Economics Quiz

In the labor markets,

• Job applicants are the "buyers" while employers are the "sellers"

• Job applicants are the "sellers" while employers are the "buyers"

• Job applicants and employers are both "sellers"

• Job applicants and employers are both "buyers"

When economists describe "a market," they mean:

• A place where stocks and bonds are traded

• A communication network that allows individuals to keep in touch with each other

• A hypothetical place where the production of goods and services takes place

• A system that allows buyers and sellers to interact with one another

If product Y is an inferior good, a decrease in consumer incomes will:

• Make buyers want to buy less of Product Y

• Not affect the sales of product Y

• Shift the demand curve for product Y to the left

• Shift the demand curve for product Y to the right

Other things being equal, the law of demand suggests that as:

• The demand for 3-D TVs increases, the price will decrease

• Income increases, the quantity of 3-D TVs demanded will increase

• The price of 3-D TVs decreases, the quantity demanded will increase

• The price of 3-D TVs decreases, the quantity demanded will decrease

If the price of gasoline increases and car dealers suffer a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:

• Substitutes

• Complements

• Inferior goods

• Unrelated goods