Describes what happens when consumer income increases

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Reference no: EM13176066

1. Which of the following best describes what happens when consumer income increases?

a) There is a shift to the right in the demand curve for oranges

b) There is a shift to the left of the demand curve for oranges

c) There is a shift along the demand curve for oranges

d) There is a no change in the demand curve for oranges

2. Which of the following best describes what happens when orange trees become more productive?

a) There is a shift to the right in the supply curve for oranges

b) There is a shift to the left of the supply curve for oranges

c) There is a shift along the supply curve for oranges

d) There is a no change in the supply curve for oranges

3. Which of the following best describes what happens when the price of oranges increases?

a) There is a shift to the right in the supply curve for oranges

b) There is a shift to the left of the supply curve for oranges

c) There is a shift along the supply curve for oranges

d) There is a no change in the supply curve for oranges

4. If the government gives each consumer a tax reduction equal to $600 (i.e. increase inincome), what would you expect to happen to the equilibrium price of oranges?

a) equilibrium price increases

b) equilibrium price decreases

c) equilibrium price stays the same

d) equilibrium price change uncertain (could go up or down)

5. If the government gives each consumer a tax reduction equal to $600, what would you expect to happen to the equilibrium quantity of oranges?

a) equilibrium quantity increases

b) equilibrium quantity decreases

c) equilibrium quantity stays the same

d) equilibrium quantity change uncertain (could go up or down)

Reference no: EM13176066

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