Week 4 Online Quiz

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Week 4 online quiz
Michaela Juric-Donlan
Quiz by Michaela Juric-Donlan, updated more than 1 year ago
Michaela Juric-Donlan
Created by Michaela Juric-Donlan over 7 years ago
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Resource summary

Question 1

Question
Which of the following shifts the supply curve for oranges?
Answer
  • An increase in income for all orange consumers if oranges are a normal good.
  • Disastrous weather that destroys about half of this year's orange crop.
  • An increase in the number of orange consumers.
  • A newly discovered increase in the nutritional value of oranges.
  • 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
  • A rise in the price of the good or service.
  • A fall in the price of the good or service.
  • A rise in the price of a substitute good or service.
  • A rise in the price of a complement.
  • 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
  • give up because there is no way to find the market demand.
  • average the price each buyer is willing to pay for each given quantity.
  • add the quantities that each buyer will purchase at every price.
  • multiply the price times quantity for each buyer and then add the resulting products together.
  • 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
  • It decreases the demand for corn chips.
  • It will decrease the demand for corn chips only if corn chips are a normal good.
  • It has no effect on the demand for corn chips.
  • It increases the demand for corn chips.
  • 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
  • increases the demand for Mountain Water.
  • shifts the demand curve for Natural Water leftward.
  • increases the price of Natural Water.
  • shifts the demand curve for Natural Water rightward.
  • 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
  • a surplus.
  • equilibrium.
  • downward pressure on the price of roses.
  • a shortage.
  • 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
  • a surplus of 25,000 cellular phones occurs.
  • a shortage of 25,000 cellular phones occurs.
  • the market is in equilibrium.
  • a shortage of 55,000 cellular phones occurs.
  • 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
  • 40,000 and $20
  • 50,000 and $100
  • 60,000 and $50
  • 100,000 and $20
  • 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
  • Figure C
  • Figure D
  • Figure B
  • Figure A

Question 10

Question
Which figure above shows the effect of a decrease in the number of pizza sellers?
Answer
  • Figure B
  • Figure C
  • Figure A
  • Figure D
  • Both Figures A and C
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