Question 1

-A move from I to J best represents a

Accepted Answer

A)  change in quantity demanded
B)  change in demand
C)  increase in demand
D)  decrease in demand

Question 2

A rightward shift of the entire supply curve

Accepted Answer

A)  is an increase in supply.
B)  might be due to a positive change in technology.
C)  might be due to a decrease in the cost of labor.
D)  might be due to an increase in the number of sellers.
E)  all of the choices are correct.

Question 3

Which of the following will cause an outward (rightward) shift of the supply curve for TVs?

Accepted Answer

A)  A decrease in the price of TVs
B)  An improvement in TV technology
C)  An increase in the price of TVs
D)  A decrease in the number of firms producing TVs

Question 4

Graphically,an increase in demand is represented by

Accepted Answer

A)  an upward movement (from right to left) along a given demand curve.
B)  an outward shift of the demand curve.
C)  an inward shift of the demand curve.
D)  a downward movement (from left to right) along a given demand curve.

Question 5

-A move from G to H represents a

Accepted Answer

A)  change in quantity supplied
B)  change in supply
C)  increase in supply
D)  decrease in supply

Question 6

An increase in the price of ice cream is likely to

Accepted Answer

A)  increase the demand for ice cream cones.
B)  decrease the demand for ice cream cones.
C)  increase the supply of ice cream cones.
D)  increase the price of ice cream cones.

Question 7

As a result of the Boston Red Sox's winning the 2007 World Series,it was expected that

Accepted Answer

A)  the demand for Red Sox's tickets would rise in 2008.
B)  the demand for Red Sox's tickets would fall in 2008.
C)  the supply for Red Sox's tickets would rise in 2008.
D)  the supply for Red Sox's tickets would fall in 2008.

Question 8

Which of the following is NOT a complement for automobiles?

Accepted Answer

A)  Gasoline to run the car
B)  Price of the car
C)  The insurance for the car
D)  The cost of the financing for the car
E)  The cost of periodic maintenance

Question 9

-A move from G to H represents

Accepted Answer

A)  an increase in quantity supplied.
B)  a decrease in quantity supplied.
C)  an increase in supply.
D)  a decrease in supply.

Question 10

Statement I: An increase in demand is an increase in the quantity people are willing to purchase at all prices.
Statement II: Much of supply and demand analysis was based on the work of Alfred Marshall.

Accepted Answer

A)  Statement I is true and statement II is false.
B)  Statement II is true and statement I is false.
C)  Both statements are true.
D)  Both statements are false.

Question 11

-A move from G to H represents

Accepted Answer

A)  an increase in quantity supplied.
B)  a decrease in quantity supplied.
C)  an increase in supply.
D)  a decrease in supply.

Question 12

A decrease in supply will tend to cause

Accepted Answer

A)  an increase in demand.
B)  a decrease in equilibrium price.
C)  a decrease in equilibrium quantity.
D)  an increase in equilibrium quantity.

Question 13

Which of the following will NOT change the supply of personal computers?

Accepted Answer

A)  An increase in consumers' incomes.
B)  A technological breakthrough that makes it much less costly to produce computer chips.
C)  A decrease in the wage paid to electrical engineers.
D)  None of the choices are correct.

Question 14

Goods for which demand is indirectly (negatively) related to income are called

Accepted Answer

A)  substitute goods.
B)  complementary goods.
C)  inferior goods.
D)  normal goods.

Question 15

Price  Quantity  Quantity  Demanded  Supplied $1024428303063622442122484\begin{array} { c c c } 	ext { Price } & 	ext { Quantity } & 	ext { Quantity } \& 	ext { Demanded } & 	ext { Supplied } \\$ 10 & 24 & 42 \8 & 30 & 30 \6 & 36 & 22 \4 & 42 & 12 \2 & 48 & 4\end{array} Price $108642​ Quantity  Demanded 2430364248​ Quantity  Supplied 423022124​ 
-If quantity supplied increased by 4 units at each price,you would conclude that

Accepted Answer

A)  demand increased.
B)  demand decreased.
C)  supply increased.
D)  supply decreased.

Question 16

The market demand for most goods will

Accepted Answer

A)  increase if the prices of substitutes fall.
B)  decrease if the price of complementary goods fall.
C)  increase if consumers expect prices to be higher in the future.
D)  decrease if consumers expect the goods to become less available.

Question 17

If the price of Diet Pepsi rises,what happens to the price of Diet Coke?

Accepted Answer

A)  It will rise.
B)  It will fall.
C)  It will remain the same.
D)  There is no way of telling what will happen to the price of Diet Coke.

Question 18

When we go from one demand curve to another,there has definitely been

Accepted Answer

A)  a change in quantity demanded.
B)  a change in demand.
C)  an increase in demand.
D)  a decrease in demanD.

Question 19

Assuming Pepsi and Coke are substitutes,a decrease in the price of Pepsi is likely to

Accepted Answer

A)  decrease the demand for Coke.
B)  increase the demand for Pepsi.
C)  decrease the demand for Pepsi.
D)  increase the demand for Coke.

Question 20

If the price of cameras rise,there will be a(n)

Accepted Answer

A)  decrease in the demand for film.
B)  increase in the quantity of cameras demanded.
C)  increase in the demand for film.
D)  None of the answers are correct.

Exam 17: Demand,supply,and Equilibrium

Which of the following will cause an outward (rightward) shift of the supply curve for TVs?

Correct AnswerverifiedShow Answer

Goods for which demand is indirectly (negatively) related to income are called

Correct AnswerverifiedShow Answer

Which of the following is NOT a complement for automobiles?

Correct AnswerverifiedShow Answer

A decrease in supply will tend to cause

Correct AnswerverifiedShow Answer

When we go from one demand curve to another,there has definitely been

Correct AnswerverifiedShow Answer

-A move from I to J best represents a

Correct AnswerverifiedShow Answer

Graphically,an increase in demand is represented by

Correct AnswerverifiedShow Answer

-A move from G to H represents

Correct AnswerverifiedShow Answer

A rightward shift of the entire supply curve

Correct AnswerverifiedShow Answer

-A move from G to H represents a

Correct AnswerverifiedShow Answer

Which of the following will NOT change the supply of personal computers?

Correct AnswerverifiedShow Answer

Statement I: An increase in demand is an increase in the quantity people are willing to purchase at all prices. Statement II: Much of supply and demand analysis was based on the work of Alfred Marshall.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The market demand for most goods will

Correct AnswerverifiedShow Answer

An increase in the price of ice cream is likely to

Correct AnswerverifiedShow Answer

If the price of Diet Pepsi rises,what happens to the price of Diet Coke?

Correct AnswerverifiedShow Answer

Assuming Pepsi and Coke are substitutes,a decrease in the price of Pepsi is likely to

Correct AnswerverifiedShow Answer

As a result of the Boston Red Sox's winning the 2007 World Series,it was expected that

Correct AnswerverifiedShow Answer

If the price of cameras rise,there will be a(n)

Correct AnswerverifiedShow Answer

-A move from G to H represents

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified