Question : 121) If tablet computers considered substitutes for e-readers, the increase : 1245016

 

 

121) If tablet computers are considered substitutes for e-readers, the increase in the price of tablet computers would, all else equal

A) increase the demand for e-readers.

B) decrease the demand for e-readers.

C) increase the quantity of e-readers demanded.

D) decrease the quantity of e-readers demanded.

 

122) If tablet computers are considered substitutes for e-readers, the decline in the price of e-readers would, all else equal

A) increase the demand for tablet computers.

B) decrease the demand for tablet computers.

C) increase the quantity of tablet computers demanded.

D) decrease the quantity of tablet computers demanded.

 

123) The demand for soft drinks in the United States has been ________ while the global demand has been ________.

A) increasing; increasing

B) increasing; decreasing

C) decreasing; increasing

D) decreasing; decreasing

 

124) Apple’s decision in 2002 to focus on developing a smartphone rather than a tablet computer exemplifies the

A) refusal of firms to invest in more than one project where unlimited resources are involved.

B) refusal of firms to invest in more than one project where limited resources are involved.

C) trade-off that firms face due to unlimited resources.

D) trade-off that firms face due to limited resources.

 

Table 3-4

Cashews

Price per lb.

(dollars)

Jordy’s

Quantity Demanded (lbs)

Amy’s

Quantity Demanded (lbs)

Rest of Market

Quantity

Demanded (lbs)

Market

Quantity Demanded (lbs)

$10

  1

1

50

 

  8

  2

3

70

 

  6

  3

5

95

 

  4

  5

9

128

 

  2

  8

14

156

 

 

125) Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $6, the quantity demanded in the market would be

A) 87 lbs.

B) 95 lbs.

C) 103 lbs

D) 215 lbs.

 

126) Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. At a price of $10, the quantity demanded in the market would be

A) 2 lbs.

B) 48 lbs.

C) 50 lbs

D) 52 lbs.

 

127) Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews rises from $4 to $6, the market quantity demanded would

A) decrease by 33 lbs.

B) increase by 39 lbs.

C) increase by 33 lbs.

D) decrease by 39 lbs.

 

128) Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews falls from $4 to $2, the market quantity demanded would

A) decrease by 28 lbs.

B) increase by 36 lbs.

C) increase by 28 lbs.

D) decrease by 36 lbs.

 

129) When the price of a good rises, consumers buy a smaller quantity because of the ________ effect and the ________ effect.

A) substitution; income

B) normal; inferior

C) substitute; complement;

D) supply; demand

 

130) If the price of prime rib falls, the income effect due to the price change will cause

A) an increase in the demand for prime rib.

B) an increase in the demand for flank steak, a substitute for prime rib.

C) an increase in the quantity demanded of prime rib.

D) an increase in the quantity supplied of prime rib.