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Economics Test 2 Retake – Questions With Answers
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Economics Test 2 Retake – Questions With Answers
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Economics Test 2 Retake – Questions With AnswersThe increase in the price of milk results in a decrease in the demand for
cereal. These two products must be: Correct Ans - Complements
A decrease in the quantity demanded can be shown by: Correct Ans -
movement up, along the demand curve
If Jell-O is an inferior good, what will happen when consumers' income
decreases? * Correct Ans - Demand for Jell-O will increase
Burritos are a normal good. What will happen when the consumers' income
decreases? * Correct Ans - Demand for burritos will decrease
The demand curve is _____________ sloping, illustrating the inverse
relationship between price and quantity demanded. * Correct Ans -
downward
Which of the following choices would most likely cause the change shown
on the graph? Correct Ans - The number of buyers in the market
decrease
The decrease in the price of hotdogs results in a decrease in the demand for
hamburgers. These two products are: Correct Ans - Substitutes
An increase in the price of a product would create which of the following
change: * Correct Ans - A decrease in the quantity demanded for a
product
Which of the following choices would cause the change shown in the
graph? Correct Ans - An increase in the number of consumers
The law of demand states that a/an ______________ relationship exists
between price and quantity demanded. * Correct Ans - Inverse
Supply
Which of the following choices would cause the change shown in the graph:
* Correct Ans - Inputs become less expensive
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