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Which of the following will NOT cause an increase in demand

for good X? (Points: 1)        ...
Which of the following will NOT cause an increase in demand for good X? (Points: 1)
        a decrease in income if good X is an inferior good
        an increase in income if good X is a normal good
        a decrease in the price of good X
        an increase in consumers' taste for good X


2. A good is inferior if ______. (Points: 1)
        when income increases, demand remains unchanged
        when income increases, demand decreases
        when income increases, demand increases
        none of the above


3. A technological advance in the production of automobiles will _______. (Points: 1)
        increase the demand for automobiles
        increase the supply of automobiles
        decrease the demand for automobiles
        decrease the supply of automobiles


4. A recent news story reported that OPEC is expected to decrease the supply of oil next summer. Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline? (Points: 1)
        an increase in the price and the quantity
        an increase in the price and an unpredictable change in the quantity
        an unpredictable change in both the price and the quantity
        an unpredictable change in the price and a decrease in the quantity


5. You notice that the price of DVD players falls and the quantity of DVD players sold increases. This set of observations can be the result of the ______. (Points: 1)
        demand for DVD players shifting to the right
        demand for DVD players shifting to the left
        supply of DVD players shifting to the right
        supply of DVD players shifting to the left


6. Rent controls in New York City cause all of the following except ______. (Points: 1)
        inefficiently low quality
        wasted resources resulting from the opportunity cost of time associated with trying to find an apartment
        black markets
        an increase in the quantity supplied of rent-controlled apartments


7. A binding price floor causes ______. (Points: 1)
        a shortage in the market
        a surplus in the market
        wasted resources
        both b and c


8. Although most economists agree that price floors and ceilings lead to inefficiency, governments continue to impose such price controls. A possible reason for this is ______. (Points: 1)
        some people do benefit from such price controls
        people fear that prices will change dramatically if the price controls were removed
        it is politically expedient to enact regulations that benefit influential voting groups
        all of the above


9. The “quota rent” refers to ______. (Points: 1)
        the difference between the demand price and the supply price at the quota limit
        the rent received by landlords who own rent-controlled apartments
        the opportunity cost of using a quota-controlled service, or of buying a good that is subject to an import quota
        the minimum rent that the owner of a building must receive before he/she is willing to rent out the building


10. If an excise tax is imposed on automobiles and collected from consumers ______. (Points: 1)
        the demand curve will shift downward by the amount of the tax
        the supply curve will shift upward by the amount of the tax
        the equilibrium quantity supplied will increase relative to the pre-tax level
        the equilibrium quantity demanded will increase relative to the pre-tax level
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11/3/2008
Manal Elkhoshkhany
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