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8329247
Week 4 Online Quiz
Description
Week 4 online quiz
No tags specified
micro economic principles
econ111
micro economic principles
1
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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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
Image:
b982ca30-47f2-4596-8917-fe120f3ebaec (image/png)
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,
Image:
d90a8395-005e-4d30-87da-45eb520052f8 (image/png)
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
Image:
f1b4b994-dfd7-46a9-a970-d21a5b7332da (image/png)
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?
Image:
8e56bef3-5c0e-4bc8-814f-656d8bbcb0ce (image/png)
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?
Image:
250e6f75-e4ef-48a6-b3ce-c7b0b1151266 (image/png)
Answer
Figure B
Figure C
Figure A
Figure D
Both Figures A and C
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