How Quantity Demanded Changes as The Price Changes
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How Quantity Demanded Changes as The Price Changes
Fall 2012 Econ 2003 Test 4
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____ 1. The demand for a product is the amount that
sellers are willing to sell at a particular price b. buyer are willing to purchase at a given price c. buyers purchase in the market d. buyers are willing and able to purchase at alternative prices e. buyers are able to purchase at a specific price
____ 2. A demand curve shows how quantity demanded changes as the price changes. It implies that a. economists are concerned only with money b. it is impossible to show how anything but price affects demand c. only a change in price can shift a demand curve d. quantity demanded is unrelated to price e. everything else that affects demand is assumed to be constant
____ 3. If pretzels are a normal good, the income effect of a price change means that a. as income increases, the demand curve for pretzels shifts rightward b. as the price of pretzels increases, income increases c. as income increases, the quantity demanded increases along the demand curve for pretzels d. as the price of pretzels increases, the real income of individuals who demand pretzels
decreases, so the quantity demanded of pretzels decreases e. as income increases, the demand curve for pretzels shifts leftward
____ 4. A demand curve usually has a a. positive slope because price and quantity demanded are inversely related b. negative slope because as price rises, demand falls c. positive slope because price and quantity demanded are positively related d. slope of zero because there is no change along a demand curve when everything else is
held constant e. negative slope because price and quantity demanded are inversely related
____ 5. The demand curve for spinach shows the quantity demanded of spinach a. as income increases b. as income decreases c. only at the equilibrium price of spinach d. at each possible price of spinach e. at each possible price of a substitute good
____ 6. Studies show that the demand curve for peas has shifted. Which of the following explanations would you reject first? a. The demand for string beans has changed. b. The price of peas has changed. c. The income of consumers has changed. d. The demand for corn has changed. e. The price of string beans has changed.
____ 7. The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following? a. a rightward shift of the demand curve b. a movement leftward along the demand curve c. a rightward shift of the supply curve d. a leftward shift of the demand curve e. a movement rightward along the demand curve
____ 8. If we say that demand has increased, we mean that there has been a. a rightward shift of the demand curve b. an increase in the slope of the demand curve c. a leftward movement along the demand curve d. a rightward movement along the demand curve e. a leftward shift of the demand curve
____ 9. A decrease in demand for a good could mean that a. the demand curve has shifted to the left b. consumers are willing to pay a higher price for each quantity of the good c. the demand curve has undergone a parallel shift to the right d. consumers are willing to buy larger quantities of the good at each price e. the demand curve has undergone a nonparallel shift to the right
____ 10. A change in income will a. affect the quantity demanded of candy through the income effect of a price change b. affect the demand for candy through the income effect of a price change c. affect quantity demanded only if candy is a normal good d. have no effect on the demand for candy, because income is assumed constant along a
demand curve e. shifts the demand curve for candy.
How Quantity Demanded Changes as The Price Changes
RUBRIC
Excellent Quality
95-100%
Introduction 45-41 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Literature Support
91-84 points
The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned.
Methodology
58-53 points
Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met.
Average Score
50-85%
40-38 points
More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided.
83-76 points
Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration.
52-49 points
Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met.
Poor Quality
0-45%
37-1 points
The background and/or significance are missing. No search history information is provided.
75-1 points
Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration.
48-1 points
There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met
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