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Full Download Test Bank For Economics For Managers 3 e 3rd Edition Paul G Farnham PDF Full Chapter
Full Download Test Bank For Economics For Managers 3 e 3rd Edition Paul G Farnham PDF Full Chapter
Full Download Test Bank For Economics For Managers 3 e 3rd Edition Paul G Farnham PDF Full Chapter
Farnham
7) Many people consider hot dogs to be an inferior good. For such people, all else held constant,
a decrease in income would cause their demand for hot dogs to:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined with the information given.
Answer: A
Diff: 2
Topic: Inferior goods
8) If the price of salmon increases relative to the price of cod, the demand for:
A) cod will decrease.
B) cod will increase.
C) salmon will decrease.
D) salmon will increase.
Answer: B
Diff: 2
Topic: Price changes and substitute goods
9) If movies on DVD for home rental and movies seen at a theater are substitutes, and the price
of movies seen at a theater increases, the demand for movies on DVD will:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined.
Answer: A
Diff: 2
Topic: Price changes and substitute goods
2
ScholarStock
10) An increase in the number of buyers in the market for LED TVs would cause the market
demand curve for LED TVs to:
A) shift right.
B) shift left.
C) stay the same because market demand doesn't depend on the number of buyers.
D) shift left or right depending on whether the new buyers purchase more or less than existing
customers at each price.
Answer: A
Diff: 2
Topic: Change in demand
11) All else constant, all of the following would cause the demand curve for a good to shift
except:
A) a change in the cost of producing the good.
B) a change in the price of a related good.
C) a change in consumer's incomes.
D) a change in the number of buyers.
Answer: A
Diff: 2
Topic: Change in demand
12) In the market for French wines, an increase in demand is illustrated by:
A) a movement up the demand curve.
B) a movement down the demand curve.
C) a shift of the demand curve to the left.
D) a shift of the demand curve to the right.
Answer: D
Diff: 2
Topic: Change in demand
13) Assume the demand function for good X can be written as Qd = 80 - 3Px + 2Py + 10I, where
Px = the price of X, Py = the price of good Y, and I = Consumer income. According to this
equation:
A) a rise in the price of Y would cause the demand for X to decrease.
B) X and Y are complements
C) X is an inferior good.
D) X and Y are substitutes.
Answer: D
Diff: 2
Topic: Substitute goods
3
ScholarStock
14) Referring to the previous question, all else constant, a one unit increase in the price of good
Y would cause the quantity demanded of good X to:
A) decrease by 2 units.
B) increase by 2 units.
C) decrease by 1 unit.
D) decrease by 5 units.
Answer: A
Diff: 2
Topic: Substitute goods
16) Assume the demand function for good X can be written as Qd = 80 - 3Px - 6Py + 10I, where
Px = the price of X, Py is the price of Y and I is consumer income. If the price of Y decreases by
5 dollars, what would the reduction in Px have to be in order to keep the quantity demanded of X
unchanged by the change in the price of Y?
A) decreased by 10 dollars
B) decreased by 5 dollars
C) decreased by 2.5 dollars
D) decreased by 1 dollar
Answer: A
Diff: 3
Topic: Change in demand
17) Which of the following is not considered a factor that influences supply?
A) Technology.
B) Production taxes and subsidies.
C) The number of buyers.
D) Resource prices.
Answer: C
Diff: 1
Topic: Factors influencing supply
4
ScholarStock
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of labor statistics established, factories, mines, and workshops
inspected, the employment of children under fourteen years of age
forbidden, and wages paid in cash.
Fourth. Slavery being simply cheap labor, and cheap labor being
simply slavery, the importation and presence of Chinese serfs
necessarily tends to brutalize and degrade American labor; therefore,
immediate steps should be taken to abrogate the Burlingame treaty.
Fifth. Railroad land grants forfeited by reason of non-fulfillment of
contract should be immediately reclaimed by the government, and,
henceforth, the public domain reserved exclusively as homes for
actual settlers.
Sixth. It is the duty of Congress to regulate inter-state commerce.
All lines of communication and transportation should be brought
under such legislative control as shall secure moderate, fair, and
uniform rates for passenger and freight traffic.
Seventh. We denounce as destructive to property and dangerous to
liberty the action of the old parties in fostering and sustaining
gigantic land, railroad, and money corporations, and monopolies
invested with and exercising powers belonging to the government,
and yet not responsible to it for the manner of their exercise.
Eighth. That the constitution, in giving Congress the power to
borrow money, to declare war, to raise and support armies, to
provide and maintain a navy, never intended that the men who
loaned their money for an interest-consideration should be preferred
to the soldiers and sailors who periled their lives and shed their
blood on land and sea in defense of their country; and we condemn
the cruel class legislation of the Republican party, which, while
professing great gratitude to the soldier, has most unjustly
discriminated against him and in favor of the bondholder.
Ninth. All property should bear its just proportion of taxation, and
we demand a graduated income tax.
Tenth. We denounce as dangerous the efforts everywhere manifest
to restrict the right of suffrage.
Eleventh. We are opposed to an increase of the standing army in
time of peace, and the insidious scheme to establish an enormous
military power under the guise of militia laws.
Twelfth. We demand absolute democratic rules for the
government of Congress, placing all representatives of the people
upon an equal footing, and taking away from committees a veto
power greater than that of the President.
Thirteenth. We demand a government of the people, by the people,
and for the people, instead of a government of the bondholder, by the
bondholder, and for the bondholder; and we denounce every attempt
to stir up sectional strife as an effort to conceal monstrous crimes
against the people.
Fourteenth. In the furtherance of these ends we ask the co-
operation of all fair-minded people. We have no quarrel with
individuals, wage no war on classes, but only against vicious
institutions. We are not content to endure further discipline from our
present actual rulers, who, having dominion over money, over
transportation, over land and labor, over the press and the
machinery of government, wield unwarrantable power over our
institutions and over life and property.
1880.—Democratic Platform,
Virginia Readjuster.
Virginia Democratic.
1884—Democratic Platform.
1884.—Republican Platform.