Multiple Choice Quiz


1	Changes in demand for a good can occur if
		A)	the price of the good changes.
		B)	the supply of a good changes.
		C)	the price of another potential output changes.
		D)	the price of a substitute good changes.


2	Changes in demand for a good can occur if
		A)	the price of the good changes.
		B)	the supply of a good changes.
		C)	the price of an input changes.
		D)	the price of a complement good changes.


3	Changes in demand for a good can occur if
		A)	the price of the good changes.
		B)	the supply of a good changes.
		C)	the technology of production changes.
		D)	consumers’ income changes.


4	Changes in demand for a good can occur if
		A)	the price of the good changes.
		B)	the supply of a good changes.
		C)	the number of seller's changes.
		D)	consumers’ tastes change.


5	Changes in supply for a good can occur if
		A)	the price of the good changes.
		B)	the demand of a good changes.
		C)	the price of another potential output changes.
		D)	the price of a substitute good changes.


6	Changes in supply for a good can occur if
		A)	the price of the good changes.
		B)	the demand of a good changes.
		C)	the price of an input changes.
		D)	the price of a complement good changes.


7	Changes in supply for a good can occur if
		A)	the price of the good changes.
		B)	the demand of a good changes.
		C)	the technology of production changes.
		D)	consumers’ income changes.


8	Changes in supply for a good can occur if
		A)	the price of the good changes.
		B)	the supply of a good changes.
		C)	the number of seller's changes.
		D)	consumers’ tastes change.


9	A change in income would
		A)	change quantity demanded but not demand.
		B)	change demand but not supply.
		C)	change supply and demand.
		D)	change supply and quantity supplied.


10	A change in price would
		A)	change quantity demanded but not quantity supplied.
		B)	change demand but not supply.
		C)	change supply and demand.
		D)	change quantity demanded and quantity supplied.


11	A change in price of inputs would
		A)	change quantity demanded and supply.
		B)	change demand but not supply.
		C)	change supply and demand.
		D)	change quantity demanded and quantity supplied.


12	A change in the expected future price would
		A)	change supply only.
		B)	change demand only.
		C)	change supply and demand.
		D)	change neither supply nor demand.


13	Which is an obvious example of the concept of normal vs. inferior?
		A)	SUVs vs. mac-and-cheese
		B)	Peanut butter and jelly vs. Coke and Pepsi
		C)	Right and left shoes
		D)	Corn and soybeans


14	Which is an obvious example of the concept of complement vs. substitute?
		A)	SUVs vs. mac-and-cheese
		B)	Peanut butter and jelly vs. Coke and Pepsi
		C)	Ramen noodles and fish
		D)	Corn and soybeans


15	The axes labels for a supply and demand diagram are
		A)	production of good 1 and the production of good 2
		B)	price and quantity per unit of time
		C)	production and time
		D)	production and opportunity cost

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