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Continuing Education Economics Questions

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Continuing Education Economics
Which of the following is an example of a shortage?
  1. the price of oil going up because more people are driving cars
  2. the price of grain going down when supplies are scarce
  3. having a sale on soda because there are two many cases on the shelf
  4. not having enough of one brand of soda in the store on Saturday because of a sale on
Continuing Education Economics
How can the demand for one good be affected by increased demand of another one?
  1. when goods are bought together, increased demand for one will decrease demand for the other.
  2. if goods are used together, increased demand for one will increase demand for the other.
  3. if goods are substitutes for each other, increased demand for one will increase demand for the other.
  4. a drop in price for a good will increase demand for the good and its substitute.
Continuing Education Economics
What do economist call a situation in which consumers buy a different quantity than they did before, at every price?
  1. a change in demand
  2. a change in expectations
  3. a shift size of the demand curve
  4. a move along the demand curve
Continuing Education Economics
All of the following are trade-offs for a student who spends a semester studying abroad EXCEPT
  1. eating all of their favorite foods.
  2. seeing friends from home daily.
  3. experiencing the culture of another country.
  4. missing family activities at home.
Continuing Education Economics
Total revenue is defined as
  1. the amount of profit a company makes
  2. the amount of profit a company makes after paying taxes
  3. the amount of money a company makes by selling its goods
  4. the amount of money affected by price elasticity
Continuing Education Economics
If prices rise and income stays the same, what is the effect on demand?
  1. more is bought of some goods and less of others.
  2. fewer goods are bought.
  3. more goods are bought.
  4. demand stays the same.
Continuing Education Economics
The law of demand says
  1. the higher the price, the more consumers will buy
  2. the lower the price, the less consumers will buy
  3. the lower the price, the more consumers will buy
  4. the lower the price, the more consumers will substitute
Continuing Education Economics
What does it mean when an economist says that a consumer has demand for a good or service?
  1. the consumer is able to afford the good or service, but may be unwilling to buy it.
  2. the consumer wants the good or service but may not actually have the money for it.
  3. the consumer is able to buy the good or service but not at the price demanded.
  4. the consumer is willing and able to buy the good or service at the specified price.
Continuing Education Economics
Which of the following is an example of a good with inelastic demand?
  1. life-saving medicine
  2. television sets
  3. computers
  4. a particular brand of chewing gum
Continuing Education Economics
A measure of how consumers react to a change in price is
  1. total revenue
  2. inelastic
  3. elastic
  4. elasticity of demand
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