ECON 120 SAMPLE QUESTIONS

1) The price of cotton clothing falls. As a result, 1)A) the demand for cotton clothing decreases.B) the quantity demanded of cotton clothing increases.C) the demand for cotton clothing increases.D) both the demand for cotton clothing increases and the quantity demand of cotton clothing

increases.E) the quantity demanded of cotton clothing decreases.

2) Demand curves slope ________ because as the price increases and other things remain the same,the quantity demanded ________.

2)

A) downward; decreasesB) downward; does not changeC) upward; increasesD) upward; decreasesE) downward; increases

3) Car insurance and cars are complements. If the price of car insurance increases, the 3)A) quantity of cars demanded decreases.B) quantity of cars demanded increases.C) demand for cars increases.D) demand for cars decreases.E) More information is needed to determine if the demand increases or decreases.

4) Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price ofMountain Water decreases, the fall in price

4)

A) increases the price of Natural Water.B) shifts the demand curve for Natural Water rightward.C) shifts the demand curve for Natural Water leftward.D) increases the demand for Mountain Water.E) More information is needed to determine if the demand curve for Natural Water shifts

rightward or leftward.

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5) Scooters and bicycles are substitutes. Suppose that the price of a bicycle falls. Which of the figuresabove best illustrates how this fall in price affects the demand curve for scooters?

5)

A) Figure AB) Figure BC) Figure CD) Figure DE) None of the above answers is correct because the change in the price of a bicycle will affect

the supply curve not the demand curve.

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6) The graph illustrates the demand for peanuts. Peanuts are a normal good because the 6)A) peanuts have both substitutes and complements.B) demand for peanuts increases when income increases.C) demand curve shows that if the price of peanuts rises, there is a movement along the demand

curve to a lower quantity demanded.D) demand curve for peanuts slopes downward.E) demand for peanuts increases when the price of one of its substitutes rises.

7) The law of supply reflects the fact that 7)A) suppliers have an incentive to use their resources in the way that brings the biggest return.B) the demand curve is downward sloping.C) businesses can sell more goods at lower prices.D) people buy more of a good when its price falls.E) higher prices are more attractive to consumers because they signal a higher quality product.

8) Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or morediesel fuel. If the price of diesel fuel falls, there is

8)

A) a decrease in the supply of home heating oil.B) an increase in the quantity of home heating oil supplied.C) an increase in the demand for home heating oil.D) an increase in the supply of home heating oil.E) a decrease in the quantity of home heating oil supplied.

9) If the automobile workers' union successfully negotiates a wage increase for its members, how doesthe wage hike affect the supply of automobiles?

9)

A) The supply increases.B) The supply decreases.C) The quantity supplied increases.D) The quantity supplied decreases.E) Both answers B and D are correct.

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10) The number of corn producers increases, so the supply of corn ________ and the supply curve ofcorn ________.

10)

A) decreases; shifts leftwardB) increases; does not shiftC) increases; shifts leftwardD) increases; shifts rightwardE) decrease; shifts rightward

11) The above figure illustrates the market for corn. If point "a" represents the original equilibrium andpoint "b" the new equilibrium, which of the following could have caused the change?

11)

A) an increase in labor costs of producing cornB) an improvement in the technology of producing cornC) an increase in consumers' preferences for cornD) an increase in consumers' income if corn is an inferior goodE) an increase in consumers' income if corn is a normal good

12) The market supply curve is the ________ of the ________. 12)A) horizontal sum; individual supply curves minus the market demandB) vertical sum; individual supply curvesC) vertical average; individual supply curvesD) horizontal sum; individual supply curvesE) vertical sum; individual supply curves minus the market demand

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13) The graph illustrates the supply of sweaters. Which of the following events will increase the supplyof sweaters?

13)

A) a rise in the wage rate paid to the workers who make sweatersB) an increase in income if sweaters are a normal goodC) a rise in the price of a sweaterD) a rise in the expected future price of a sweaterE) an increase in the number of sellers of sweaters

14) When a surplus of rice occurs, 14)A) there is a balance between the forces of supply and demand.B) the price of rice rises.C) the demand curve shifts rightward and the supply curve shifts leftward to eliminate the

surplus.D) the price of rice falls.E) the quantity demanded is greater than quantity supplied at the current price.

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15) In the figure above, a price of $35 per dozen roses results in 15)A) upward pressure on the price of roses.B) a surplus.C) equilibrium.D) a shortage.E) an eventual rightward shift of the demand curve and/or leftward shift of the supply curve.

16) In the figure above, a price of $15 per dozen roses results in 16)A) a surplus.B) equilibrium.C) downward pressure on the price of roses.D) a shortage.E) an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.

17) If consumers buy a large number of plug-in electric cars, the equilibrium price of electricity will________ and the equilibrium quantity of electricity will ________.

17)

A) rise; increaseB) not change; increaseC) rise; decreaseD) fall; decreaseE) fall; increase

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18) A construction boom occurs and many of the new buildings need plywood for their framing.Which of the figures above best illustrates this change?

18)

A) Figure AB) Figure BC) Figure CD) Figure DE) Figure A or Figure C

19) Contractors can use plywood or brick to construct walls. Suppose the price of bricks increases.Which of the figures above best illustrates the effect of this change on the market for plywood?

19)

A) Figure AB) Figure BC) Figure CD) Figure DE) Figure A or Figure C depending on how contractors react to the higher price of bricks.

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20) Which figure above shows the effect if research is published claiming that eating pizza is healthy? 20)A) Figure AB) Figure BC) Figure CD) Figure DE) Both Figure A and Figure D

21) Pizza is a normal good. Which figure above shows the effect of a decrease in consumers' incomes? 21)A) Figure AB) Figure BC) Figure CD) Figure DE) Both Figure B and Figure C

22) Which figure above shows the effect of a technological advance in the production of pizza? 22)A) Figure AB) Figure BC) Figure CD) Figure DE) Both Figure A and Figure D

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23) Which figure above shows the effect of an increase in the cost of the tomato sauce used to producepizza?

23)

A) Figure AB) Figure BC) Figure CD) Figure DE) Both Figure B and Figure C

24) The above figure shows the market for pizza. The market is in equilibrium when people's incomesdecrease. If pizza is a normal good, then which point represents the most likely new price andquantity?

24)

A) A B) B C) C D) D E) E

25) The above figure shows the market for pizza. The market is in equilibrium when the cheese used toproduce pizza falls in price. What point represents the most likely new price and quantity?

25)

A) A B) B C) C D) D E) E

26) The above figure shows the market for pizza. The market is in equilibrium when the wages paidpizza workers increases. What point represents the most likely new price and quantity?

26)

A) A B) B C) C D) D E) E

27) The above figure shows the market for pizza. The market is in equilibrium when some of the pizzafirms go out of business. What point represents the most likely new price and quantity?

27)

A) A B) B C) C D) D E) E

28) A competitive market is in equilibrium. Then there is an increase in demand and an increase insupply. The equilibrium price ________, and the equilibrium quantity ________.

28)

A) perhaps changes but we can't say if it rises, falls, or stays the same; does not changeB) rises; increasesC) perhaps changes but we can't say if it rises, falls, or stays the same; increasesD) falls; increasesE) falls; perhaps changes but we can't say if it increases, decreases, or stays the same

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29) Both the demand for and supply of cars changes in France. You observe that the quantity of carsdoes not change but the price rises. Thus, which of the following occurred?

29)

A) Demand and supply decreased by an equal amount.B) Demand decreased and supply increased by an equal amount.C) Demand and supply increased by an equal amount.D) Demand increased and supply decreased by an equal amount.E) Demand increased by a larger magnitude than supply decreased.

30) The graph illustrates the market for bottled water. When the price exceeds the equilibrium price,the quantity demanded is ________ the quantity supplied and the price of the good will ________.

30)

A) less than; riseB) equal to; fallC) greater than; fallD) greater than; riseE) less then; fall

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31) The graph illustrates the market for computers. If the number of buyers of computers increases andtechnology advances, you predict that the

31)

A) equilibrium quantity of computers will increase.B) equilibrium quantity of computers will decrease.C) equilibrium quantity of computers might increase, decrease, or not change.D) equilibrium price of a computer will rise.E) equilibrium price of a computer will fall.

32) The opportunity cost of producing one more unit of a good is calculated by dividing the 32)A) total quantity of that good by the total quantity of other good.B) price of the good whose opportunity cost we are calculating by the number of units of the

other good that are forgone.C) increase in the quantity of that good by the decrease in the quantity of other good.D) total quantity of the other good by the total quantity of the good whose opportunity cost we're

calculating.E) decrease in the quantity of the other good by the increase in the quantity of the good whose

opportunity cost we're calculating.

33) A country produces only apples and bananas. Moving from point A to point B along its productionpossibilities frontier, 5 apples are forgone and 4 bananas are gained. What is the opportunity cost ofa banana?

33)

A) 5/4 of an appleB) 4/5 of an appleC) 1 bananaD) 4 applesE) None of the above answers is correct.

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Possibility Robots PizzaABCDEFG

0123456

4039373430200

34) The table above shows a nation's production possibilities frontier. If the nation wants to produce 4robots and 34 pizzas,

34)

A) the nation will be producing inefficiently.B) it will be unable to do so because the production point is unattainable.C) it will shift the production possibilities frontier.D) the nation will then be producing at a production efficient point.E) the opportunity cost is 9 pizzas.

35) The table above shows a nation's production possibilities frontier. If the nation chooses to increasethe production of robots from 2 to 3 and it is on its PPF, it will have to forgo ________ pizzas.

35)

A) 34B) 37C) 3D) 35.5E) None of the above answers is correct.

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36) The figure above shows the production possibilities frontier for a country. The opportunity cost of agallon of milk between combination point A and B is

36)

A) 1 gallon of ice cream for a gallon of milk.B) 4 gallons of ice cream for a gallon of milk.C) 3 gallons of ice cream for a gallon of milk.D) 1/3 of a gallon of ice cream for a gallon of milk.E) zero because at point A, zero milk is being produced.

37) The figure above shows the production possibilities frontier for a country. If the economy isoperating at point B, then the opportunity cost of another million gallons of milk is

37)

A) 1 gallon of ice cream for a gallon of milk.B) 4 gallons of ice cream for a gallon of milk.C) 1/3 of a gallon of ice cream for a gallon of milk.D) 3 gallons of ice cream for a gallon of milk.E) zero because after producing another million gallons of milk, then zero gallons of ice cream

are produced.

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38) The above figure shows the production possibility frontier for a country. Suppose the country isproducing at point A. What is the opportunity cost of increasing the production of rice to 12 tons?

38)

A) 9 thousand bottles of wineB) 12 tons of riceC) 15 thousand bottles of wineD) 6 thousand bottles of wineE) Nothing, it is a free lunch.

39) The above figure shows the production possibility frontier for a country. Suppose the country isproducing at point D. What is the opportunity cost of increasing the production of rice to 15 tons?

39)

A) 9 thousand bottles of wineB) 15 thousand bottles of wineC) 12 tons of riceD) 6 thousand bottles of wineE) Nothing, it is a free lunch.

40) The above figure shows the production possibility frontier for a country. What is the opportunitycost to move from point D to point B?

40)

A) 12 tons of riceB) 9 thousand bottles of wineC) 15 thousand bottles of wineD) 6 thousand bottles of wineE) Nothing, it is a free lunch.

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41) The figure above illustrates a small country's production possibilities frontier. Based on the figure,we can tell that the nation's resources are

41)

A) unlimited because the slope is negative and the PPF is bowed out.B) not equally productive in all tasks because the slope is negative.C) equally productive in all tasks because the production possibilities frontier is bowed out.D) not equally productive in all tasks because the production possibilities frontier is bowed out.E) equally productive in all tasks because the slope is negative.

42) The figure above shows the production possibilities frontier for a country. In order for it to movefrom producing at point A to producing at point B, the country would need to

42)

A) decrease compact car production by 3 million.B) decrease SUV production by 1 million.C) decrease SUV production by 3 million.D) acquire more resources and/or more advanced technology.E) decrease SUV production by 4 million.

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43) The figure above shows the production possibilities frontier for a country. In order for it to movefrom producing at point A to producing at point B, the country would need to incur an opportunitycost of

43)

A) 4 million SUVs.B) 3 million compact cars.C) 1 million SUVs.D) 3 million SUVs.E) 0 because the gain in compact cars exceeds the loss in SUVs.

44) Suppose India and France have the same PPF, shown in the figure above. Based on their currentproduction points, which is India's most likely future PPF?

44)

A) PPF0B) PPF1C) PPF2D) either PPF0 or PPF1E) None of the above because economic growth will not happen in India.

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45) Suppose that Germany, France, Estonia, and India all have the same production possibilities,illustrated in the figure above. Based on the production points in the figure, which country is mostlikely to expand its PPF to PPF3?

45)

A) IndiaB) GermanyC) FranceD) EstoniaE) France and Germany equally

46) Suppose that Germany, France, Estonia, and India all have the same production possibilities,illustrated in the figure above. Based on the production points in the figure, which country is mostlikely to expand its PPF to PPF1?

46)

A) FranceB) EstoniaC) GermanyD) IndiaE) France and Germany equally

47) Which of the following statements is correct?i. As the economy grows, the opportunity costs of economic growth decrease.ii. Economic growth has no opportunity cost.iii. The opportunity cost of economic growth is current consumption forgone.

47)

A) i and ii B) iii only C) i only D) ii only E) i and iii

48) When a country's production possibilities frontier shifts outward over time, the country isexperiencing

48)

A) a decrease in unemployment of resources.B) no opportunity cost.C) higher unemployment of resources.D) economic growth.E) an end to opportunity cost.

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49) Scarcity 49)A) applies only to people living in poverty.B) leads to higher prices.C) is not something that affects very rich people.D) is the inability to satisfy all our wants.E) used to exist everywhere but has been eliminated in advanced economies.

50) Microeconomics includes the study of 50)A) how a nation promotes economic growth.B) the effect on the national economy of the choices that individuals make.C) how countries decide to fund their budget deficits.D) the overall amount of production within the economy.E) the choices that individuals and businesses make.

51) When unskilled teens earn less than college graduates, society answers the ________ question. 51)A) whyB) social interest versus self-interestC) whatD) howE) for whom

52) Choices that are best for the society as a whole are choices in pursuit of 52)A) incentives.B) self-interest.C) answering the "how" question.D) the social interest.E) answering the "for whom" question.

53) The question "Should we produce houses using bricks or wood?" is an example of a ________question.

53)

A) where B) what C) how D) why E) for whom

54) Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ ofthe second burger.

54)

A) equal to the marginal benefitB) smaller than the marginal benefitC) equal to the marginal cost AND the marginal benefitD) larger than the marginal benefitE) not related to the marginal benefit

55) The statement that "increases in the tax on gasoline increase the price of gasoline" is an example of a 55)A) macroeconomic statement.B) positive statement.C) marginal statement.D) rational-decision statement.E) normative statement.

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56) Normative statementsi. describe how the world is.ii. describe how the world ought to be.iii. depend on people's values and cannot be tested.

56)

A) ii and iii. B) ii only. C) iii only. D) i and iii. E) i only.

57) A statement that "All children should receive free health care" is an example of what kind ofstatement?

57)

A) a positive statementB) a normative statementC) a statement on the marginD) a fair statementE) a natural experiment statement

58) Congress and the President passed a national health care policy. This is an example of 58)A) normative versus positive economics.B) answering the "how" question.C) increasing the marginal cost of health care.D) the government using economic tools to make policy decisions.E) increasing the marginal benefit of health care.

59) If there is no scarcity, 59)A) the opportunity cost of an action would be greater than its sunk cost.B) all marginal benefits would equal zero.C) choices are no longer rational.D) marginal cost of an action is greater than its marginal benefit.E) an action would have zero opportunity cost.

60) The ________ of something is the gain or pleasure that it brings. 60)A) benefitB) rational marginC) opportunity costD) rational choiceE) marginal cost

61) The price elasticity of demand measures the extent to which the quantity demanded changes when 61)A) the expected future price of a good changes.B) consumer preferences change.C) the price of the good changes.D) the price of a related good changes.E) both the demand and supply of the good change.

62) Suppose the price of a box of cereal rises from $4 to $6. Using the midpoint method, what is thepercentage change in price?

62)

A) 50 percentB) 67 percentC) 40 percentD) 33 percentE) None of the above answers is correct.

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63) When the percentage change in the quantity demanded exceeds the percentage change in price,then demand is

63)

A) irrelevant.B) unit elastic.C) elastic.D) inelastic.E) undefined.

64) If the price elasticity of demand for moose hunting lessons is 4.23, then the demand for moosehunting lessons is

64)

A) unit elastic.B) perfectly elastic.C) perfectly unit elastic.D) elastic.E) inelastic.

65) When the percentage change in the quantity demanded is less than the percentage change in price,then demand is

65)

A) inelastic.B) undefined.C) unit elastic.D) irrelevant.E) elastic.

66) Perfectly inelastic demand means that consumers 66)A) will buy a certain quantity, regardless of price.B) will buy a huge, almost infinite amount more, if the price falls just a little.C) are willing to buy any quantity of the good at a given price, but none at higher prices.D) increase their consumption as price rises.E) decrease their consumption as price rises.

67) When the percentage change in the quantity demanded equals the percentage change in price, thendemand is

67)

A) irrelevant.B) undefined.C) inelastic.D) unit elastic.E) elastic.

68) If a good is a necessity, it has ________ substitutes and its demand is ________. 68)A) poor; elasticB) many; inelasticC) many; precisely unit elasticD) many; elasticE) poor; inelastic

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69) If a 10 percent price increase generates a 20 percent decrease in quantity demanded, then demandis

69)

A) perfectly inelastic.B) elastic.C) inelastic.D) unit elastic.E) perfectly elastic.

70) If a 2 percent change in price leads to a ________ percent change in the quantity demanded, thendemand is ________.

70)

A) 3; inelasticB) 2; elasticC) 0; perfectly elasticD) 1; unit elasticE) 1; inelastic

71) The figure shows a demand curve. A movement along the demand curve from point A to point B isa ________ change in price and a ________ change in quantity using the midpoint method.

71)

A) 2.20 percent; 100 percentB) 2.22 percent; 66.7 percentC) 2.25 percent; 50 percentD) 20 percent; 40 percentE) $2; 2 unit

72) Ticket prices to a Kanye West concert increase from $40 to $60. As a result, ticket sales decreasefrom 50,000 to 40,000. Total revenue changes from ________ and demand is ________.

72)

A) $40 to $60; elasticB) $1.6 million to $3 million; elasticC) $2 million to $2.4 million; elasticD) $2.4 million to $2 million; elasticE) $2 million to $2.4 million; inelastic

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73) The figure above shows the supply curve for a good with 73)A) an elastic supply.B) an inelastic supply.C) a unit elastic supply.D) a perfectly elastic supply.E) a perfectly inelastic supply.

74) If the supply curve is ________, the elasticity of supply is ________. 74)A) horizontal; 1B) a straight, upward sloping line through the origin; 0C) vertical; infiniteD) horizontal; 0E) vertical; 0

75) The opportunity cost of producing a good rises only slightly as the quantity produced increases.This good has

75)

A) an elastic demand.B) an inelastic supply.C) an inelastic demand.D) an elastic supply.E) a perfectly elastic supply.

76) The price of lumber increased by 10 percent and the quantity supplied increased by 20 percent. Thesupply of lumber is

76)

A) inelastic.B) perfectly elastic.C) elastic.D) unit elastic.E) perfectly inelastic.

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77) If the price doubles and the quantity supplied also doubles, the price elasticity of supply for thegood is

77)

A) 2.B) -1.C) -2.D) 100 percent.E) 1.

78) The figure shows two different supply curves. At the point where they cross, ________ is morelikely to represent the short-run supply curve for airline seats, a good that has ________ supply.

78)

A) S2; inelasticB) S2; unit elasticC) S1; elasticD) S1; inelasticE) S2; elastic

79) The figure shows two different supply curves. At the point where they cross, ________ is morelikely to represent the long-run supply curve for rice, a good that has ________ supply.

79)

A) S2; elasticB) S2; inelasticC) S1; unit elasticD) S1; inelasticE) S1; elastic

80) Goods that can be produced at a constant or very gently rising opportunity cost have 80)A) an elastic demand.B) a unit elastic demand.C) an elastic supply.D) an inelastic supply.E) an inelastic demand.

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81) What is the formula for the cross elasticity of demand? The percentage change in the 81)A) quantity supplied divided by the percentage change in price.B) quantity demanded divided by the percentage change in the price of a substitute or

complement.C) quantity demanded divided by the percentage change in income.D) equilibrium quantity demanded divided by the equilibrium quantity supplied.E) quantity demanded divided by the percentage change in price.

82) If the price of a movie rises 3 percent and, as a result, the quantity demanded of video rentalsincreases 6 percent, then the cross elasticity of demand is

82)

A) 9. B) 2. C) -2. D) -1/2. E) 1/2.

Price (dollars per cake)

Quantity demanded (gallons of ice cream per week)

2 104 6

83) Based on data in the table above, use the midpoint method to determine the cross elasticity ofdemand for ice cream and cake.

83)

A) The cross elasticity is -0.75.B) The cross elasticity is -1.75.C) The cross elasticity is -1.33.D) The cross elasticity is -0.83.E) The cross elasticity is -4.0.

84) Based on the data in the table above, ice cream and cake are ________ goods. 84)A) normalB) complementaryC) inferiorD) substituteE) Both answers B and D are correct.

85) Goods are ________ when the income elasticity of demand is positive. 85)A) complementsB) inferiorC) substitutesD) normalE) elastic

86) The cross elasticity of demand for butter and margarine is likely to be 86)A) negative because they are substitutes.B) positive because they are complements.C) positive because they are substitutes.D) negative because they are complements.E) positive because they are normal goods.

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87) If the cross elasticity of demand between Coke and Pepsi is 2.02, then Coke and Pepsi are 87)A) inferior goods.B) substitutes.C) normal goods.D) complements.E) Both answers B and C are correct.

88) Tacos and pizza are substitutes. If a 2 percent change in the price of a taco leads to a 4 percentchange in the demand for pizza, the cross elasticity of demand equals

88)

A) -1/2. B) 4. C) 2. D) 1/2. E) -2.

89) The cross elasticity of demand for blank DVDs and DVD burners is likely to be 89)A) positive because they are complements.B) negative because they are substitutes.C) positive because they are substitutes.D) negative because with the advent of digital cameras, film and film cameras are inferior goods.E) negative because they are complements.

90) The income elasticity of demand is 90)A) zero for an inferior good.B) less than one for an income elastic normal good.C) positive for a normal good.D) Only answers A and B are correct.E) Answers A, B, and C are correct.

91) If the income elasticity of demand for a good is 2, then when income rises 10 percent, the quantitydemanded

91)

A) increases 2 percent.B) increases 20 percent.C) decreases 2 percent.D) decreases 20 percent.E) increases 12 percent.

92) People eat at restaurants less often when their incomes fall because of a recession. Eating atrestaurants must be

92)

A) a substitute for other goods.B) an inelastic good.C) an inferior good.D) a normal good.E) a complement to other goods.

93) Alan purchases 10 percent fewer bags of chips when his income decreases by 5 percent. Based ononly this information, we know that for Alan

93)

A) chips are a normal good.B) chips are a complement to salsa.C) chips are an inferior good.D) the price of chips fell.E) chips are a substitute for pretzels.

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94) A product that has a negative income elasticity of demand is ________ good. 94)A) a normalB) a negativeC) a substituteD) an inferiorE) a complementary

95) If a good is inferior, then it has an income elasticity of demand that is 95)A) greater than one.B) greater than zero.C) less than zero.D) equal to zero.E) undefined.

96) If a product is an inferior good, then its income elasticity of demand is 96)A) negative.B) zero.C) positive.D) indeterminate.E) undefined.

97) If a 10 percent increase in income leads to a 5 percent decrease in the demand for a good, theincome elasticity of demand equals ________ and the good is ________ good.

97)

A) -5; an inferiorB) 2; a normalC) -2; a normalD) 1/2; a normalE) -1/2; an inferior

98) The measure used to determine whether two products are complements or substitutes is called the 98)A) cross elasticity of demand.B) price elasticity of supply.C) substitute elasticity of demand.D) price elasticity of demand.E) income elasticity.

99) If beef and pork are substitutes for consumers, the cross elasticity of demand between the twoproducts must be

99)

A) positive.B) negative.C) indeterminate.D) elastic.E) greater than 1.

100) The income elasticity of demand is the percentage change in the ________ divided by thepercentage change in ________.

100)

A) quantity demanded; the price of a substitute or complementB) quantity demanded; incomeC) quantity demanded; priceD) quantity supplied; priceE) quantity demanded when income changes; the quantity supplied

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Answer KeyTestname: ECON 120

1) B2) A3) D4) C5) B6) B7) A8) D9) B

10) D11) B12) D13) E14) D15) B16) D17) A18) A19) A20) A21) B22) D23) C24) E25) D26) B27) B28) C29) D30) E31) A32) E33) A34) B35) C36) D37) D38) D39) A40) A41) D42) B43) C44) C45) B46) D47) B48) D49) D50) E

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Answer KeyTestname: ECON 120

51) E52) D53) C54) D55) B56) A57) B58) D59) E60) A61) C62) C63) C64) D65) A66) A67) D68) E69) B70) E71) B72) E73) E74) E75) D76) C77) E78) D79) A80) C81) B82) B83) A84) B85) C86) C87) B88) C89) E90) C91) B92) D93) A94) D95) C96) A97) E98) A99) A

100) B28