How Quantity Demanded Changes as The Price Changes Case Assignment 1

How Quantity Demanded Changes as The Price Changes Case Assignment

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How Quantity Demanded Changes as The Price Changes Case Assignment

Fall 2012 Econ 2003 Test 4

VERSION A Name _______________________________ Banner _______________________________ Signature _______________________________ Date _______________________________ Section _______________________________ By taking this Exam you are Agreeing to the Following Policy The University expects every student to maintain a high standard of individual integrity. Scholastic dishonesty is a serious offense that includes, but is not limited to, cheating on a test or other class work, plagiarism (the appropriation of another’s work and the unauthorized incorporation of that work in one’s own work), and collusion (unauthorized collaboration with another person in preparing college work offered for credit). In cases of scholastic dishonesty, the faculty member responsible for the case may initiate disciplinary proceedings against the student. BY TAKING THIS TEST YOU ARE AGREEING TO THE ABOVE POLICY AND ALSO TO WORK BY YOURSELF ON THIS TEST. PLEASE BRING BOTH THE PRINTED EXAM AND A PROPERLY FILLED OUT F-1712 PAR-L 200 QUESTION FORM

____ 1. The demand for a product is the amount that

sellers are willing to sell at a particular price b. buyer are willing to purchase at a given price c. buyers purchase in the market d. buyers are willing and able to purchase at alternative prices e. buyers are able to purchase at a specific price

____ 2. A demand curve shows how quantity demanded changes as the price changes. It implies that a. economists are concerned only with money b. it is impossible to show how anything but price affects demand c. only a change in price can shift a demand curve d. quantity demanded is unrelated to price e. everything else that affects demand is assumed to be constant

____ 3. If pretzels are a normal good, the income effect of a price change means that a. as income increases, the demand curve for pretzels shifts rightward b. as the price of pretzels increases, income increases c. as income increases, the quantity demanded increases along the demand curve for pretzels d. as the price of pretzels increases, the real income of individuals who demand pretzels

decreases, so the quantity demanded of pretzels decreases e. as income increases, the demand curve for pretzels shifts leftward

____ 4. A demand curve usually has a a. positive slope because price and quantity demanded are inversely related b. negative slope because as price rises, demand falls c. positive slope because price and quantity demanded are positively related d. slope of zero because there is no change along a demand curve when everything else is

held constant e. negative slope because price and quantity demanded are inversely related

____ 5. The demand curve for spinach shows the quantity demanded of spinach a. as income increases b. as income decreases c. only at the equilibrium price of spinach d. at each possible price of spinach e. at each possible price of a substitute good

____ 6. Studies show that the demand curve for peas has shifted. Which of the following explanations would you reject first? a. The demand for string beans has changed. b. The price of peas has changed. c. The income of consumers has changed. d. The demand for corn has changed. e. The price of string beans has changed.

____ 7. The effect of a decrease in the price of personal computers, other things constant, is likely to be best represented by which of the following? a. a rightward shift of the demand curve b. a movement leftward along the demand curve c. a rightward shift of the supply curve d. a leftward shift of the demand curve e. a movement rightward along the demand curve

____ 8. If we say that demand has increased, we mean that there has been a. a rightward shift of the demand curve b. an increase in the slope of the demand curve c. a leftward movement along the demand curve d. a rightward movement along the demand curve e. a leftward shift of the demand curve

____ 9. A decrease in demand for a good could mean that a. the demand curve has shifted to the left b. consumers are willing to pay a higher price for each quantity of the good c. the demand curve has undergone a parallel shift to the right d. consumers are willing to buy larger quantities of the good at each price e. the demand curve has undergone a nonparallel shift to the right

____ 10. A change in income will a. affect the quantity demanded of candy through the income effect of a price change b. affect the demand for candy through the income effect of a price change c. affect quantity demanded only if candy is a normal good d. have no effect on the demand for candy, because income is assumed constant along a

demand curve e. shifts the demand curve for candy

How Quantity Demanded Changes as The Price Changes 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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