11. Which of the following factors will decrease the current demand for a product? A. A...

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11. Which of the following factors will decrease the current demand for a product? A. A decrease in the current price of a substitute product B. An expected increase in the future price of the product C. An increase in the current price of a substitute product D. A decrease in the current price of a complementary product 12. Which of the following is not a determinant of demand for laptop computers? A. Expectations about the future price of laptop computers B. The cost of inputs for producing laptop computers C. Income of buyers of laptop computers D. The prices of related goods such as software and iPads 13. If product Y is an inferior good, a decrease in consumer incomes will: A. Shift the demand curve for product Y to the left B. Not affect the sales of product Y C. Shift the demand curve for product Y to the right D. Make buyers want to buy less of Product Y 14. Which statement is true about supply? A. As price decreases, producers are willing to put more of the good on the market for sale B. To entice producers to offer more of a good on the market for sale, price must rise C. There is an inverse relationship between price and quantity supplied D. Supply refers to the amount of inventory that sellers have in their warehouses 15. Which of the following will not cause the supply curve to shift? A. A change in the prices of other goods that producers could be producing B. A technological change in the production of the good C. A change in the price of the good D. A change in the costs of resources needed to produce the good 16. Price (per pound) 0 S1 S₁ 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) 5₂ Refer to the figure above, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from Sy to Sy? A. The development of a more effective insecticide against corn rootworm. B. A decrease in consumer incomes, assuming corn is a normal good C. An increase in the price of fertilizer D. A change in consumer tastes away from combread. 2012 Sear SUBJ FOR INSTR 100 11. Which of the following factors will decrease the current demand for a product? A. A decrease in the current price of a substitute product B. An expected increase in the future price of the product C. An increase in the current price of a substitute product D. A decrease in the current price of a complementary product 12. Which of the following is not a determinant of demand for laptop computers? A. Expectations about the future price of laptop computers B. The cost of inputs for producing laptop computers C. Income of buyers of laptop computers D. The prices of related goods such as software and iPads 13. If product Y is an inferior good, a decrease in consumer incomes will: A. Shift the demand curve for product Y to the left B. Not affect the sales of product Y C. Shift the demand curve for product Y to the right D. Make buyers want to buy less of Product Y 14. Which statement is true about supply? A. As price decreases, producers are willing to put more of the good on the market for sale B. To entice producers to offer more of a good on the market for sale, price must rise C. There is an inverse relationship between price and quantity supplied D. Supply refers to the amount of inventory that sellers have in their warehouses 15. Which of the following will not cause the supply curve to shift? A. A change in the prices of other goods that producers could be producing B. A technological change in the production of the good C. A change in the price of the good D. A change in the costs of resources needed to produce the good 16. Price (per pound) 0 S1 S₁ 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) 5₂ Refer to the figure above, which shows three supply curves for corn. Which of the following would cause the supply of corn to shift from Sy to Sy? A. The development of a more effective insecticide against corn rootworm. B. A decrease in consumer incomes, assuming corn is a normal good C. An increase in the price of fertilizer D. A change in consumer tastes away from combread. 2012 Sear SUBJ FOR INSTR 100

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