1. Kanye West is willing to buy 40 pencils at 25 cents apiece. When the price is ten cents apiece, he is willing to buy 100 pencils. Which of the following statements could be true about Kanye's demand for pencils? A. He will buy 20 pencils at 20 cents apiece. B. He will buy 100 pencils at 5 cents apiece. C. He will buy 80 pencils at 15 cents apiece. 2. When prices increase (inflation occurs), which of the following happens to consumers wealth? A. It is used to buy more luxury items. B. Their income buys less. C. It quickly rises to meet prices. D. Their income buys more. 4. Shawn Mendes receives a raise at work and continues to work the same number of hours each week. His demand for Charmin Basic toilet paper, which he considers an inferior good, will A. increase B. decrease C. stay the same D.have no relation to his income 5. What could cause the demand curve for Lakers Jerseys to shift to the right? A. The NFL season starts. B. The price of Yeezy Sneakers falls from $800 to $400. C. Nike cuts the price of Laker Jerseys from $150 to $75. D. The Lakers win the championship. 6. If people are able and willing to buy a good (like the PS5) or service (like Netflix), he or she creates which of the following? A. demand B. elasticity C. allocation D. supply 7. What are inferior goods? A. goods that are not well produced B. goods for which the demand falls when income rises C. goods for which the demand falls when income falls D. goods that no one wants to buy 8. What could permanently shift Chris Evan's demand curve for sunscreen to the right? A. He buys a car so he no longer needs to walk to and wait at a bus stop every morning to get to work. B. Weather forecasters predict that a major hurricane will hit his city the following week. C. The price of sunscreen decreases significantly as inexpensive sunscreens are imported from China. D.He moves from a rainy city to a sunny desert community for the rest of his life. 10. What does it mean when the demand for a product like gasoline is inelastic? A. Customers are sensitive to the price of the product. B. Supply has shifted to the right. C. A price increase does not have a significant impact on buying habits. D. People will not buy any of the product when the price goes up. 11. Which of the following goods would be likely to be bought in the same quantity even if it doubled in price? A. iPads B. BMW Cars C. notebook paper D. jewelry 12. A shift in the demand curve for iPhone 12's means which of the following? A. a rise in prices B. a change in quantity demanded at every price C. a decrease in both price and quantity demanded D. a change in consumer income 13. What kind of changes would be expected in the demand of a country like India that has a growing population? A. a decrease in the demand for high-quality food B. a rise in the demand for housing C. a lowering in the demand for automobiles D. a decrease in the demand for recreation 14. How would the future price of the iPad Pro be related to current demand for the iPad Pro? A. If the price is expected to rise, current demand will rise. B. If the price is expected to rise, current demand will drop. C. Future price is not related to current demand. D. If the price is expected to fall, current demand will rise. 15. What kind of economic system does the US have? A. mostly communist B. mostly traditional C. mostly free market D. mostly centralized 16. How is the current demand for a good like the Xbox Series X related to its future price? A. If the price is expected to drop, current demand will fall. B. Current demand is not related to future price. C. If the price is expected to rise, current demand will fall. D. If the price is expected to drop, current demand will rise. 17. What is a rule of the law of demand? A. Everyone has a limited income that they will spend. B. When a good's price is lower, people will buy more of it. C. Services are of interest in the same way that goods are. D. The higher the price, the more people will want the good