Question 1

When there is a shortage

Accepted Answer

A)  quantity demanded is greater than quantity supplied.
B)  quantity supplied is greater than quantity demanded.
C)  quantity demanded is equal to quantity supplied.

Question 2

Rent control is a form of price _____ and is responsible for housing _____.

Accepted Answer

A)  floor,shortages
B)  floor,surpluses
C)  ceiling,shortages
D)  ceiling,surpluses

Question 3

If demand falls,what happens to equilibrium price and quantity?

Accepted Answer

Price decl...

Question 4

When the supply of a good increases and the demand stays the same

Accepted Answer

A)  the price of the good will rise.
B)  the price of the good will fall and quantity will not change.
C)  the price of the good will remain the same.
D)  the price of the good will fall and quantity will rise.

Question 5

The demand curve shows the relationship between

Accepted Answer

A)  the demand and supply schedules.
B)  demand and supply equilibrium.
C)  price and quantity demanded.
D)  None of these choices are correct.

Question 6

If market price is below equilibrium price,

Accepted Answer

A)  equilibrium price will rise.
B)  equilibrium price will fall.
C)  market price will rise.
D)  market price will fall.

Question 7

-Equilibrium price is _____.

Accepted Answer

The answer of 
-Equilibrium price is _____....

Question 8

-In the graph shown above at a price of $4.50

Accepted Answer

A)  there is a shortage.
B)  there is a surplus.
C)  there is a both a shortage and a surplus.
D)  there is neither a shortage nor a surplus.

Question 9

When demand rises and supply remains the same,equilibrium price _______ and equilibrium quantity ____________.

Accepted Answer

The answer of When demand rises and supply remains the...

Question 10

Rent controls tend to _____ the housing supply and to _____ the rents that people in non-rent-controlled apartments pay.

Accepted Answer

The answer of Rent controls tend to _____ the housing...

Question 11

As price declines,quantity supplied

Accepted Answer

A)  rises.
B)  falls.
C)  remains the same.

Question 12

When a price ceiling which had been set below equilibrium price is removed,what happens next?

Accepted Answer

A)  Quantity supplied rises
B)  Quantity demanded rises
C)  Supply rises
D)  Demand rises
E)  Price falls

Question 13

When demand falls and supply rises,equilibrium price will _____ and equilibrium quantity will _____.

Accepted Answer

fall;rise,...

Question 14

_____ is the charging of "an unconscionable or exorbitant rate of interest."

Accepted Answer

The answer of _____ is the charging of "an unconscionable...

Question 15

At equilibrium,if quantity supplied is 16,quantity demanded

Accepted Answer

A)  is less than 16.
B)  is 16.
C)  is more than 16.
D)  cannot be found without more information.

Question 16

A change in the cost of production will generally prompt a change in _____.

Accepted Answer

The answer of A change in the cost of production...

Question 17

Which of the following is a method of rationing scarce goods and services?

Accepted Answer

A)  Standing in lines
B)  The price system
C)  Government issued books of coupons required for purchases
D)  All of the choices

Question 18

The adjustment of the ____________ is the rationing mechanism in market economies.

Accepted Answer

A)  price
B)  competition
C)  government
D)  None of the choices are correct.

Question 19

When the market price is lower than the equilibrium price,there is

Accepted Answer

A)  a surplus.
B)  a shortage.
C)  both a shortage and a surplus.
D)  neither a shortage nor a surplus.

Question 20

A demand schedule can be presented

Accepted Answer

A)  only as a table.
B)  only as a graph.
C)  as a table and a graph.
D)  as neither a table or a graph.

Exam 4: Supply and Demand

If demand falls,what happens to equilibrium price and quantity?

Correct AnswerverifiedPrice decl...View AnswerShow Answer

When a price ceiling which had been set below equilibrium price is removed,what happens next?

Correct AnswerverifiedShow Answer

The demand curve shows the relationship between

Correct AnswerverifiedShow Answer

The adjustment of the ____________ is the rationing mechanism in market economies.

Correct AnswerverifiedShow Answer

As price declines,quantity supplied

Correct AnswerverifiedShow Answer

Rent controls tend to _____ the housing supply and to _____ the rents that people in non-rent-controlled apartments pay.

Correct AnswerverifiedShow Answer

When there is a shortage

Correct AnswerverifiedShow Answer

-Equilibrium price is _____.

Correct AnswerverifiedShow Answer

When demand falls and supply rises,equilibrium price will _____ and equilibrium quantity will _____.

Correct Answerverifiedfall;rise,...View AnswerShow Answer

When demand rises and supply remains the same,equilibrium price _______ and equilibrium quantity ____________.

Correct AnswerverifiedShow Answer

_____ is the charging of "an unconscionable or exorbitant rate of interest."

Correct AnswerverifiedShow Answer

When the market price is lower than the equilibrium price,there is

Correct AnswerverifiedShow Answer

At equilibrium,if quantity supplied is 16,quantity demanded

Correct AnswerverifiedShow Answer

If market price is below equilibrium price,

Correct AnswerverifiedShow Answer

-In the graph shown above at a price of $4.50

Correct AnswerverifiedShow Answer

A demand schedule can be presented

Correct AnswerverifiedShow Answer

A change in the cost of production will generally prompt a change in _____.

Correct AnswerverifiedShow Answer

Which of the following is a method of rationing scarce goods and services?

Correct AnswerverifiedShow Answer

Rent control is a form of price _____ and is responsible for housing _____.

Correct AnswerverifiedShow Answer

When the supply of a good increases and the demand stays the same

Correct AnswerverifiedShow Answer

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Price decl...
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Rent controls tend to _ the housing supply and to _ the rents that people in non-rent-controlled apartments pay.

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When demand falls and supply rises,equilibrium price will _ and equilibrium quantity will _.

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fall;rise,...
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When demand rises and supply remains the same,equilibrium price _ and equilibrium quantity ______.

Correct Answer
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Rent control is a form of price _ and is responsible for housing _.

Correct Answer
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