Exam 3: Markets, Demand and Supply, and the Price System

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The leaders of the reforms in the countries that turned from government-run economies to market economies were told by their economic advisers to watch the price of eggs,not the heavy industries such as power generation and oil refining,because:

(Multiple Choice)

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Question 61

A price ceiling imposed on a good that is below the equilibrium price will result in a shortage of that good.

(True/False)

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Question 62

In the figure given below D₁ and S₁ are the original demand and supply curves. Figure 3.1 -Refer to Figure 3.1.If demand shifts from D₁ to D₂ and supply shifts from S₁ toS₂:

(Multiple Choice)

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Question 63

The demand curve of a commodity slopes downward because of:

(Multiple Choice)

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Question 64

Which of the following would lead to a rightward shift in the demand curve for golf balls?

(Multiple Choice)

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Question 65

If a society's scarce resources are allocated by the government,which of the following is most likely to result?

(Multiple Choice)

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Question 66

Assume that at the current market price of $4 per unit of a good,you are willing and able to buy 20 units.Last year at a price of $4 per unit,you would have purchased 30 units.What is most likely to have happened over the last year?

(Multiple Choice)

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Question 67

The development of a low-cost synthetic fuel is expected to cause a decrease in the price of oil.

(True/False)

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Question 68

A price control always benefits consumers.

(True/False)

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Question 69

If an increase in the price of good X causes the demand curve for product Y to shift to the right,then X and Y are most likely to be which of the following?

(Multiple Choice)

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Question 70

A rightward shift of a market supply curve might be caused by:

(Multiple Choice)

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Question 71

_______ ensure that resources are allocated to where they are most highly valued.

(Multiple Choice)

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Question 72

Which of the following is true of a price floor?

(Multiple Choice)

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Question 73

Money exchanges are more efficient than barter because:

(Multiple Choice)

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Question 74

Other things remaining unchanged,which of the following is most likely to cause an increase in the demand for personal computers?

(Multiple Choice)

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Question 75

A market survey conducted by an electronics manufacturer reported a year on year growth in the sale of television sets,along with an increase in the selling price.Which of the following could be a likely cause for this situation?

(Multiple Choice)

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Question 76

According to the law of demand,if the price of movie rentals decreases,ceteris paribus,:

(Multiple Choice)

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Question 77

Margarine and butter can both be used as a spread on toast.This means that they are:

(Multiple Choice)

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Question 78

Which of the following is true of the law of supply?

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Question 79

Barter can best be defined as:

(Multiple Choice)

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Question 80

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Exam 3: Markets, Demand and Supply, and the Price System

The leaders of the reforms in the countries that turned from government-run economies to market economies were told by their economic advisers to watch the price of eggs,not the heavy industries such as power generation and oil refining,because:

A price ceiling imposed on a good that is below the equilibrium price will result in a shortage of that good.

In the figure given below D1 and S1 are the original demand and supply curves. Figure 3.1 -Refer to Figure 3.1.If demand shifts from D1 to D2 and supply shifts from S1 toS2:

The demand curve of a commodity slopes downward because of:

Which of the following would lead to a rightward shift in the demand curve for golf balls?

If a society's scarce resources are allocated by the government,which of the following is most likely to result?

Assume that at the current market price of $4 per unit of a good,you are willing and able to buy 20 units.Last year at a price of $4 per unit,you would have purchased 30 units.What is most likely to have happened over the last year?

The development of a low-cost synthetic fuel is expected to cause a decrease in the price of oil.

A price control always benefits consumers.

If an increase in the price of good X causes the demand curve for product Y to shift to the right,then X and Y are most likely to be which of the following?

A rightward shift of a market supply curve might be caused by:

_______ ensure that resources are allocated to where they are most highly valued.

Which of the following is true of a price floor?

Money exchanges are more efficient than barter because:

Other things remaining unchanged,which of the following is most likely to cause an increase in the demand for personal computers?

A market survey conducted by an electronics manufacturer reported a year on year growth in the sale of television sets,along with an increase in the selling price.Which of the following could be a likely cause for this situation?

According to the law of demand,if the price of movie rentals decreases,ceteris paribus,:

Margarine and butter can both be used as a spread on toast.This means that they are:

Which of the following is true of the law of supply?

Barter can best be defined as:

Economics: The World Around You

Choice, opportunity Costs, and Specialization

The Market System and the Private and Public Sector

Elasticity: Demand and Supply

Consumer Choice

Supply: The Costs of Doing Business

Profit Maximization

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Antitrust and Regulation

Market Failures, Government Failures, and Rent Seeking

Resource Markets

The Labor Market

Capital Markets

The Land Market and Natural Resources

Aging, Social Security and Health Care

Income Distribution,Poverty and Government Policy

World Trade Equilibrium

International Trade Restrictions

Exchange Rates and Financial Links Between Countries

Filters

In the figure given below D₁ and S₁ are the original demand and supply curves. Figure 3.1 -Refer to Figure 3.1.If demand shifts from D₁ to D₂ and supply shifts from S₁ toS₂: