If income increases or the price of a complement falls, the A) demand curve for a normal good shifts leftward. B) demand curve for a normal good shifts rightward. C) supply curve of a normal good shifts leftward. D) supply curve of a normal good shifts rightward
61) If income increases or the price of a complement falls, the
A) demand curve for a normal good shifts leftward.
B) demand curve for a normal good shifts rightward.
C) supply curve of a normal good shifts leftward.
D) supply curve of a normal good shifts rightward.
62) If income decreases or the price of a complement rises,
A) the demand curve for a normal good shifts leftward.
B) the demand curve for a normal good shifts rightward.
C) there is an upward movement along the demand curve for the good.
D) there is a downward movement along the demand curve for the good.
63) A consumer might consider in-line skates and elbow-pads to be
A) products with upward sloping demand curves.
B) unrelated goods.
C) complements.
D) substitutes.
64) When people's incomes increase, the demand for a good increases. The good is called
A) an inferior good.
B) a complement.
C) a substitute.
D) a normal good.
65) Normal goods are those for which demand decreases as
A) the price of a complement falls.
B) the price of a substitute falls.
C) income decreases.
D) the good's own price rises.
66) Which of the following decreases the demand for an inferior good?
A) an increase in income
B) a decrease in the price of a complement
C) a decrease in income
D) an increase in the price of a substitute
67) If consumers' incomes increase and the demand for bus rides decreases
A) bus rides are a normal good.
B) consumers are behaving irrationally.
C) bus rides are an inferior good.
D) none of the above
68) Which of the following is true?
A) For an inferior good, when income increases, the demand curve shifts leftward.
B) The demand curve for a good shifts leftward when the price of a substitute rises.
C) If consumers expect the price of a good will rise in the future, the demand curve shifts leftward.
D) An increase in population shifts the demand curve for most goods leftward.
69) A normal good is a good for which demand
A) decreases when income increases.
B) increases when income increases.
C) decreases when population increases.
D) increases when population increases.
70) Inferior goods are those for which demand increases as
A) the price of a substitute falls.
B) the price of a substitute rises.
C) income decreases.
D) income increases.
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