Question 1

Land,labor,and capital are bought and sold in the product market.

Accepted Answer

A) True 
 B)False

Question 2

If the quantity demanded of a good is greater than the quantity supplied of the good at the current price,then

Accepted Answer

A) Price will increase until it reaches the equilibrium price. 
B) The demand curve will shift to the left to create equilibrium. 
C) The supply curve will shift to the right to create equilibrium. 
D) There is a surplus of the good. 
A) Price will increase until it reaches the equilibrium price. 
B) The demand curve will shift to the left to create equilibrium. 
C) The supply curve will shift to the right to create equilibrium. 
D) There is a surplus of the good.

Question 3

Which of the following is a determinant of market supply?

Accepted Answer

A) Consumer expectations. 
B) Consumers' income. 
C) Consumers' desire for the good. 
D) Available technology. 
A) Consumer expectations. 
B) Consumers' income. 
C) Consumers' desire for the good. 
D) Available technology.

Question 4

A market is said to be in equilibrium when

Accepted Answer

A) Demand is fully satisfied at all alternative prices. 
B) The buying intentions of all consumers are realized. 
C) The supply intentions of all sellers are realized. 
D) The quantity demanded equals the quantity supplied. 
A) Demand is fully satisfied at all alternative prices. 
B) The buying intentions of all consumers are realized. 
C) The supply intentions of all sellers are realized. 
D) The quantity demanded equals the quantity supplied.

Exam 3: Supply and Demand

Land,labor,and capital are bought and sold in the product market.

If the quantity demanded of a good is greater than the quantity supplied of the good at the current price,then

Which of the following is a determinant of market supply?

A market is said to be in equilibrium when

Economics: the Core Issues

The Useconomy: a Global View

The Role of Government

National Income Accounting

Unemployment

Inflation

The Business Cycle

Aggregate Demand

Self-Adjustment or Instability

Fiscal Policy

Deficits and Debt

Money and Banks

The Federal Reserve System

Monetary Policy

Supply-Side Policy: Short-Run Options

Growth and Productivity: Long-Run Possibilities

Theory Versus Reality

Consumer Choice

Elasticity

The Costs of Production

The Competitive Firm

Competitive Markets

Monopoly

Oligopoly

Monopolistic Competition

Natural Monopolies: Deregulation

Environmental Protection

The Farm Problem

The Labor Market

Labor Unions

Financial Markets

Taxes: Equity Versus Efficiency

Transfer Payments: Welfare and Social Security

International Trade

International Finance

Global Poverty

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