Chapter 01 Quiz

In: Business and Management

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Score: 140 out of 150 points (93.33%)


awar d:

10 out of
10.00 points
Economic explanations of consumer behavior take into consideration
Ego gratification.
Lack of self­confidence.
Social status.
Prices and income.
Prices and income are just as relevant to consumption decisions as are more basic desires and preferences.

Multiple Choice


Learning Objective: 19­01 Why demand curves are downward sloping.

awar d:

10 out of
10.00 points
Which of the following is not a determinant of demand?
Desire for the good.
Income of the consumer.
The cost of the factor inputs.
The price of other goods.
An individual's demand for a specific product is determined by tastes, income, expectations (for income, prices, tastes), and the availability and price of other goods. The cost of the factor inputs is a determinant of supply.
Multiple Choice


Learning Objective: 19­01 Why demand curves are downward sloping.

awar d:

10 out of
10.00 points
Graphically, as a consumer buys more of a good, the marginal utility line will
Increase as more goods are consumed.
Increase steadily and then decline.
Continuously decline if diminishing returns are present.
Follow the same shape as the total utility line.
Total utility increases as a consumer enjoys more units of a product. Due to the law of diminishing marginal utility, marginal utility declines.

Multiple Choice


Learning Objective: 19­01 Why demand curves are downward sloping.

awar d:

10 out of
10.00 points
When economists refer to the determinants of demand, they are referring to factors that
Cause a movement down a demand curve.
Cause the demand curve to shift left or right.
Influence producer behavior.
Cause a movement up one demand curve.

A movement up or down a demand…...

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