7-52. Which of the following will not cause the demand for ice cream to change?

Question

7-52. Which of the following will not cause the demand for ice cream to change? a. A change in population size b. A change in the price of ice cream C. All of these would cause a change in the demand for ice cream. d. A change in consumer preferences e. A change in consumer incomes 8-38. Which of the following is not held constant when constructing a demand curve for good X? a. Consumer income b. Consumer tastes Price of good X Prices of other goods c. d. 9-9 Mf GDP included intermediate goods and services, then a GDP would be understated. b we would obtain a more realistic GDP value. c we would be undercounting. d. we would be double counting e. final goods and services would have to be subtracted to obtain the true GDP value. 10-36. The law of demand illustrates that a. proe decreases, demand increases. b. price changes are always in the same direction as demand changes. c. as price increases, quantity demanded increases. d. as price decreases, quantity supplied increases e. as price decreases, quantity demanded increases 11.-26. A market a makes possible the exchange of goods and services between buyers and sellers. b. refers only to a specialized place or service where goods and services are exchanged. c. refers only to a formally organized place where a well-defined commodity is always traded. d. refers only to a localized place or service that facilitates the exchange of goods and services e. refers to both large and small places where poorly defined commodities are traded. 12-5. Gross domestic product constitutes the a· total quantitative output in an economy b. current market value of all goods and services produced in a given year c total spending in an economy d total monetary transactions in an economy. e. current market value of all final goods and services produced in a given year within a country's borders 13-135. If demand moves to the right as supply moves to the right, then a equilibrium price must increase, but equilibrium quantity may either rise, fall, or remain unchanged. b. equilibrium price and quantity must both go down c. equilibrium quantity must rise, but equilibrium price may either rise, fall, or remain unchanged. d. equilibrium price and quantity must both go up. e. none of these occurs

Explanation / Answer

(7)- c - All of this would change in demand of ice cream, if population increases more people would be opting more of ice cream, if price of ice cream increases its demand will fall and vice versa, if consumers income increases his demand for ice cream will also increase if ice cream is a normal good. If consumers preference changes it will definitely change the demand pattern.

(8)- c -Generally constructing a demand curve we take quantity demanded on the horizontal axis and price of the product on the vertical axis , if price increases demand falls and vice versa.

(10)- e- law of demand states that other thing remaining constant if price falls quantity demanded increases and if price increases , quantity demand rises, the movement takes place among the same demand curve.

(12)- e -GDP includes all values of good and services produced within the domestic boundary of a country in a given year, the firm may be country owned or private.

(9)- c- if intermediate goods are calculated in GDP then it would be under counted because similar intermediate goods can be used for production of different goods. Which wont be counted i.e final products wont be counted.

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