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[tai38]

For most products, purchases tend to fall with decreases in buyers' incomes. Such products are known as:

A.Direct goods
B.Inferior goods
C.Average goods
D.Normal goods

Which is a determinant of the demand for housing?

A.Changes in the expected future price of housing
B.The price of lumber
C.The price of housing
D.Wages for electricians


If the price of a product decreases, we would expect:

A.Demand to increase
B.Quantity demanded to decrease
C.Quantity supplied to decrease
D.Supply to decrease

The market system automatically corrects a surplus condition in a competitive market by:

A.Raising the price of the commodity in question while increasing the quantity demanded
B.Raising the price of the commodity in question while decreasing the quantity demanded
C.Reducing the price of the commodity in question while decreasing the quantity demanded
D.Reducing the price of the commodity in question while increasing the quantity demanded


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

A.The price of 3-D TVs decreases, the quantity demanded will decrease
B.The demand for 3-D TVs increases, the price will decrease
C.The price of 3-D TVs decreases, the quantity demanded will increase
D.Income increases, the quantity of 3-D TVs demanded will increase

Which would cause an increase in the demand for product A?

A.A decrease in the cost of producing product A
B. A decrease in the price of a complementary product B
C.A decrease in the price of product A
D. A decrease in the price of a substitute product B


Which of the following is a determinant of supply?

A.Tastes and preferences
B.Consumer income
C.Price of a complementary good
D.Technology

[winfrid12]

1. D
2 C
3 A
4. D
5. C
6.C
7.D