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 t...
ASD UPDATED Exam Questions and
CORRECT Answers
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
Which factor will increase the demand for a product?
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
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:
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper MGRADES. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €8,90. Je zit daarna nergens aan vast.
