Econ 312 Week 2 Weekly Assignment - Latest

ECON 312 Week 2 Weekly Assignment - Latest

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Question 1.1. (TCO 2) A demand curve (Points : 1)

shows the relationship between price and quantity supplied.

indicates the quantity demanded at each price in a series of prices.

graphs as an upsloping line.

shows the relationship between income and spending.

Question 2.2. (TCO 2) Which of the following will not cause the demand for product K to change? (Points : 1)

A change in the price of close-substitute product J

An increase in consumer incomes

A change in the price of K

A change in consumer tastes

Question 3.3. (TCO 2) College students living off campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start their careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are (Points : 1)

inferior goods.

normal goods.

complementary goods.

substitute goods.

Question 4.4. (TCO 2) Suppose that tacos and pizza are substitutes and that soda and pizza are complements. We would expect an increase in the price of pizza to (Points : 1)

reduce the demand for tacos and increase the demand for sodas.

reduce the demand for soda and increase the demand for tacos.

increase the demand for both soda and tacos.

reduce the demand for both soda and tacos.

Question 5.5. (TCO 2) A firm's supply curve is upsloping because (Points : 1)

the expansion of production necessitates the use of qualitatively inferior inputs.

mass production economies are associated with larger levels of output....