Question 1

Other things being equal, the effect of a decrease in the price of orange juice would be illustrated by

Accepted Answer

A) a rightward shift in the demand curve for orange juice. 
B) an increase in the quantity demanded for orange juice. 
C) a leftward shift in the demand curve for orange juice. 
D) a decrease in the quantity demanded orange juice. 
A) a rightward shift in the demand curve for orange juice. 
B) an increase in the quantity demanded for orange juice. 
C) a leftward shift in the demand curve for orange juice. 
D) a decrease in the quantity demanded orange juice.

Question 2

If price rises, what happens to quantity supplied of a product?

Accepted Answer

A) It increases. 
B) It decreases. 
C) It does not change. 
D) Quantity supplied is constant, but supply increases. 
A) It increases. 
B) It decreases. 
C) It does not change. 
D) Quantity supplied is constant, but supply increases.

Question 3

Consumers buy less of a good as its price increases because

Accepted Answer

A) production costs have risen. 
B) substitute goods are now relatively cheaper. 
C) the income of consumers has effectively risen. 
D) the higher price will make the good more valuable to each consumer. 
A) production costs have risen. 
B) substitute goods are now relatively cheaper. 
C) the income of consumers has effectively risen. 
D) the higher price will make the good more valuable to each consumer.

Question 4

Which of the following are true?

Accepted Answer

A) Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. 
B) Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. 
C) Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. 
D) All of the above are true. 
A) Economists use the criterion of economic efficiency to judge the merit of alternative outcomes. 
B) Undertaking an economic action will be efficient if it produces more benefits than costs for the individuals of the economy. 
C) Undertaking an economic action will be inefficient if it produces more costs than benefits to the individuals. 
D) All of the above are true.

Question 5

The law of demand indicates that

Accepted Answer

A) every physical good has a use. 
B) when people want a good badly enough, they will find a way to pay for it. 
C) the desire for a good is unrelated to its price. 
D) the quantity of a good that people will buy is inversely related to the price of the good. 
A) every physical good has a use. 
B) when people want a good badly enough, they will find a way to pay for it. 
C) the desire for a good is unrelated to its price. 
D) the quantity of a good that people will buy is inversely related to the price of the good.

Other things being equal, the effect of a decrease in the price of orange juice would be illustrated by

If price rises, what happens to quantity supplied of a product?

Consumers buy less of a good as its price increases because

Which of the following are true?

The law of demand indicates that

The Economic Approach

A: Some Tools of the Economist

B: Some Tools of the Economist

B: Supply, Demand, and the Market Process

A: Supply and Demand: Applications and Extensions

B: Supply and Demand: Applications and Extensions

Difficult Cases for the Market and the Role of Government

The Economics of Collective Decision-Making

Consumer Choice and Elasticity

A: Costs and the Supply of Goods

B: Costs and the Supply of Goods

A: Price Takers and the Competitive Process

B: Price Takers and the Competitive Process

Price-Searcher Markets With Low Entry Barriers

A: Price-Searcher Markets With High Entry Barriers

B: Price-Searcher Markets With High Entry Barriers

The Supply of and Demand for Productive Resources

Earnings, Productivity, and the Job Market

Investment, the Capital Market, and the Wealth of Nations

Income Inequality and Poverty

Appendix: Government Spending and Taxation

Appendix: the Economics of Social Security

Appendix: the Stock Market: Its Function, Performance, and Potential As an Investment Opportunity

Appendix: Great Debates in Economics: Keynes Versus Hayek

Appendix: the Crisis of 2008: Causes and Lessons for the Future

Appendix: Lessons From the Great Depression

Appendix: the Economics of Healthcare

Appendix:education: Problems and Performance

Appendix: Earnings Differences Between Men and Women

Appendix: the Question of Resource Exhaustion

Appendix: Do Labor Unions Increase the Wages of Workers

Appendix: Difficult Environmental Cases and the Role of Government

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Exam 3: A: Supply, Demand, and the Market Process

Other things being equal, the effect of a decrease in the price of orange juice would be illustrated by

If price rises, what happens to quantity supplied of a product?

Consumers buy less of a good as its price increases because

Which of the following are true?

The law of demand indicates that

The Economic Approach

A: Some Tools of the Economist

B: Some Tools of the Economist

B: Supply, Demand, and the Market Process

A: Supply and Demand: Applications and Extensions

B: Supply and Demand: Applications and Extensions

Difficult Cases for the Market and the Role of Government

The Economics of Collective Decision-Making

Consumer Choice and Elasticity

A: Costs and the Supply of Goods

B: Costs and the Supply of Goods

A: Price Takers and the Competitive Process

B: Price Takers and the Competitive Process

Price-Searcher Markets With Low Entry Barriers

A: Price-Searcher Markets With High Entry Barriers

B: Price-Searcher Markets With High Entry Barriers

The Supply of and Demand for Productive Resources

Earnings, Productivity, and the Job Market

Investment, the Capital Market, and the Wealth of Nations

Income Inequality and Poverty

Appendix: Government Spending and Taxation

Appendix: the Economics of Social Security

Appendix: the Stock Market: Its Function, Performance, and Potential As an Investment Opportunity

Appendix: Great Debates in Economics: Keynes Versus Hayek

Appendix: the Crisis of 2008: Causes and Lessons for the Future

Appendix: Lessons From the Great Depression

Appendix: the Economics of Healthcare

Appendix:education: Problems and Performance

Appendix: Earnings Differences Between Men and Women

Appendix: the Question of Resource Exhaustion

Appendix: Do Labor Unions Increase the Wages of Workers

Appendix: Difficult Environmental Cases and the Role of Government

Filters