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Managerial Economics Question Set


Book: Managerial Economics, 12th Edition
1. Suppose you view gasoline as a normal good, and your income declines by 10 percent. How does this affect your demand curve for gasoline?
A) Shifts rightward B) Shifts leftward C) Does not change
2. Your best friend asks you to rank your all-time favorite films, and you provide the following response: “The Godfather” is better than “Casablanca”, “Casablanca” is better than “Key Largo”, “Key Largo” is better than “Titanic”, and “Titanic” is better than “The Godfather”. Which of the basic assumptions about consumer preferences has been violated?
A) More is better B) Completeness C) Transitivity D) None of the basic assumptions is violated here
3. Your company sells new furniture to retail customers, and a consulting study in your market indicates that the elasticity of demand for retail furniture is -2.1. If you plan to raise prices by 10 percent in 2013, what is the expected impact on the total revenue from sales for your firm?
A) Total sales revenue increases B) Total sales revenue declines C) No change in revenue
4. For all US consumers, the price elasticity of demand for beef products purchased at the grocery store is -0.6. If we expect the price of beef to fall by 5.0 percent, what is the expected impact on quantity of retail beef demanded?
A) Quantity declines by 0.3 percent B) Quantity declines by 3.0 percent C) Quantity increases by 0.3 percent D) Quantity increases by 3.0 percent
5. You view paper books and electronic books as imperfect substitutes. If the price of paper books declines, what is the expected change in the demand curve for electronic books?
A) Demand curve shifts rightward B) Demand curve shifts leftward C) No change in the demand curve for electronic books
6. The cross-price elasticity for the quantity of peanut butter consumed with respect to the jelly price is +0.25. What is the relationship between peanut butter and jelly?
A) Complements B) Substitutes C) Independent

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