I have been waiting for years for this feature, I can't believe Google hasn't introduced it.
Then they go and contact the developer for support, and make the developer spend a bunch of time troubleshooting why features aren't working.
All a feature like this would do is waste a lot of developer time, and cause users to unhappy with their phone/apps.
There appear to be a couple third party apps that do this: http://www.xda-developers.com/android/protecting-your-privac...
Also who offers support for a 1 usd app?
It feels unreasonable that you have to go to these lengths to get this behaviour that should be built-in, but it's the best available currently.
Another method of getting similar behaviour is to enable the App Ops functionality which is built into Android 4.3 and 4.4, which allows you to enable/disable permissions in a granular fashion. The downside to this method is that if an app tries to use a permission that you have denied it access to, it might crash the app.