Midterm Exam #2 Econ 101, Section 2 - Iowa State University Department Of Economics, 2004 Page 3

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Figure-2
8. Suppose that initially the market for cassette tapes is at point A on demand curve D
in Figure -2. If the
1
price of cassette tapes decreased, ( c )
a.
the demand curve will shift to D
3
b.
the market will move to point B on demand curve D
1
c.
the market will move to point C on demand curve D
1
d.
there will be no change from point A
e.
the demand curve will shift to D
2
9.The demand curve for a product will shift rightward when the price of a substitute decreases.( b )
a.
True
b.
False
10.If the price of jelly (a complement with peanut butter) decreases, both the demand and supply curves
of peanut butter will shift rightward. ( b )
a.
True
b.
False
11. All of the following except one would increase the amount of a particular model of a Ford automobile
that buyers would like to buy. Which is the exception? ( e )
a.
an increase in buyers' incomes
b.
increased prices of other Ford models
c.
an expected future increase in the price
d.
an increase in the U.S. population
e.
a decrease in the price of steel
12. If the price of orange juice rises, the demand for grapefruit juice will ( e )
a.
increase because the two goods are substitutes
b.
increase because it is a complement
c.
decrease because the two goods are substitutes

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