Does anyone Know the following economic questions?

[adamka]

1) The income effect of an increase in the price of backpacks (a normal good) is a(n)
a.decrease in the demand for backpacks
b.decrease in the quantity demanded of backpacks
c.increase in the demand for backpacks
d.increase in the quantity demanded of backpacks
e.new demand curve because everything else is no longer constant

2) If demand for personal computers increases as a result of an increase in income,
a.personal computers must be a normal good
b.personal computers must be an inferior good
c.personal computers must be a complement
d.the substitutes for personal computers must be inferior goods
e.the substitution effect is larger than the income effect

3) If the price of a haircut (a normal good) increases, other things constant, the
a.demand for haircuts increases
b.demand for haircuts decreases
c.quantity demanded of haircuts decreases
d.quantity demanded of haircuts increases
e.demand for haircuts, or quantity demanded of haircuts decreases; they are the same thing

4) If the price of vanilla ice cream decreases, it is likely that
a.demand for vanilla ice cream will increase
b.demand for vanilla ice cream will decrease
c.demand for chocolate ice cream will increase
d.demand for chocolate ice cream will decrease
e.the quantity demanded of vanilla ice cream will decrease

5) An increase in the demand for peanut butter could be caused by a(n)
a.decrease in consumer income
b.increase in the supply of peanut butter
c.decrease in the price of bread
d.drought in Georgia that destroyed 30 percent of the peanut crop
e.decrease in the price of bologna

6) Which of the following would not cause the demand curve for peaches to shift?
a.an increase in the price of apricots
b.a decrease in the price of nectarines
c.an increase in the price of peaches
d.a change in preferences for peaches
e.a decrease in the income of peach buyers

7) Producers are willing and able to offer greater quantities for sale at higher prices because
a.they have the incentive to pay the increasing opportunity cost of resources to attract them from alternative uses
b.they will decrease their profits by expanding production at higher prices
c.the government orders them to do so
d.lower prices attract new firms, which have higher costs of production
e.they hire superior quality, higher-priced resources as production expands

8) The basic reason that supply curves slope upward is that
a.demand curves slope downward
b.production is characterized by increasing costs
c.profits decline as product prices rise
d.greater output can only result from improved technology
e.price and quantity supplied are inversely related

9) If the supply curves for the following goods were plotted, they all would slope upward except one. Which is the exception?
a.red Corvettes
b.yogurt
c.diamond rings
d.original copies of the Mona Lisa
e.wine from Greece


10) As the price of milk increases, producers are normally willing to supply greater quantities. This is known as the law of
a.demand
b.gravity
c.variable proportions
d.profitability
e.supply

11) Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will
a.increase the supply of corn
b.increase the supply of soybeans
c.decrease the supply of soybeans
d.decrease the supply of corn
e.have no effect on the supplies of corn and soybeans

12) Which of the following statements about markets is not true?
a.A market is an impersonal mechanism.
b.Markets coordinate the independent decisions of buyers and sellers.
c.Markets reduce the transaction costs of exchange.
d.More specialized markets are generally found in urban areas.
e.All markets provide the same amounts of information.

13)Suppliers recognize there is a shortage in the market for their product when they notice that
a.the quantity supplied exceeds the quantity demanded
b.the quantity demanded is falling
c.inventories are falling
d.production exceeds new orders for the product
e.government economists announce a shortage exists

14) A shortage of textbooks will cause
a.a decrease in the supply of textbooks
b.a decrease in the demand for textbooks
c.both an increase in the supply of textbooks and a decrease in the demand for textbooks
d.an increase in the price of textbooks, caused by a shift of either the supply curve or the demand curve
e.an increase in the price of textbooks