Question 1

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

Accepted Answer

A) a decrease in population 
B) an increase in the supply of oatmeal 
C) an increase in the price of raisins 
D) a decrease in income 
E) an increase in the price of cold cereal 
A) a decrease in population 
B) an increase in the supply of oatmeal 
C) an increase in the price of raisins 
D) a decrease in income 
E) an increase in the price of cold cereal

Question 2

A decrease in the quantity supplied of a good is shown by

Accepted Answer

A) a movement up along the supply curve. 
B) a leftward shift of the supply curve. 
C) a rightward shift of the supply curve. 
D) a movement down along the supply curve. 
E) a movement from the supply curve to the origin. 
A) a movement up along the supply curve. 
B) a leftward shift of the supply curve. 
C) a rightward shift of the supply curve. 
D) a movement down along the supply curve. 
E) a movement from the supply curve to the origin.

Question 3

Use the figure below to answer the following questions.
   Figure 3.2.2
-Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

Accepted Answer

A) a movement from A to B 
B) a shift from D2 to D1 
C) a movement from the origin to any point on D1 
D) a shift from D1 to D2 
E) a movement from B to A 
A) a movement from A to B 
B) a shift from D2 to D1 
C) a movement from the origin to any point on D1 
D) a shift from D1 to D2 
E) a movement from B to A

Question 4

If we observe an increase in the equilibrium quantity of good A, we know that

Accepted Answer

A) either the demand for A has decreased or the supply of A has increased or both. 
B) either the demand for A has increased or the supply of A has increased or both. 
C) either the demand for A has decreased or the supply of A has decreased or both. 
D) either the demand for A has increased or the supply of A has decreased or both. 
E) the price of A has risen. 
A) either the demand for A has decreased or the supply of A has increased or both. 
B) either the demand for A has increased or the supply of A has increased or both. 
C) either the demand for A has decreased or the supply of A has decreased or both. 
D) either the demand for A has increased or the supply of A has decreased or both. 
E) the price of A has risen.

Question 5

Which one of the following would not shift the supply curve of good X to the right?

Accepted Answer

A) a rise in the price of X 
B) an increase in the price of Y, a complement in production of X 
C) a fall in the price of the factors of production used in producing X 
D) a technological change that increases production of X 
E) a fall in the price of Y, a substitute in production of X 
A) a rise in the price of X 
B) an increase in the price of Y, a complement in production of X 
C) a fall in the price of the factors of production used in producing X 
D) a technological change that increases production of X 
E) a fall in the price of Y, a substitute in production of X

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

A decrease in the quantity supplied of a good is shown by

Use the figure below to answer the following questions. Figure 3.2.2 -Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

If we observe an increase in the equilibrium quantity of good A, we know that

Which one of the following would not shift the supply curve of good X to the right?

What Is Economics

The Economic Problem

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

The Business Cycle, Inflation, and Deflation

Fiscal Policy

Monetary Policy

International Trade Policy

Filters

Exam 3: Demand and Supply

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

A decrease in the quantity supplied of a good is shown by

Use the figure below to answer the following questions. Figure 3.2.2 -Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

If we observe an increase in the equilibrium quantity of good A, we know that

Which one of the following would not shift the supply curve of good X to the right?

What Is Economics

The Economic Problem

Measuring Gdp and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, the Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

The Business Cycle, Inflation, and Deflation

Fiscal Policy

Monetary Policy

International Trade Policy

Filters