Difference Between Normal and Inferior Goods Case Assignment

Difference Between Normal and Inferior Goods Case Assignment

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Difference Between Normal and Inferior Goods Case Assignment

Which of the following is most likely to be an inferior good? a. soft drinks b. a subscription to the Wall Street Journal c. restaurant meals d. airline travel e. used clothing

____ 12. Which of the following is most likely to be a normal good? a. bus rides b. tickets to major league baseball games c. trips to the laundromat d. used paperback books e. macaroni-and-cheese dinners

____ 13. The difference between normal and inferior goods is that a. an increase in price will shift the demand curve for a normal good rightward and the

demand curve for an inferior good leftward b. normal goods are of better quality than inferior goods c. an increase in income will shift the demand curve for a normal good rightward and the

demand curve for an inferior good leftward d. an inferior good is something that will not be demanded until quantities of the normal

good have been exhausted e. if the price of a normal good increases, individuals who buy it are poorer; for inferior

goods, the opposite is true

____ 14. Which of the following will cause the demand curve for gasoline to shift leftward? a. a rightward shift of the supply of cars b. a decrease in the price of bicycles c. an increase in the price of gasoline d. a decrease in the price of gasoline e. a leftward shift of the supply of gasoline

____ 15. Two goods are considered substitutes only if a(n) a. decrease in the price of one leads to an increase in the demand for the other b. decrease in the supply of one leads producers to switch to production of the other c. increase in the price of one leads to an increase in the demand for the other d. decrease in the demand for one leads to a decrease in the supply of the other e. increase in the demand for one leads to a decrease in the supply of the other

____ 16. If the price of vanilla ice cream decreases, it is likely that a. demand for chocolate ice cream will increase b. demand for vanilla ice cream will increase c. the quantity demanded of vanilla ice cream will decrease d. demand for chocolate ice cream will decrease e. demand for vanilla ice cream will decrease

____ 17. An increase in the price of butter, a substitute good, would be most likely to cause a. a rightward shift of the demand curve for margarine b. the quantity of margarine demanded to increase c. the quantity of margarine demanded to decrease d. a decrease in the price of margarine e. a leftward shift of the demand curve for margarine

____ 18. Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect a. the quantity demanded of honey to decrease b. the demand for honey to increase c. the demand for honey to decrease d. the quantity demanded of honey to increase e. the price of honey to decrease

____ 19. Which of the following is the best example of complements? a. hiking boots and athletic shoes b. CDs and DVDs c. film and film processing (developing) d. milk and cheese e. coffee and tea

____ 20. If the price of potato chips increases, other things constant, demand for potato-chip dip will a. increase because the goods are substitutes b. decrease because the goods are substitutes c. not change; only quantity demanded will change d. decrease because the goods are complements e. increase because the goods are complements

____ 21. If good B is a complement to good A, then a decrease in the price of B a. increases the demand for A b. decreases the demand for A c. will cause the demand for B to increase d. decreases the quantity demanded of A e. increases the quantity demanded of A

____ 22. If good B is a complement to good A, then a rise in the price of B a. decreases the demand for A b. will cause the demand for B to increase c. decreases the quantity demanded of A d. increases the demand for A e. increases the quantity demanded of A

____ 23. A decrease in the demand for peanut butter could be caused by a(n) a. increase in the price of peanut butter b. doubling of the price of bread c. drought in Georgia that destroyed 30 percent of the peanut crop d. increase in the supply of peanut butter e. increase in consumer income

____ 24. An increase in the demand for peanut butter could be caused by a(n) a. increase in the supply of peanut butter b. decrease in the price of bread c. drought in Georgia that destroyed 30 percent of the peanut crop d. decrease in consumer income e. decrease in the price of bologna

____ 25. Which of the following statements about gold jewelry and round-trip bus tickets to Bismarck, North Dakota, is most likely to be correct? a. Their demand curves probably are quite similar. b. They are both inferior goods. c. They are unrelated. d. They are complements. e. They are substitutes.

Exhibit 4-2

____ 26. Refer to Exhibit 4-2. A shift from demand curve D to D’ illustrates a(n)

decrease in quantity demanded b. increase in quantity demanded c. increase in supply d. decrease in demand e. increase in demand

____ 27. Refer to Exhibit 4-2. Which of the following would cause a shift of demand from D’ to D? a. an increase in the price of a substitute good b. a decrease in the price of a complementary good c. an increase in the number of consumers d. a decline in consumers’ incomes if it is a normal good e. an increase in consumers’ incomes if it is a normal good

____ 28. In Exhibit 4-2, which of the following could not cause the shift from D to D’? a. an increase in the price of a substitute b. a decrease in the price of a complement c. an increase in the number of consumers d. a decrease in income if the good in question is an inferior good e. a decrease in the price of the good in question

____ 29. If the tea harvest is bad in a particular year, the supply of tea will a. decrease, its price will decrease, and the quantity demanded of coffee will increase b. decrease, its price will increase, and the quantity demanded of coffee will decrease c. increase, its price will increase, and the quantity demanded of coffee will increase d. decrease, its price will decrease, and the quantity demanded of coffee will decrease e. decrease, its price will increase, and the quantity demanded of coffee will increase

____ 30. A rightward shift of a supply curve a. would cause an excess quantity supplied at the previous equilibrium price b. might be caused by a price ceiling c. might be caused by a decrease in demand d. might be caused by an increase in demand e. represents a decrease in supply

____ 31. A decrease in supply will cause a(n) a. decrease in quantity demanded b. decrease in equilibrium price c. increase in quantity demanded d. decrease in demand e. increase in demand

____ 32. An increase in supply will cause equilibrium price to __________ and equilibrium quantity to __________. a. increase; increase b. decrease; decrease c. increase; decrease d. decrease; increase e. remain constant; increase

____ 33. An increase in supply will cause a(n) a. decrease in equilibrium quantity demanded b. decrease in demand c. increase in demand d. increase in quantity demanded e. increase in equilibrium price

____ 34. A new hormone will increase the amount of milk each cow produces. If this hormone is adopted by many dairies, what will be the effect on the milk market? a. an increase in supply, lower equilibrium price, and higher equilibrium quantity b. a decrease in supply, lower equilibrium price, and higher equilibrium quantity c. an increase in supply, higher equilibrium price, and higher equilibrium quantity d. an increase in supply, higher equilibrium price, and lower equilibrium quantity e. a decrease in supply, lower equilibrium price, and lower equilibrium quantity

____ 35. A decrease in the supply of chocolate chips would usually result in a a. higher equilibrium price and a higher equilibrium quantity b. higher equilibrium price and a lower equilibrium quantity c. lower equilibrium price and a lower equilibrium quantity d. lower equilibrium price and a higher equilibrium quantity e. decrease in the demand for chocolate chips

Exhibit 4-4

____ 36. In Exhibit 4-4, suppose a price floor is established at $20.00. What is the result?

a surplus of 20 units b. there is no change from the situation that exists at the equilibrium price c. a shortage of 10 units d. a shortage of 20 units e. a surplus of 10 units

Exhibit 4-12

____ 37. Refer to exhibit 4-12. An increase in the price of baby formula would cause which of the following to

happen? a. move from b on demand curve D1 to c on demand curve D2 b. move on demand curve D2 from d to c c. demand shift from D2 to D1 d. move on demand curve D1 from a to b e. demand shift from D1 to D2

____ 38. Refer to exhibit 4-12. A decrease in the price of baby formula would cause which of the following to happen? a. a movement from a to b on demand curve D1 b. demand shift from D1 to D2 c. movement from c to d on demand curve D2 d. demand shift from D2 to D1 e. either a or b

____ 39. Refer to exhibit 4-12. The discovery that breast milk provides more protection against disease than baby formula will cause which of the following to happen? a. a movement from a to b on demand curve D1 b. a demand shift from D1 to D2 c. movement from c to d on demand curve D2 d. demand shift from D2 to D1 e. either a or b

____ 40. Refer to exhibit 4-12. An increase in consumer income will cause which of the following to happen if baby formula is an inferior good? a. demand shift from D1 to D2 b. movement from b to a on demand curve D1 c. movement from d to c on demand curve D2 d. demand shift from D2 to D1 e. none of the above

____ 41. Refer to exhibit 4-12. An increase in the birth rate would cause which of the following to happen? a. movement from b to a on demand curve D1

1. movement from d on demand curve D2 to a on demand curve D1 c. demand shift from D2 to D1 d. demand shift from D1 to D2 e. movement from d to c on demand curve D2

Exhibit 4-13

____ 42. Refer to exhibit 4-13. An increase in the price of baby formula will cause which of the following to occur?

a movement from a to b on supply curve S1 b. a movement from b to a on supply curve S1 c. supply shift from S2 to S1 d. a movement from d to c on supply curve S2 e. supply shift from S1 to S2

____ 43. Refer to exhibit 4-13. A decrease in the price of baby formula will cause which of the following to happen? a. movement from c to d on supply curve S2 b. movement from b to a on supply curve S1 c. supply shift from S2 to S1 d. supply shift from S1 to S2 e. none of the above

____ 44. Refer to exhibit 4-13. The discovery that breast milk offers greater health protection to babies than baby formula will cause which of the following to happen? a. supply shift from S2 to S1 b. supply shift from S1 to S2 c. movement from a to b on supply curve S1 d. movement from d to c on supply curve S2 e. movement from c to d on supply curve S2

____ 45. Refer to exhibit 4-13. The development of more efficient production technologies for baby formula will cause which of the following to happen? a. movement from c to d on supply curve S2 b. supply shift from S1 to S2 c. movement from b to a on supply curve S1 d. movement from a to b on supply curve S1 e. supply shift from S2 to S1

____ 46. Refer to exhibit 4-13. An increase in the number of firms producing baby formula will cause which of the following to happen? a. supply shift from S1 to S2 b. movement from c to d along supply curve S2 c. movement from d to c along supply curve S2 d. a movement from a to b along supply curve S1 e. supply shift from S2 to S1

Exhibit 4-14

____ 47. Refer to exhibit 4-14. If the market for baby formula is given by the demand curve D1 and the supply curve

S1, what is the equilibrium price and quantity? a. P1, Q2 b. P4, Q3 c. P1, Q1 d. P2, Q1 e. P3, Q4

____ 48. Refer to exhibit 4-14. If the market demand for baby formula is given by demand curve D2 and the supply is given by supply curve S2, which of the following is the market equilibrium? a. P1, Q1 b. P4, Q3 c. P2, Q1 d. P1, Q1 e. P3, Q4

____ 49. Refer to exhibit 4-14. The market demand curve is given by D1 and the supply by S1. Equilibrium price is P2 and equilibrium quantity is Q1. What will the new equilibrium price and quantity be if there is an increase in the birth rate? a. P3 and Q4 b. P2 and Q2 c. P1 and Q2 d. P4 and Q3 e. P2 and Q1

____ 50. In which of the following situations will the effect upon the equilibrium price of wheat be indeterminate? a. supply decreases and demand increases b. supply decreases and demand decreases c. demand remains constant and supply increases d. supply remains constant and demand increases e. demand decreases and supply increases

Difference Between Normal and Inferior Goods Case Assignment

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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