Question 1

The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:

Accepted Answer

A)   supply.
B)   demand.
C)   equilibrium.
D)   disequilibrium.

Question 2

A price below the equilibrium price will:

Accepted Answer

A)   result in pressure for price to rise.
B)   result in a surplus.
C)   never be the case.
D)   result in pressure for price to fall.

Question 3

How a supply curve is sloped and located is affected by:

Accepted Answer

A)   consumer preferences.
B)   resource prices.
C)   the number of consumers.
D)   all of the above.

Question 4

Use the following to answer question(s) : Demand and Supply of Wheat
 
-(Exhibit: Demand and Supply of Wheat)  If a price of $10 temporarily exists in this market, a:

Accepted Answer

A)   shortage of 10,000 bushels will result.
B)   shortage of 8,000 bushels will result.
C)   surplus of 8,000 bushels will result.
D)   surplus of 6,000 bushels will result.

Question 5

When the price of gas goes up and the demand for tires goes down, this means tires and gas are:

Accepted Answer

A)   substitutes.
B)   complements.
C)   both expensive.
D)   both inexpensive.

Question 6

The Case in Point on obesity argues that agricultural innovation led to:

Accepted Answer

A)   the increase in the demand for food.
B)   the increase in the supply of food.
C)   higher food prices.
D)   B and C occurred.

Question 7

Use the following to answer question(s) : The Demand for Chocolate-Covered Peanuts
Quantity Demanded
(bags per month) 
 
-(Exhibit: The Demand for Chocolate-Covered Peanuts)  If George, Barbara, and Dan are the only three buyers in the market, and the price of a bag of chocolate-covered peanuts is 80 cents, the total market demand is ________ bags per month.

Accepted Answer

A)   70
B)   80
C)   105
D)   280

Question 8

A shift of a demand curve to the right, all other things unchanged, will:

Accepted Answer

A)   increase equilibrium price and quantity.
B)   decrease equilibrium price and quantity.
C)   decrease quantity and increase price.
D)   increase quantity and decrease price.

Question 9

Given the events listed below that take place in the corn market, decide if demand or quantity demanded changes and determine the direction of change.
a.The economy prospers and incomes rise dramatically.
b.The price of corn falls.
c.The price of pork increases, and corn is a significant input in the pork market.
d.The price of oats, a substitute for corn, falls.
e.The price of corn increases.
f.A new fertilizer comes on the market that leads to tremendous increases in corn productivity.

Accepted Answer

In economics, the terms "demand" and "qu...

Question 10

Use the following to answer question(s) : Demand Shifters and Supply Shifters
 
-(Exhibit: Demand Shifters and Supply Shifters)  The exhibit shows how supply and demand might shift in response to specific events.Suppose scientists discover that eating asparagus slows down the aging process.Which panel best describes how this will affect the market for asparagus?

Accepted Answer

A)   Panel (a) 
B)   Panel (b) 
C)   Panel (c) 
D)   Panel (d)

Question 11

Demand is best defined as the:

Accepted Answer

A)   amount of a commodity that buyers would be willing and able to purchase at a specific price.
B)   price that buyers would be willing and able to pay for a specific quantity of a good.
C)   relationship between the price of a good and the quantity people are able to purchase, all other things unchanged.
D)   relationship between the price of a good and the quantity people are willing and able to purchase, all other things unchanged.

Exam 3: Demand and Supply

Correct Answer
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A shift of a demand curve to the right, all other things unchanged, will:

Correct Answer
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How a supply curve is sloped and located is affected by:

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When the price of gas goes up and the demand for tires goes down, this means tires and gas are:

Correct Answer
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Demand is best defined as the:

Correct Answer
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Correct Answer
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The Case in Point on obesity argues that agricultural innovation led to:

Correct Answer
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Use the following to answer question(s) : Demand and Supply of Wheat -(Exhibit: Demand and Supply of Wheat) If a price of $10 temporarily exists in this market, a:

Correct Answer
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Correct Answer
Answered by ExamLex AI
In economics, the terms "demand" and "qu...
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The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:

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A price below the equilibrium price will:

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Exam 3: Demand and Supply

Correct AnswerverifiedShow Answer

A shift of a demand curve to the right, all other things unchanged, will:

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How a supply curve is sloped and located is affected by:

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When the price of gas goes up and the demand for tires goes down, this means tires and gas are:

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Demand is best defined as the:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The Case in Point on obesity argues that agricultural innovation led to:

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Use the following to answer question(s) : Demand and Supply of Wheat -(Exhibit: Demand and Supply of Wheat) If a price of $10 temporarily exists in this market, a:

Correct AnswerverifiedShow Answer

Correct AnswerAnswered by ExamLex AIIn economics, the terms "demand" and "qu...View AnswerShow Answer

The relationship between the quantity of a good or service sellers are willing to offer for sale at different prices is:

Correct AnswerverifiedShow Answer

A price below the equilibrium price will:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
Answered by ExamLex AI
In economics, the terms "demand" and "qu...
View Answer

Correct Answer
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Correct Answer
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