Question 1

When we move along a given supply curve,

Accepted Answer

A)  only price is held constant. 
B)  technology and price are held constant. 
C)  all nonprice determinants of supply are held constant. 
D)  all determinants of quantity supplied are held constant. 
A)  only price is held constant. 
B)  technology and price are held constant. 
C)  all nonprice determinants of supply are held constant. 
D)  all determinants of quantity supplied are held constant.

Question 2

The law of demand is true for most goods in the economy.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is not held constant in a demand schedule?

Accepted Answer

A)  income 
B)  tastes 
C)  price 
D)  expectations 
A)  income 
B)  tastes 
C)  price 
D)  expectations

Question 4

When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

Accepted Answer

A) True 
 B)False

Question 5

Table 4-7
The demand schedule below pertains to sandwiches demanded per week.
  
-Refer to Table 4-7.Suppose x = 1.Then it must be true that

Accepted Answer

A)  Charlie and Quinn have the same income,which is lower than Maxine's income. 
B)  if sandwiches and potato chips are complements for Charlie,then those two goods are also complements for Quinn. 
C)  Charlie's demand curve is identical to Quinn's demand curve. 
D)  All of the above are correct. 
A)  Charlie and Quinn have the same income,which is lower than Maxine's income. 
B)  if sandwiches and potato chips are complements for Charlie,then those two goods are also complements for Quinn. 
C)  Charlie's demand curve is identical to Quinn's demand curve. 
D)  All of the above are correct.

Question 6

Pens are normal goods.What will happen to the equilibrium price of pens if the price of pencils rises,consumers experience an increase in income,writing in ink becomes fashionable,people expect the price of pens to rise in the near future,the population increases,fewer firms manufacture pens,and the wages of pen-makers increase?

Accepted Answer

A)  Price will rise. 
B)  Price will fall. 
C)  Price will stay exactly the same. 
D)  The price change will be ambiguous. 
A)  Price will rise. 
B)  Price will fall. 
C)  Price will stay exactly the same. 
D)  The price change will be ambiguous.

Question 7

When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

Accepted Answer

A) True 
 B)False

Exam 4: The Market Forces of Supply and Demand

When we move along a given supply curve,

The law of demand is true for most goods in the economy.

Which of the following is not held constant in a demand schedule?

When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose x = 1.Then it must be true that

When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

Ten Principles of Economics

Thinking Like an Economist

Interdependence and the Gains From Trade

Elasticity and Its Application

Supply, Demand, and Government Policies

Consumers, Producers, and the Efficiency of Markets

Application: The Costs of Taxation

Application: International Trade

Externalities

Public Goods and Common Resources

The Design of the Tax System

The Costs of Production

Firms in Competitive Markets

Monopoly

Monopolistic Competition

Oligopoly

The Markets for the Factors of Production

Earnings and Discrimination

Income Inequality and Poverty

The Theory of Consumer Choice

Frontiers of Microeconomics

Measuring a Nations Income

Measuring the Cost of Living

Production and Growth

Saving, investment, and the Financial System

The Basic Tools of Finance

Unemployment

The Monetary System

Money Growth and Inflation

Open-Economy Macroeconomics: Basic Concepts

A Macroeconomic Theory of the Open Economy

Aggregate Demand and Aggregate Supply

The Influence of Monetary and Fiscal Policy on Aggregate Demand

The Short-Run Trade-Off Between Inflation and Unemployment

Five Debates Over Macroeconomic Policy

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