(Test Bank)Economics for Managers, 3rd Edition by Paul G. Farnham chapter 2

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1、EconomicsforManagers,3e(Farnham)Chapter2Demand,Supply,andEquilibriumPrices1)Accordingtothecaseforanalysis(DemandandSupplyintheCopperIndustry)inthetext,allofthefollowingcanleadtoadeclineinthepriceofcopperexcept:A)steadyproductionuninterruptedbylaborst

2、rikesornaturaldisasters.B)substitutionawayfromcoppertoothermaterialssuchasaluminumandplastic.C)anincreaseinminingofhighergradematerials.D)asurgeindemandfromforeignimporters.Answer:DDiff:1Topic:Caseforanalysis:copper2)Allelseconstant,asmorefirmssubsti

3、tutealternativematerials,e.g.,plastic,forcopper,themarketpriceofcopperwouldbeexpectedto:A)increase.B)staythesame.C)decrease.D)cannotbedeterminedwiththeinformationgiven.Answer:CDiff:2Topic:Caseforanalysis:copper3)"Demand"isbestdefinedastherelationship

4、between:A)thepriceofagoodandthequantityconsumersarewillingandabletobuyateachpricelevel.B)thecurrentpriceofagoodandthequantitydemandedatthatprice.C)thequantitysuppliedandthepricepeoplearewillingtopayforagood.D)theamountofincomesomeonehasandthepricehei

5、swillingtopayforagood.Answer:ADiff:1Topic:Definitionofdemand4)Allofthefollowingarenon-pricefactorsthatinfluencedemandexcept:A)tastesandpreferences.B)quantitysupplied.C)income.D)thepricesofrelatedgoods.Answer:BDiff:1Topic:Factorsinfluencingdemand23Cop

6、yright©2014PearsonEducation,Inc.5)AhometheatersystemandanHDtelevisionwouldbeconsideredanexampleof:A)substitutegoods.B)giffengoods.C)inferiorgoods.D)complementarygoods.Answer:DDiff:2Topic:Complementsinconsumption6)DSLandbroadbandinternetservicewouldbe

7、consideredanexampleof:A)substitutegoods.B)giffengoods.C)inferiorgoods.D)complementarygoods.Answer:ADiff:2Topic:Substitutesinconsumption7)Manypeopleconsiderhotdogstobeaninferiorgood.Forsuchpeople,allelseheldconstant,adecreaseinincomewouldcausetheirdem

8、andforhotdogsto:A)increase.B)staythesame.C)decrease.D)cannotbedeterminedwiththeinformationgiven.Answer:ADiff:2Topic:Inferiorgoods8)Ifthepriceofsalmonincreasesrelativetothepriceofcod,thedemandfor:A)codwilldecrease.B)codwillincrease.C)salmonwilldecreas