4751661
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In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?
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if supply and demand both decline
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if supply and demand both rise
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if supply declines and demand rises
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if supply rises and demand declines
Frage 2
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Rent controls can result in?
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deteriorating or abandoned buildings
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strong incentives to oust protected tenants
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payments to motivate tenants to move out
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benefits to rich people who get a windfall from low rents
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all of the answers are correct
Frage 3
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Refer to exhibit 4-2. Which of the following would cause a shift of demand from D' to D?
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an increase in the price of a substitute good
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an increase in the number of consumers
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a decrease in the price of a complementary good
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a decline in consumers' incomes if it is a normal good
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an increase in consumers' incomes if it is a normal good
Frage 4
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consider exhibit 4-3. Which of the following statements is most likely correct regarding the market for corn?
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in 2008 the quantity purchased exceeded the quantity sold
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in 2008 the corn market was not in equilibrium
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the weather for corn production was probably better in 2010 than in 2009
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between 2010 and 2011 both the supply and demand for corn must have increased
Frage 5
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The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?
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an increase in the price of other kinds of candy
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an increase in the price of the ingredients used to make chewing gum
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an agreement by workers in the chewing gum industry to work for lower wages
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a decrease in the number of young people in the population
Frage 6
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If the market for beef cattle was initially in equilibrium, an increase in the price of the feed grains used to fatten cattle would cause
Antworten
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the demand for beef cattle to increase, driving the price of beef upward
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the supply of beef cattle to decline, driving the price of beef upward in the long run
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the supply of beef to increase, placing downward pressure on the price of beef in the long run
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both supply and demand to fall, leaving the price of beef virtually unchanged
Frage 7
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Two events occur simultaneously in the market for automobiles; 1.an improvement in assembly line technology and 2. the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that
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equilibrium quantity will rise
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equilibrium quantity will fall
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equilibrium price will rise
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equilibrium price will fall
Frage 8
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refer to exhibit 4-13. The discovery that breast milk offers greater health protection to babies than baby formula will cause which of the following to happen?
Antworten
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movement from d to c on supply curve S2
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supply shift from S2 to S1
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movement from a to b on supply curve S1
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supply shift from S1 to S2
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movement from c to d on the supply curve S2
Frage 9
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If demand increases and supply decreases, quantity will?
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always increase
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always decrease
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increase only if supply decreases more than demand increases
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increase only if supply decreases less than demand increases
Frage 10
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Suppose the current equilibrium price of pizza is $5. If the government decides the price of pizza cannot rise above $4, the results of this policy would be?
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shortage
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surplus
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that the market would remain in equilibrium but with a larger quantity bought and sold than $5
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at the $4 price, the quantity sold would be greater than the quantity bought
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a shift of demand to the right
Frage 11
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If demand decreases and supply increases, price will?
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always increase
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always decrease
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increase only if supply increases more than demand decreases
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increase only if supply increases less than demand decreases
Frage 12
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If both demand and supply increase, price will?
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always increase
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always decrease
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increase only if supply increases more than demand does
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increase only if demand increases more than supply does
Frage 13
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Exhibit 4-5 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?
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the quantity supplied at the price ceiling will equal the quantity sold
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at the ceiling, there is a surplus
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in equilibrium, the quantity demanded is 800 gallons
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the quantity demanded at the price ceiling will equal the quantity supplied
Frage 14
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Attempts are being made to develop a biodegradable plastic using agricultural produce such as potatoes. If these attempts are successful, what will happen to the equilibrium price and quantity of potatoes?
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price will increase and quantity will decrease
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price will increase and quantity increase
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price will decrease and quantity will increase
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price will decrease and quantity decrease
Frage 15
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The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?
Antworten
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an increase in the price of other kinds of candy
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an increase in the price of the ingredients used to make chewing gum
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a decrease in the number of young people in the population
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an agreement by workers in the chewing gum industry to work for lower wages
Frage 16
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If both supply and demand increase, then the change in equilibrium quantity is indeterminate.
Antworten
- True
- False
Frage 17
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If supply increases and demand decreases, then equilibrium price will fall.
Antworten
- True
- False
Frage 18
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If the demand for bicycles increases,
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the quantity demanded decreases
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equilibrium price increases and equilibrium quantity decreases
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equilibrium price decreases and equilibrium quantity increases
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quantity supplied increases
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quantity supplied decreases
Frage 19
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Suppose a market is in equilibrium and then a price ceiling is established below the equilibrium price. Which of the following will happen?
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quantity demanded will decrease
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a surplus will develop
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a shortage will develop
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the quantity sold will rise
Frage 20
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In the market for chewing gum, the current price is 50 cents a pack and 100,000 packs are sold. Which of the following events would lead to a new equilibrium price of 60 cents and quantity of 90,000 packs?
Antworten
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an increase in the price of other kinds of candy
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an increase in the price of the ingredients used to make chewing gum
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a decrease in the number of young people in the population
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an agreement by workers in the chewing gum industry to work for lower wages
Frage 21
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Over the last few years, demand for DVDs has increased, and yet their equilibrium price has fallen. Which of the following best explains this situation?
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the supply of DVDs must have increased more than the demand for DVDs increased
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the demand curve for DVDs slopes upward, so an increase in demand leads to a lower price
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the supply of DVDs must have decreased
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there has been a shortage of DVDs
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when the price falls, the quantity supplied increases
Frage 22
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many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A high minimum wage would?
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increase the supply of labor while decreasing the demand for labor
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decrease the supply of labor while increasing the demand for labor
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increase the quantity supplied of labor while decreasing the quantity demanded of labor
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decrease the quantity supplied of labor while increasing the quantity demanded of labor
Frage 23
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A surplus occurs whenever
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a current price is greater than equilibrium price
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quantity supplied exceeds quantity demanded at the equilibrium price
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quantity demanded is greater than quantity supplied
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the problem of scarcity of a good is solved
Frage 24
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Which of thee following is correct when a price is set below a market's equilibrium price?
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quantity demanded exceeds quantity supplied at the set price
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quantity demanded is less than quantity supplied at the set price
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quantity demanded is equal to quantity supplied at the set price
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at the set price there is a surplus
Frage 25
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Refer to exhibit 4-13. An increase in the price of baby formula will cause which of the following to occur?
Antworten
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a movement from a to b on supply curve S1
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supply shift from S2 to S1
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a movement from d to c on supply curve S2
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supply shift from S1 to S2
Frage 26
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Suppose demand decreases and supply decreases. which of the following will happen?
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equilibrium price will increase
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equilibrium price will decrease
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equilibrium quantity will increase
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equilibrium quantity will decrease
Frage 27
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If there is a shortage in the market for jeans,
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producers' inventories will increase
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the price should begin to rise
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the demand curve will shift to restore equilibrium in the market
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the supply curve will shift to restore equilibrium in the market
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producers' expect government to impose a price ceiling
Frage 28
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If demand increases and supply decreases,
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equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged
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equilibrium price will fall; equilibrium quantity will either rise or fall
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equilibrium quantity will rise; equilibrium price will either rise or fall
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equilibrium price and quantity will both rise
Frage 29
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Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that
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the price of the tickets must be very high or else people would not consider them valuable
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the price is set below the equilibrium level
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the football stadium is relatively small
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everyone who attends the game will enjoy it
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the price is determined primarily by the fixed supply of tickets
Frage 30
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In exhibit 4-4, suppose a price floor is established at $20.00. What is the result?
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there is no change from the situation that exists at the equilibrium price
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a surplus of 20 units
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a shortage of 20 units
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a surplus of 10 units
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a shortage of 10 units
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