8329247
Description
Quiz by Michaela Juric-Donlan, updated more than 1 year ago
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Created by Michaela Juric-Donlan
over 7 years ago
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Question 1
Question
Which of the following shifts the supply curve for oranges?
Answer
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An increase in income for all orange consumers if oranges are a normal good.
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Disastrous weather that destroys about half of this year's orange crop.
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An increase in the number of orange consumers.
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A newly discovered increase in the nutritional value of oranges.
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An increase in the price of bananas, a substitute in consumption for oranges.
Question 2
Question
Which of the following increases the demand for a good or service?
Answer
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A rise in the price of the good or service.
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A fall in the price of the good or service.
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A rise in the price of a substitute good or service.
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A rise in the price of a complement.
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A smaller number of consumers wanting to buy the good or service.
Question 3
Question
There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand we must
Answer
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give up because there is no way to find the market demand.
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average the price each buyer is willing to pay for each given quantity.
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add the quantities that each buyer will purchase at every price.
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multiply the price times quantity for each buyer and then add the resulting products together.
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add the prices that each buyer will pay at every quantity.
Question 4
Question
Consumers eat salsa with corn chips. The price of salsa rises. How does the increase in the price of salsa affect the demand for corn chips?
Answer
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It decreases the demand for corn chips.
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It will decrease the demand for corn chips only if corn chips are a normal good.
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It has no effect on the demand for corn chips.
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It increases the demand for corn chips.
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It could increase, decrease or have no effect on the demand for corn chips, but more information is needed to determine the impact.
Question 5
Question
Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decreases, the fall in price
Answer
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increases the demand for Mountain Water.
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shifts the demand curve for Natural Water leftward.
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increases the price of Natural Water.
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shifts the demand curve for Natural Water rightward.
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More information is needed to determine if the demand curve for Natural Water shifts rightward or leftward.
Question 6
Question
In the figure above, a price of $15 per dozen roses results in
Answer
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a surplus.
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equilibrium.
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downward pressure on the price of roses.
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a shortage.
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an eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
Question 7
Question
Using the data in the table above, at the price of $80 a phone,
Answer
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a surplus of 25,000 cellular phones occurs.
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a shortage of 25,000 cellular phones occurs.
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the market is in equilibrium.
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a shortage of 55,000 cellular phones occurs.
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a surplus of 80,000 cellular phones occurs.
Question 8
Question
Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular phone is
Answer
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40,000 and $20
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50,000 and $100
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60,000 and $50
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100,000 and $20
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80,000 and $80
Question 9
Question
Pizza is a normal good. Which figure above shows the effect of a decrease in consumers' incomes?
Answer
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Figure C
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Figure D
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Figure B
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Figure A
Question 10
Question
Which figure above shows the effect of a decrease in the number of pizza sellers?
Answer
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Figure B
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Figure C
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Figure A
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Figure D
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Both Figures A and C
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