Midterm Exam #2 Econ 101, Section 2 - Iowa State University Department Of Economics, 2004 Page 4
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12d.
decrease because the two goods are complements
e.
not change unless the price of grapefruit juice also changes
13.Which of the following would increase the amount of an inferior good that buyers would like to
purchase? ( d )
a.
an increase in buyers' incomes
b.
an increase in the price of a complement
c.
a decrease in the price of a substitute
d.
a decrease in buyers' incomes
e.
a decrease in its expected future price
14.Which of the following is assumed constant along the demand curve for gasoline?( c )
a.
the price of gasoline and the prices of related goods
b.
the price of gasoline, buyers' incomes, and tastes
c.
all variables affecting demand other than the price of gasoline
d.
all variables affecting demand other than the supply of gasoline
e.
buyers' incomes and tastes, but not the prices of related goods
Figure-3
15.In Figure -3, a movement from point G to point H would represent ( a )
a.
a change in demand
b.
the impact of a decrease in the price of a substitute good
c.
higher prices for the inputs used to produce this product
d.
a change in demand plus a change in quantity demanded
e.
a change in quantity demanded
16.Betsy graduates from college, where she earned $3,000 a year working part-time, and takes a job as a
third grade teacher, where she now earns $30,000 per year. After receiving her first paycheck, she gave
away her bicycle and purchased a new car. Therefore, ( c )
a.
bicycles are a normal good for Betsy
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