Which of the following will cause the demand curve for gasoline to shift leftward?
a. a decrease in the price of gasoline
b. an increase in the price of gasoline
c. a leftward shift of the supply of gasoline
d. a rightward shift of the supply of cars
e. a decrease in the price of bicycles
QUESTION 2Which of the following might cause the demand for ice cream, a normal good, to increase?
a. an increase in the price of ice cream
b. an increase in the price of sherbet
c. cooler weather
d. a decrease in the number of consumers
e. a decrease in consumer income
QUESTION 3Which of the following is the best example of substitutes?
a. coffee and cream
b. videotapes and VCRs
c. money and biscuits
d. tortillas and salsa
e. hiking boots and athletic shoes
QUESTION 4If a decrease in the price of good A causes an increase in the demand for good B, then A and B must be complements.
a. True
b. False
QUESTION 5As the price of ballpoint pens increases, the demand for felt-tip pens can be expected to decrease.
a. True
b. False
QUESTION 6Tax preparation services and IRS tax publications can be considered substitutes.
a. True
b. False
QUESTION 7In the case of a normal good, an increase in consumers' incomes would shift the
a. demand curve inward
b. supply curve inward
c. supply curve outward
d. supply and demand curves inward
e. demand curve outward
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