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Exam (elaborations) TEST BANK FOR Macroeconomics 4th Australian Editio
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, Test Bank For Macroeconomics 4th AustralianEdition Glenn Hubbard
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Description
Test Bank For Macroeconomics 4th Australian Edition Glenn Hubbard
Sample Questions
Chapter 3
Where prices come from:
,the interaction of demand and supply
Choose the one alternative that best completes the statement or answers the question.
1) The market for tablet computers has grown rapidly over the past few years. Following the successful
launch of the iPad in 2010 with nearly 20 million sales and growing to 310 million in 2016, companies
such as Samsung, Dell, Microsoft, Amazon, Google and many others have all introduced products to
compete with the iPad. The tablets introduced to compete with the iPad would be considered:
A) complements to the iPad.
B) substitutes for the iPad.
C) inferior goods compared to the iPad.
D) normal goods compared to the iPad.
Answer: B
Difficulty: Moderate
Learning Objective: 3.1 Discuss the variables that influence the demand for goods and services.
Topic: The demand side of the market
AACSB: Able to analyse and frame problems
2) If the Apple iPad and other tablets are considered substitutes, then, other things equal, a decrease in
the price of the iPad will:
, A) increase the demand for the iPad.
B) decrease the demand for Microsoft tablets.
C) increase the quantity demanded for Dell tablets.
D) decrease the quantity demanded for the iPad.
Answer: B
Difficulty: Basic
Learning Objective: 3.1 Discuss the variables that influence the demand for goods and services.
Topic: The demand side of the market
AACSB: Able to analyse and frame problems
3) What is the difference between an ‘increase in demand’ and an ‘increase in quantity demanded’?
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.
Answer: B
Difficulty: Basic
Learning Objective: 3.1 Discuss the variables that influence the demand for goods and services.
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