An increase in consumer income will increase demand for a _________ but decrease demand for a?
A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good
If a price increase of good A increases the quantity demanded of good B, then good B is a________________?
A. substitute good
B. complementary good
C. bargain
D. inferior good
A demand curve can shift because changing ?
A. incomes
B. prices of related goods
C. tastes
D. all of the above
________ and ___________ do not directly affect the demand curve ?
A. the price of related goods consumer income
B. consumer incomes, tastes
C. the costs of production bank opening hours
D. the price of related goods preferences
The equilibrium price clears the market it is the price at which _________________?
A. Everything is sold
B. Buyers spend all their money
C. Quantity demanded equal quality supplied
D. Excess demanded equals quantity
E. C and D
When we know the quantity of a product that buyers wish to purchase at each possible price we know_____________?
A. Demand
B. Supply
C. Excess demand
D. Excess supply
On a graph, a positive linear relationship___________________?
A. moves down to the right
B. moves up to the left
C. moves up to the right
D. moves down to the left
The retail price index is used to__________________?
A. construct price lists
B. compare shop prices
C. measure changes in the cost of living
D. None of the above
Data are important in economics because _________ and ____________?
A. they suggest relationships for explanation, allow testing of hypotheses
B. they can be used for tables, they can be graphed
C. they can be used in computers governments use them
D. they provide interesting information can be summarized