1. Which of the following is likely to shift the demand curve for a normal good to the right?
A. A decrease in income, if the good is a normal good
B. An expectation of a shortage in the future
C. An increase in the price of a complementary good
D. A decrease in the good's price, if the good is normal
2. Which of these is likely to decrease the supply of leather jackets?
A. An increase in the price of leather jackets
B. An increase in the demand for leather jackets
C. A decrease in the price of zippers
D. An increase in the price of leather
3. Which of the following will indicate a shortage of a product in the market to suppliers?
A. The quantity demanded decreases substantially
B. The stock of inventories of most suppliers increases
C. The quantity demanded exceeds the quantity supplied at a particular price
D. The quantity supplied exceeds the quantity demanded at a particular price
4. When consumers are required to pay a fraction of the cost of their medical treatment
A. it reduces the income elasticity of demand for health care services
B. it has no effect on the demand for health care services, but does generate revenue for the government
C. it reduces the demand for health care services to zero
D. it increases the financial burden of most consumers.