Question 1

If supply is unchanged,a decrease in the demand for tacos will cause the equilibrium price to:

Accepted Answer

A)  Rise and equilibrium quantity to fall. 
B)  Rise and equilibrium quantity to rise. 
C)  Fall and equilibrium quantity to rise. 
D)  Fall and equilibrium quantity to fall. 
A)  Rise and equilibrium quantity to fall. 
B)  Rise and equilibrium quantity to rise. 
C)  Fall and equilibrium quantity to rise. 
D)  Fall and equilibrium quantity to fall.

Question 2

Which of the following is not a factor of production?

Accepted Answer

A)  Land. 
B)  Wages. 
C)  Labor. 
D)  Capital. 
A)  Land. 
B)  Wages. 
C)  Labor. 
D)  Capital.

Question 3

The supply curve will shift to the left if technology improves.

Accepted Answer

A) True 
 B)False

Question 4

Figure 3.3:   
-If the market price is set at $25 per unit in Figure 3.3,there will be a:

Accepted Answer

A)  Surplus of 4 units. 
B)  Surplus of 2 units. 
C)  Shortage of 4 units. 
D)  Shortage of 2 units. 
A)  Surplus of 4 units. 
B)  Surplus of 2 units. 
C)  Shortage of 4 units. 
D)  Shortage of 2 units.

Question 5

Ceteris paribus,the quantity demanded of a good will decrease in response to:

Accepted Answer

A)  Higher income. 
B)  A higher price for the good. 
C)  A rightward shift of the supply curve. 
D)  A lower price for the gooD. 
A)  Higher income. 
B)  A higher price for the good. 
C)  A rightward shift of the supply curve. 
D)  A lower price for the gooD.

Question 6

For government,most market activity can be explained by the goal of:

Accepted Answer

A)  Welfare maximization. 
B)  Social responsibility. 
C)  Utility maximization. 
D)  Charitable responsibility. 
A)  Welfare maximization. 
B)  Social responsibility. 
C)  Utility maximization. 
D)  Charitable responsibility.

Question 7

Through specialization and exchange,people are able to consume more than if they made everything for themselves.

Accepted Answer

A) True 
 B)False

Question 8

Figure 3.3:   
-The equilibrium price and quantity in Figure 3.3 are:

Accepted Answer

A)  $5 and 3 units. 
B)  $10 and 2 units. 
C)  $15 and 3 units. 
D)  $20 and 2 units. 
A)  $5 and 3 units. 
B)  $10 and 2 units. 
C)  $15 and 3 units. 
D)  $20 and 2 units.

If supply is unchanged,a decrease in the demand for tacos will cause the equilibrium price to:

Which of the following is not a factor of production?

The supply curve will shift to the left if technology improves.

Figure 3.3: -If the market price is set at $25 per unit in Figure 3.3,there will be a:

Ceteris paribus,the quantity demanded of a good will decrease in response to:

For government,most market activity can be explained by the goal of:

Through specialization and exchange,people are able to consume more than if they made everything for themselves.

Figure 3.3: -The equilibrium price and quantity in Figure 3.3 are:

The Challenge of Economics

The US Economy

Consumer Demand

Supply Decisions

Competition

Monopoly

The Labor Market

Government Intervention

The Business Cycle

Aggregate Supply and Demand

Fiscal Policy

Money and Banks

Monetary Policy

Economic Growth

Theory and Reality

International Trade

Filters

Exam 3: Supply and Demand

If supply is unchanged,a decrease in the demand for tacos will cause the equilibrium price to:

Which of the following is not a factor of production?

The supply curve will shift to the left if technology improves.

Figure 3.3: -If the market price is set at $25 per unit in Figure 3.3,there will be a:

Ceteris paribus,the quantity demanded of a good will decrease in response to:

For government,most market activity can be explained by the goal of:

Through specialization and exchange,people are able to consume more than if they made everything for themselves.

Figure 3.3: -The equilibrium price and quantity in Figure 3.3 are:

The Challenge of Economics

The US Economy

Consumer Demand

Supply Decisions

Competition

Monopoly

The Labor Market

Government Intervention

The Business Cycle

Aggregate Supply and Demand

Fiscal Policy

Money and Banks

Monetary Policy

Economic Growth

Theory and Reality

International Trade

Filters