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Test Bank Economics 3rd Edition by Paul Krugman , Robin Wells
What Can You Expect From A Test Bank
The study major and field is going to dictate what it is you see inside the test bank. However, in the basic scheme of things, a test bank will include the following questions:
- Multiple choice
- True/false
- Fill in the blank
- Matching
- Short questions
- Essay question
SAMPLE
TestBank Chapter 03: Supply and Demand Question pool for Chapter 03: Supply and Demand
Name Description Instructions
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Multiple Choice
Question
0 points
The Kansas market for corn is considered a competitive market. This means there are ________ buyers and ________ sellers of corn in Kansas.
Answer
Multiple Choice Question
many; few few; many many; many few; few
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Answer
as the price increases, the quantity demanded will increase. as the price decreases, the demand curve will shift to the right. as the price increases, the demand will decrease.
as the price increases, the quantity demanded will decrease.
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The law of demand states that, other things equal:
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Multiple Choice 0 points
Question
In much of the country, homeowners choose to heat their houses with either natural gas or home heating oil. Which of the following could cause the demand for natural gas to change?
Answer
a change in the price of home heating oil
a change in income
an increase in consumer tastes for natural gas as an energy source
a change in the price of home heating oil, a change in income, and an increase in consumer tastes for natural gas as an energy source
Multiple Choice 0 points Question
Which of the following factors cause a movement along the demand curve?
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Answer
change in the prices of related goods
change in the price of the good
change in the population
both a change in the price of the good and a change in the population
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Multiple Choice 0 points
Question
Raclette is a popular wintertime dish in Switzerland. It is essentially melted Raclette cheese over boiled new potatoes. If the price of this cheese decreased, we would expect:
Answer
an increase in demand for the cheese. an increase in demand for new potatoes.
there to be no effect on the demand for either of the Raclette ingredients, since this is a traditional dish and its consumption does not depend on the prices of the ingredients.
an increase in demand for the cheese and for new potatoes.
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Question
When the economy suffers a downturn, vacationers are more likely to take car trips than to fly. Which of the following provides the most reasonable explanation for this phenomenon?
Answer
Air travel and vacation travel by car are complementary goods.
Air travel and vacation travel by car are both normal goods.
Air travel is a normal good and vacation travel by car is an inferior good. Air travel is an inferior good and vacation travel by car is a normal good.
Multiple Choice 0 points Question
A shift of the demand curve for Luis’s Pizza would not be caused by a change in the:
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Answer
Multiple Choice Question
buyers’ incomes.
price of Luis’s Pizza.
price of Humberto’s Pizza. popularity of Luis’s Pizza.
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If goods A and B are substitutes, a decrease in the price of good B will:
Answer
increase the demand for good A.
increase the demand for good B.
decrease the demand for good A.
increase the demand for good B and decrease the demand for good A.
Multiple Choice 0 points Question
If goods A and Z are complements, an increase in the price of good Z will:
Answer
increase the demand for good A.
decrease the demand for good A.
decrease the demand for good Z.
decrease the demand for good A and decrease the demand for good Z.
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Question
Suppose you manage a corner grocery store. If peanut butter is an inferior good, what do you suppose would happen to the price and quantity of peanut butter as incomes fall during an economic recession?
Answer
Multiple Choice
Question
The price would increase and the quantity would decrease. The price and quantity would both increase.
The price and quantity would both decrease.
The price would decrease and the quantity would increase.
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A newspaper story recently reported that the price of new cars has decreased, and the quantity of new cars sold has dropped. The price and quantity changes were probably caused by:
Answer
Multiple Choice
Question
a decrease in buyers’ incomes. an increase in buyers’ incomes. an increase in production costs. a decrease in production costs.
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Over the past several years, consumer tastes for tattoos have increased. This means that the ________ for tattoos has ________.
Answer
Multiple Choice Question
quantity demanded; increased demand; decreased
demand; increased
quantity demanded; decreased
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Which of the following will not cause an increase in demand for good X?
Answer
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
Multiple Choice Question
A good is normal if:
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Answer
when income increases, the demand remains unchanged. when income increases, the demand decreases.
when income increases, the demand increases.
income and the demand are unrelated.
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Question
A good is inferior if:
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Answer
when income increases, the demand remains unchanged. when income increases, the demand decreases.
when income increases, the demand increases.
income and the demand are unrelated.
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Multiple Choice
Question
Figure: Demand for Coconuts
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Reference: Ref 3-1
(Figure: Demand for Coconuts) If a coconut is a normal good and the price of coconuts increases, then the movement that would take place in the model could be:
Answer
Multiple Choice
Question
Figure: Demand for Coconuts
A to B. B to A. C to A. E to B.
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Reference: Ref 3-1
(Figure: Demand for Coconuts) If fish is a substitute good for coconuts and the price of fish increases, then the movement that would take place in the model could be:
Answer
Multiple Choice
Question
Figure: Demand for Coconuts
A to C. B to A. C to A. B to E.
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Reference: Ref 3-1
(Figure: Demand for Coconuts) If coconuts are considered a normal good and the overall income level of consumers is falling, then the movement that would take place in the model could be:
Answer
Multiple Choice
Question
Figure: Demand for Coconuts
A to C. B to A. C to A. E to B.
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Reference: Ref 3-1
(Figure: Demand for Coconuts) If there is an overall increase in taste and preference for coconuts, then the movement that would take place in the model could be:
Answer
Multiple Choice
Question
Figure: Demand for Coconuts
A to C. B to A. C to A. B to E.
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Reference: Ref 3-1
(Figure: Demand for Coconuts) If coconuts are considered a normal good and there is an expectation on the part of consumers that the prices of coconuts will rise significantly in the near future, then the movement that would take place in the model could be:
Answer
Multiple Choice Question
C to A. A to B. B to E. E to B.
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A decrease in the price of eggs will result in a(n):
Answer
increase in the demand for eggs. increase in the supply of eggs. greater amount of eggs supplied. greater amount of eggs demanded.
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Multiple Choice Question
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Reference: Ref 3-2
(Table: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts is $ the quantity demanded by George is ________ bags per month.
Answer
Multiple Choice Question
10 15 25 30
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Reference: Ref 3-2
(Table: The Demand for Chocolate-Covered Peanuts) If Barbara is only able to purchase 20 bags of chocolate-covered peanuts, the maximum price she is willing and able to pay for each bag is .________
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Multiple Choice Question
$ $ $ $
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Reference: Ref 3-2
(Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $, the total market demand is ________ bags per month.
Answer
Multiple Choice Question
70 80 105 280
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(Table: The Demand for Chocolate-Covered Peanuts) If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is $, the total market demand is ________ bags per month.
Answer
Multiple Choice
Question
80 105 210 280
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Reference: Ref 3-2
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A negative relationship between the quantity demanded and price is called the law of:
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Answer
Multiple Choice Question
demand. increasing returns. market clearing. supply.
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The law of demand is illustrated when:
Answer
an increase in tuition encourages more students to enroll in college because the quality of education has risen.
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an increase in the purchases of personal computers results from lower prices. higher oil prices causes oil companies to drill for new sources of oil.
higher incomes cause more people to adopt golf as a sport.
Multiple Choice Question
A decrease in the price of a good will result in:
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Answer
an increase in demand.
an increase in supply.
an increase in the quantity demanded. more being supplied.
Multiple Choice Question
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The demand curve for videos has shifted to the right. What could have caused it?
Answer
Multiple Choice Question
a fall in the price of videos
an increase in the price of videos
an increase in the supply of videos an increase in the incomes of buyers
Answer
a change in demand is a movement along the demand curve and a change in quantity demanded is a shift in the demand curve.
a change in quantity demanded is a movement along the demand curve and a change in demand is a shift in the demand curve.
both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions.
both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions.
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The primary difference between a change in demand and a change in the quantity demanded is:
Multiple Choice
Question
Figure: Demand for DVDs
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Reference: Ref 3-3
(Figure: Demand for DVDs) A decrease in the price of DVD rentals would result in a change illustrated by:
Answer
Multiple Choice
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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Question
Figure: Demand for DVDs
Reference: Ref 3-3
(Figure: Demand for DVDs) A decrease in the price of DVD players (a complement) would result in a change illustrated by:
Answer
Multiple Choice
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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Question
Figure: Demand for DVDs
Reference: Ref 3-3
(Figure: Demand for DVDs) A decrease in the price of movie tickets (a substitute) would result in a change illustrated by:
Answer
Multiple Choice Question
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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If people demand more of product A when the price of B falls, then A and B are:
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Multiple Choice Question
not related. substitutes. complements. inferior goods.
When the price of gas goes up and the demand for tires goes down, this means tires and gas are:
Answer
substitutes. complements. both expensive. both inexpensive.
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Question
If the price of hamburgers increases, it would probably result in ________ in the demand for hamburger buns.
Answer
Multiple Choice Question
a decrease
an increase
no change
random fluctuations
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An announcement that smoking will harm your ability to think clearly will most likely result in:
Answer
an increase in the quantity of cigarettes demanded. a decrease in the demand for cigarettes.
no change in smoking habits.
an increase in the price of cigarettes.
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Question
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If steak and potatoes are complements, when the price of steak goes up, the demand curve for potatoes:
Answer
Multiple Choice
Question
shifts to the right.
shifts to the left.
stays the same.
shifts to the right and then moves back.
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Answer
Multiple Choice
Question
an increase in the demand for beef.
a decrease in the demand for beef.
a decrease in the quantity demanded of beef. no change in the demand for beef.
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Given that chicken and beef are substitute goods, if the price of chicken decreases substantially, there would be:
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For most goods, purchases tend to rise with increases in buyers’ incomes and to fall with decreases in buyers’ incomes. Such goods are known as:
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Multiple Choice
Question
inferior goods. direct goods. normal goods. indirect goods.
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Economists know that a particular good can be classified as an inferior good if a(n) ________ in buyers’ income causes a(n) ________.
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Answer
Multiple Choice
Question
increase; increase in demand
increase; increase in quantity demanded increase; decrease in demand decrease; decrease in demand
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Given that pizza is a normal good, if students’ incomes at your college increase substantially, there would be:
Answer
Multiple Choice
Question
an increase in the demand for pizza.
an increase in the quantity of pizza demanded. a decrease in the demand for pizza.
no change in the demand for pizza.
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After graduation from college, you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n):
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Multiple Choice
Question
normal good. substitute good. complementary good. inferior good.
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An increase in the demand for gasoline today caused by concerns that gasoline prices will be higher tomorrow is most likely attributable to which of the following?
Answer
Multiple Choice Question
income
consumer expectations consumer preferences prices of other goods
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Which of the following would shift the demand curve for new textbooks to the right?
Answer
Multiple Choice Question
a decrease in the price of paper
a fall in the price of used textbooks an increase in college enrollments a fall in the price of new textbooks
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Which of the following best describes the law of demand?
Answer
As income taxes rise, fewer new cars are purchased.
As the price of corn rises, more acres of corn are planted.
As the price of a DVD rental rises, fewer DVDs are rented. As the population rises, more electricity is consumed.
Multiple Choice 0 points Question
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Which of the following is likely to cause a rightward shift in the demand for home-delivered pizza?
Answer
Multiple Choice Question
a lower price of pizza
a lower price of fast-food hamburgers a higher price of pepperoni
a larger population
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Which of the following describe two goods that are most likely substitutes in consumption?
Answer
Multiple Choice Question
loaves of bread and sticks of butter loaves of bread and toasters
loaves of bread and hamburger buns loaves of bread and gasoline
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The demand for meals at a local Applebee’s will fall if:
Answer
the Olive Garden offers a 10% discount coupon in the local newspaper. the price of a meal at Applebee’s rises.
local incomes increase and Applebee’s is a normal good.
the price of gasoline falls in the local area.
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An inverse relationship between price and quantity is represented by:
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the demand curve.
the supply curve.
the production possibility frontier. equilibrium.
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The ________ apples will decrease due to higher apple prices.
Answer
demand for
quantity demanded of supply for
equilibrium for
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Question
Which will not increase the demand curve for desktop computers?
Answer
An increase in the incomes of computer users. Cool new computer games are developed. Dell Computers goes out of business.
The price of notebook computers increases.
Multiple Choice Question
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What would happen in the market for canned pinto beans if your income increases?
Answer
Demand increases if pinto beans are an inferior good. Demand increases if pinto beans are a normal good. Supply increases if pinto beans are an inferior good. Supply increases if pinto beans are a normal good.
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In the market for milk, when milk prices increased in 2008 one milk consumer stated that the reason he cut down on milk consumption is so that he can drive his car. This comment represents a:
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movement along the demand curve. movement along the supply curve. shift of the demand curve.
shift of the supply curve.
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A direct relationship between price and quantity is represented by:
Answer
the demand curve.
the supply curve.
the production possibility frontier. equilibrium.
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The ________ for tomatoes has decreased because of higher fertilizer prices.
Answer
Multiple Choice
Question
demand
quantity demanded supply
equilibrium price
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A decrease in the price of eggs will result in a(n):
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Answer
increase in the demand for eggs.
increase in the supply of eggs.
shift in the supply curve for eggs.
movement along the demand curve for eggs.
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Multiple Choice Question
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A negative relationship between the quantity demanded and price is called the law of ________.
Answer
Multiple Choice Question
demand marginality efficiency supply
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The law of demand is illustrated by a demand curve that is:
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horizontal. downward-sloping. vertical. upward-sloping.
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The law of demand implies that:
Answer
consumers are not responsive to price changes. consumers will buy more at lower prices.
sellers will offer more on the market at higher prices. sellers will offer less on the market at lower prices.
Multiple Choice Question
Which of the following will result in an increased price of milk?
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Answer
a shift to the right of the supply curve for milk a shift to the right of the demand curve for milk an increase in the number of milk suppliers
a decrease in the number of milk buyers
Multiple Choice Question
A decrease in the price of a good will result in:
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Answer
an increase in demand (a rightward shift in the demand curve).
an increase in supply (a rightward shift in the supply curve).
an increase in the quantity demanded along a given demand curve. more being supplied along a given supply curve.
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A shift of a demand curve to the right, all other things unchanged, will:
Answer
increase equilibrium price and quantity.
decrease equilibrium price and quantity.
decrease equilibrium quantity and increase equilibrium price. increase equilibrium quantity and decrease equilibrium price.
Multiple Choice 0 points Question
The demand curve for running shoes has shifted to the right. What could have caused it?
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Answer
a fall in the price of running shoes
an increase in the price of running shoes
an increase in the supply of running shoes
an increase in the income of buyers of running shoes
Multiple Choice 0 points Question
Which of the following statements is correct?
Answer
A change in demand is a movement along the demand curve and a change in quantity demanded is a shift of the demand curve.
Both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions.
Both a change in quantity demanded and a change in demand are shifts of the demand curve, only in different directions.
A change in quantity demanded is a movement along the demand curve and a change in demand is a shift of the demand curve.
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Question
Figure: Market for DVD Rentals
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Reference: Ref 3-4
(Figure: Market for DVD Rentals) Four possible outcomes in the market for rentals of DVDs are shown in the figure provided. An increase in the fee charged for DVD rentals would result in a change illustrated by:
Answer
Multiple Choice
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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Question
Figure: Market for DVD Rentals
Reference: Ref 3-4
(Figure: Market for DVD Rentals) Four possible outcomes in the market for rentals of DVDs are shown in the figure provided. An increase in the price of DVD players would result in a change illustrated by:
Answer
Multiple Choice
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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Question
Figure: Market for DVD Rentals
Reference: Ref 3-4
(Figure: Market for DVD Rentals) Four possible outcomes in the market for DVD rentals are shown in the figure provided. An increase in the price of movie tickets (a substitute for renting DVDs) would result in a change illustrated by:
Answer
Multiple Choice Question
the move from f to g in panel A. the move from h to i in panel B. the move from j to k in panel C. the move from l to m in panel D.
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Given a supply curve for lamps, when the price of lamps increases, the:
Answer
Multiple Choice Question
supply increases.
quantity supplied increases. supply decreases.
quantity supplied decreases.
In the market for tacos, each of the following shifts the supply curve to the left except:
Answer
an increase in the price of beef.
an increase in the wages of taco shop workers. fewer taco shops.
a decrease in the price of tacos.
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Question
Given a supply curve for armchairs, when the price of armchairs increases, the:
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quantity supplied increases. supply increases.
quantity supplied decreases. supply decreases.
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The typical supply curve illustrates that:
Answer
other things equal, the quantity supplied for a good is inversely related to the price of a good.
other things equal, the supply of the good creates its own demand for the good.
other things equal, the quantity supplied for a good is positively related to the price of a good.
price and quantity supplied are unrelated.
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Which of the following will not cause an increase in the supply of cornflakes?
Answer
an increase in the price of cornflakes
a cost-saving improvement in the technology of corn production a reduction in the price of corn
the expectation by producers that the price of cornflakes will fall in the future, because they anticipate the release of a government report that claims that oat bran is healthier than cornflakes
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Which of the following is not a determinant of supply?
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Answer
expectations regarding future prices the technology of production
the cost of production
consumer tastes
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Which of the following influences does not shift the supply curve?
Answer
people deciding that they want to buy more of the product a decrease in the price firms expect to receive in the future a rise in the wages paid to workers
development of new technology
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Question
Which of the following will not cause an increase in supply of good X?
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Answer
an improvement in the technology used to produce good X
an increase in the price of good X
an increase in the price of inputs used to produce good X
an increase in the price of good X and an increase in the price of inputs used to produce good X
Multiple Choice 0 points Question
Consider the supply curve for cotton shirts. An increase in the price of cotton will:
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Answer
increase the supply of cotton shirts. decrease the supply of cotton shirts.
not shift the supply curve for cotton shirts. decrease the demand for cotton shirts.
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Question
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Over the past few years the technology associated with producing flat-panel televisions has improved. This has led to a(n) ________ in ________ flat-panel televisions.
Answer
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increase; the supply of
increase; the demand for decrease; the supply of decrease; the quantity supplied of
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A technological advance in the production of automobiles will:
Answer
increase the demand for automobiles. increase the supply of automobiles. decrease the demand for automobiles. decrease the supply of automobiles.
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Question
Figure: Supply of Coconuts
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Reference: Ref 3-5
(Figure: Supply of Coconuts) If the price of coconuts decreases, then the movement that would take place in the model could be:
Answer
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Question
Figure: Supply of Coconuts
A to B. B to A. C to A. E to B.
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Reference: Ref 3-5
(Figure: Supply of Coconuts) If the prices of inputs (, labor, fertilizer, and fuel) used to produce and transport coconuts are increasing, then the movement in the model could be:
Answer
Multiple Choice
Question
Figure: Supply of Coconuts
A to B. B to A. C to A. E to B.
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0 points
Reference: Ref 3-5
(Figure: Supply of Coconuts) If the prices of inputs (, labor, fertilizer, and fuel) used to produce and transport coconuts are decreasing, then the movement in the model could be:
Answer
Multiple Choice
Question
Figure: Supply of Coconuts
A to B. B to A. C to A. E to B.
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Reference: Ref 3-5
(Figure: Supply of Coconuts) If there is an improvement in the technology used to harvest coconuts (, a faster, less expensive coconut picker), then the movement in the model could be:
Answer
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Question
Figure: Supply of Coconuts
A to C. B to A. C to A. B to E.
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Reference: Ref 3-5
(Figure: Supply of Coconuts) If there is an expectation on the part of coconut suppliers that the price of coconuts will be significantly higher in the very near future, then the movement in the model to reflect today’s market behavior would be:
Answer
Multiple Choice Question
A decrease in supply means:
A to B. B to A. A to C. B to E.
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Answer
a shift to the left of the entire supply curve.
moving downward (to the left) along the supply curve with lower prices. less will be demanded at every price.
more will be supplied at every price.
Multiple Choice Question
An increase in supply of a good is caused by:
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Answer
resource prices rising.
a fall in the price of the good.
an increase in the number of sellers. expectations of future price increases.
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Multiple Choice Question
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The primary difference between a change in supply and a change in the quantity supplied is that:
Answer
a change in quantity supplied is a movement along the supply curve, while a change in supply is a shift in the supply curve.
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