106.If the price of a good increases, all else equal, consumers perceive
a.an increase in purchasing power if the good is an inferior good.
b.an increase in income if the price increase occurs for a normal good.
c.a decrease in purchasing power.
d.a net gain in purchasing power if they decrease consumption of some goods.
107.A consumer consumes two normal goods, coffee and chocolate. The price of coffee rises. The income effect, by itself, suggests that the consumer will consume
a.more coffee and more chocolate.
b.less coffee and less chocolate.
c.more coffee and less chocolate.
d.less coffee and more chocolate.
108.A decrease in the price of DVD players leads consumers to buy more DVD players. From this information we can conclude that DVD players
a.are normal goods.
b.are inferior goods.
c.are luxury goods.
d.could be any of the above.
109.Energy drinks and granola bars are normal goods. When the price of energy drinks decreases, the income effect causes a
a.shift to a lower indifference curve, and the consumer buys fewer granola bars.
b.shift to a higher indifference curve, and the consumer buys more granola bars.
c.movement along the indifference curve, and the consumer buys fewer granola bars.
d.movement along the indifference curve, and the consumer buys more granola bars.
110.Energy drinks and granola bars are normal goods. When the price of energy drinks decreases, the income effect causes
a.the consumer to feel richer, so the consumer buys more granola bars.
b.the consumer to feel richer, so the consumer buys fewer granola bars.
c.granola bars to be relatively more expensive, so the consumer buys more granola bars.
d.granola bars to be relatively less expensive, so the consumer buys fewer granola bars.
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