Economics Practice Exam Worksheets With Answer Key Page 4
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1115. In Figure 3-5, a movement from point G to point H would represent
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,
a. bicycles are a normal good for Betsy
b. automobiles are an inferior good for Betsy
c. automobiles are a normal good for Betsy
d. Betsy's supply curve for automobiles is upward-sloping
e. bicycles and automobiles are complementary goods for Betsy
17. What do supply and demand curves have in common?
a. They both usually slope upward.
b. They both show a relationship between quantity and price.
c. They both usually slope downward.
d. They can both shift in response to changes in income or wealth.
e. Neither of them is influenced by the size of the population.
18. Procter & Gamble Co. is a major soap producer. All of the following, except one, would shift its
supply curve of liquid soap to left . Which is the exception?
a. an increase in the price of bar soap
b. an increase in the price of a key ingredient of liquid soap
c. environmental regulations force Procter & Gamble to use a more costly technology to
produce liquid soap
d. a decrease in the price of liquid soap
e. an increase in the wage rate for factory workers who produce liquid soap
19. Which of the following would not lead to a change in the supply of chocolate ice cream?
a. a change in productive capacity
b. a change in the price of strawberry ice cream
c. a change in the price of milk
d. a change in the price of chocolate ice cream
e. a change in the expected future price of chocolate ice cream
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