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Micro Econ Test 1 - Georgia Southern
| Comprehensive Q&A For
Certification Success
The price and the quantity of a good and the quantity of the good demanded are
___ related, so when the price rises, ___ - correct-answer -negatively; the
quantity demanded decreases
Which of the following statements is true?
A - the demand for a good will decrease if its price rises
B - a rise in the price of a substitute will shift the demand curve for the good
leftward
C - A decrease in consumer income causes a leftward movement along the
demand curve for a normal good
D - A fall in the price of a complement will shift the demand curve for the good
rightward - correct-answer -D - A fall in the price of a complement will shift the
demand curve for the good rightward
When the price of Apple Iphones rises, the ___ Samsung Galaxy phones ____ -
correct-answer -demand for; increases
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Which of the following will increase the supply of cellphones?
A - The price of cellphones rises because the demand for them increases
B - Cellphone connection providers lower their monthly rates
C - Average household income in the U.S. increases
D - U.S. producers move cellphone assembly to China where the wages are lower -
correct-answer -D - U.S. producers move cellphone assembly to China where the
wages are lower
Which of the following will decrease the demand for gas in the current week?
A - The current price of gas rises as a hurricane destroys refineries on the Gulf
Coast
B - Buyers expect the price of gas to fall next week
C - Price of cars fall
D - Price of crude oil rises - correct-answer -B - Buyers expect the price of gas to
fall next week
Suppose the demand for beer increases. As a result, the equilibrium price of beer
will ____ and the equilibrium quantity of beer _____ - correct-answer -rise;
increase
Micro Econ Test 1 - Georgia Southern
| Comprehensive Q&A For
Certification Success
The price and the quantity of a good and the quantity of the good demanded are
___ related, so when the price rises, ___ - correct-answer -negatively; the
quantity demanded decreases
Which of the following statements is true?
A - the demand for a good will decrease if its price rises
B - a rise in the price of a substitute will shift the demand curve for the good
leftward
C - A decrease in consumer income causes a leftward movement along the
demand curve for a normal good
D - A fall in the price of a complement will shift the demand curve for the good
rightward - correct-answer -D - A fall in the price of a complement will shift the
demand curve for the good rightward
When the price of Apple Iphones rises, the ___ Samsung Galaxy phones ____ -
correct-answer -demand for; increases
, 2|Page
Which of the following will increase the supply of cellphones?
A - The price of cellphones rises because the demand for them increases
B - Cellphone connection providers lower their monthly rates
C - Average household income in the U.S. increases
D - U.S. producers move cellphone assembly to China where the wages are lower -
correct-answer -D - U.S. producers move cellphone assembly to China where the
wages are lower
Which of the following will decrease the demand for gas in the current week?
A - The current price of gas rises as a hurricane destroys refineries on the Gulf
Coast
B - Buyers expect the price of gas to fall next week
C - Price of cars fall
D - Price of crude oil rises - correct-answer -B - Buyers expect the price of gas to
fall next week
Suppose the demand for beer increases. As a result, the equilibrium price of beer
will ____ and the equilibrium quantity of beer _____ - correct-answer -rise;
increase
