ECO 162 - Chapter 2

ECO 162 - Chapter 2

University

8 Qs

quiz-placeholder

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ECO 162 - Chapter 2

ECO 162 - Chapter 2

Assessment

Quiz

Education

University

Practice Problem

Hard

Created by

Hanif Ot

Used 80+ times

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8 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Whenever the price of good Z decreases, the demand for good W increases. Goods W and Z should be

normal goods

inferior goods

substitutes

complements

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If the demand for ‘harum manis’ mango rises as income rises, ‘harum manis’ mango is

a normal good

a necessity good

a substitute good

an inferior good

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In the market of tea, we can consider

Milo as complementary good

Sugar as complementary good

Milk as substitutes good

Milo as unrelated good

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If pen and ink are complementary goods, an increase in the price of pen will result in

A decrease in the demand of ink

An increase in the demand of ink

An increase in the price of ink

No change in either the price or sales of ink

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An increase in the number of consumers in a market will cause

only a movement along the demand curve

only a movement along the supply curve

the demand curve to shift rightward

the supply curve to shift leftward

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following would cause the demand curve of clothes to shift to the right?

Price of clothes decreases

Price of cotton increases

Price of clothes increases

Consumers’ income increases

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Subsidies given to vegetable farmers will result in

a shift in the supply curve of vegetables

a shift in the demand curve for vegetables

a movement along the supply curve of vegetables

a movement along the demand curve of vegetables

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