth 2.5 points 1) A market: a) reflects upslopeing contain and downslopeing picture contracts b) entails the rallying of goods, but not services c) is an institution which brings unitedly emptors and sellers d) always entails face to face contact between barter forer and seller 2) The practice of law of quest states that: a) bell and measurement demanded atomic number 18 inversely cogitate b) the larger the number of buyers in a market, the lower get out be harvest-tide determine. c) spending and quantity demanded are directly related d) consumers will buy to a greater extent of a given product at high outlays than they will at low costs 3) Which of the chase would shift the demand sprain for boot? a) a widely-publicized determine which indicates beef improvers ones cholesterol b) a step-down in the terms of cattle feed c) an effective advertising safari by po rk producers d) a compound in the incomes of beef consumers 4) economic expert presume the most important variable in find the quantity demanded is: a) the value of the product itself b) consumer income c) the price of related goods d) consumer tastes 5) When the price of a product rises, consumers shift their purchases to other products whose prices are forthwith relatively lower.

This describes: a) an inferior good b) the substitution effect c) the law of supply d) the income effect 6) wholeness reason why the quantity of a good demanded increase when the price falls is that the: a) price decline shifts the supply curve to the left! b) lower price shifts the demand curve to the left c) lower price shifts the demand curve to the right d) lower price increases the real income of buyers, multifariousness them to buy more 7) Which of the following will not type the demand for product K to qualify? a) a change in the price of close-substitute product J b) an increase in consumer incomes c) a change in the price of K d) a change in consumer tastes 8)...If you regard to get a just essay, order it on our website: OrderCustomPaper.com

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