1. Tom graduates from university with a degree in Economics and his income increases by £10,000 a year. Other things remaining the same, he decreases the quantity of donuts he buys. For Tom, donuts ______________.
A are a normal good
B and tea has become complements
C are an inferior good
D and toast have become substitutes
2. Suppose that an 20% increase in the price of good Y results in an increase in the consumption of good X of 8%. This is an example of
A The substitution effect
B A higher demand for all goods and services in general
C A shift in supply
D The real income effect
3. The market demand curve for overseas cruises will NOT shift when there is a
A Fall in the price of a cruise in the brochures
B Successful advertising campaign
C Rise in consumers real incomes
D Increase in the price of land-based package holidays (a substitute for cruises)
4. Chicken and fish are assumed to be substitutes. If the price of chicken increases, the demand for fish will _________
A increase and the demand curve for fish wil shift to the right
B increase or decrease, but there will be no change in the demand for chicken
C decrease and the demand curve for fish will shift to the left
D not change but there will be a movement along the demand curve for fish
5. The demand for fresh bread from a bakery is estimated to have an income elasticity of + 0.3. Following a 15% rise in consumers real incomes (other factors held constant) we predict that demand for fresh bread will
A Rise by 3%
B Rise by 4%
C Rise by 4.5%
D Rise by 15%
6. Which one of the following would be expected to cause an inward shift in the market demand for UK produced cheese?
A An increase in the price of a complement to cheese
B A rise in income - assuming that cheese is a normal good
C A rise in the price of a substitute for cheese
D An increase in the price of cheese
7. All other factors held constant (ceteris paribus) a decrease in market demand for new cars will lead to
A increased price and decreased quantity
B decreased price and decreased quantity
C decreased price and no change in quantity
D increased price and increased quantity
8. According to the Law of Supply
A if the price is low, any firm will sell the product
B anything that is supplied will be purchased by consumers
C the higher the price, the larger the quantity supplied.
D the higher the price, the lower the quantity supplied
9. When the price of one of the products that you buy increases, your purchasing power decreases. Thus you are likely to buy less of all normal goods. This is known as:
A the substitution effect
B the real income effect
C the giffen good effect
D the law of diminishing marginal returns
10. If consumers expect that the price of cocoa will increase in the future, what will happen to equilibrium price and quantity of cocoa now?
A Both price and quantity will remain the same
B Price will increase; quantity will increase
C Price will decrease; quantity will increase
D Price will increase; quantity will decrease
答案是：
CAAAC ABCBB
.
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