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ASD GET IT RIGHT COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS EXAM PRACTICE GRADE A+ 2024 UPDATE
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ASD GET IT RIGHT COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS EXAM PRACTICE GRADE A+ 2024 UPDATE
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ASD GET IT RIGHT COMPREHENSIVE QUESTIONSAND VERIFIED ANSWERS EXAM PRACTICE GRADE
A+ 2024 UPDATE
Which factor will increase the demand for a productS
A. a decrease in the number of buyers
B. an increase in the price of a complementary product
C. an increase in the price of a substitute product
D. an unfavorable report on the value of the product
C. an increase in the price of a substitute product
People demand more of product X when the price of product Y decreases. This
means X and Y are:
A. both inexpensive.
B. not related.
C. substitutes.
D. complements
D. Complements
An increase in the price of product B resulted in an increase in the demand for
product C. This indicates that products B and Care:
A. complementary goods
B. substitute goods
C. inferior goods
D. normal goods
B. Substitute goods
If the price of gasoline increases and car dealers experience a decrease in
demand for sport utility vehicles, then gasoline and sport utility vehicles are:
A. substitutes
B. complements
C. inferior goods
D. unrelated goods
B. Complements
If service stations raise the price of gasoline and, experience a decrease in
demand for automobile tires, then gasoline and tires are:
A. complementary goods
B. inferior goods
,C. economic goods
D. substitute goods
A. Complementary goods
If the price of K declines, the demand curve for the complementary product J will:
A. shift to the left.
B. shift to the right
C. remain unchanged
D. decrease
B. shift to the right
An increase in the price of product X resulted in a decrease in the demand for
product Y. This indicates that products X and rare:
A. complementary goods
B. substitute goods
C. inferior goods
D. superior goods
A. Complementary goods
If two goods are close substitutes:
A. consumers will always buy the one that has the lower price.
B. a fall in the price of one will decrease the demand for the other.
C. a decrease in the price of one causes an increase in the demand for the other.
D. an increase in the price of one causes the demand for the other to decrease.
A. a fall in the price of one will decrease the demand for the other
Suppose that goods A and B are close substitutes and the price of good B falls.
We would then expect an:
A. increase in the demand for goods A and B
B. increase in the quantity demanded of good B and a decrease in the demand for
good A
C. increase in the demand for good A and a decrease in the quantity demanded
for good B
D. increase in the demand for good A and the quantity demanded for good B
B. increase in the quantity demanded of good B and a decrease in the demand for good
A
Which would cause an increase in the demand for product A?
A. a decrease in the number of suppliers of product B
B. an increase in the cost of producing product A
C. a decrease in the price of a complementary product B
D. a decrease in the price of product A
C. a decrease in the price of a complementary product B
Other things remaining constant, the only way to move along a given supply
curve for a product is for:
, A. the product's price to increase or decrease.
B. the price of resources used to produce the product to increase or decrease.
C. the number of sellers to increase or decrease.
D. technological changes to occur.
A. the product's price to increase or decrease
If the price of beef rose and the demand for chicken increased, then beef and
chicken are:
A. substitute goods
B. inferior goods
C. consumer goods
D. complementary goods
A. substitute goods
If product Y is an inferior good, an decrease in consumer incomes will:
A. result in a surplus of product Y.
B. not affect the sales of product Y.
C. shift the demand curve for product Y to the left.
D. shift the demand curve for product Y to the right.
D. shift the demand curve for product Y to the right.
A huge 50 percent off sale on golf clubs is advertised for next week. What
happens this week in the market for golf clubs?
A. The supply of golf clubs increases.
B. The supply of golf clubs decreases.
C. The demand for golf clubs increases.
D. The demand for golf clubs decreases.
E. The demand for and the supply of golf clubs decreases.
D. The demand for golf clubs decreases
If two goods are close substitutes:
A.an increase in the price of one will decrease the demand for the other.
B. an increase in the price of one will increase the demand for the other.
C. a decrease in the price of one will increase the demand for the other..
D. a decrease in the price of one will have no effect on the demand for the other.
B. an increase in the price of one will increase the demand for the other.
A decrease in the price of product X causes an increase in the demand for
product Y. Products X and Y are most likely to be:
A. video recorders and videotapes. X
B. butter and margarine.
C. hamburgers and pizza.
D. apples and oranges.
A. video recorders and videotapes
If the demand for a good increases when people's incomes increase,
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