Question 1

Demand is a schedule of

Accepted Answer

A) how much of a good a person wants. 
B) how much of a good people will purchase at each different possible price. 
C) how much of a good people will purchase at each income level. 
D) each possible price and the amount people will buy when their incomes change. 
A) how much of a good a person wants. 
B) how much of a good people will purchase at each different possible price. 
C) how much of a good people will purchase at each income level. 
D) each possible price and the amount people will buy when their incomes change.

Question 2

The law of supply states that other things being equal,

Accepted Answer

A) supply creates its own demand. 
B) supply will increase if productivity increases. 
C) as price increases, quantity supplied increases. 
D) supply will increase to meet demand if demand increases. 
A) supply creates its own demand. 
B) supply will increase if productivity increases. 
C) as price increases, quantity supplied increases. 
D) supply will increase to meet demand if demand increases.

Question 3

-Refer to the above figure. The market clearing price is

Accepted Answer

A) $2. 
B) $6. 
C) $8. 
D) $10. 
A) $2. 
B) $6. 
C) $8. 
D) $10.

Question 4

Suppose that a new study finds that eating more peanut butter will improve a person's health. As a result,

Accepted Answer

A) the demand for peanut butter will fall. 
B) the demand for peanut butter will rise. 
C) the price of peanut butter will fall. 
D) a smaller amount of peanut butter will be purchased. 
A) the demand for peanut butter will fall. 
B) the demand for peanut butter will rise. 
C) the price of peanut butter will fall. 
D) a smaller amount of peanut butter will be purchased.

Question 5

Other things being equal, an increase in wages paid to workers in the steel industry will cause

Accepted Answer

A) the quantity of steel demanded to increase. 
B) the quantity of steel supplied to decrease. 
C) the supply of steel to decrease. 
D) the demand for steel to decrease. 
A) the quantity of steel demanded to increase. 
B) the quantity of steel supplied to decrease. 
C) the supply of steel to decrease. 
D) the demand for steel to decrease.

Question 6

-Refer to the above figure. Excess quantity supplied will exist when

Accepted Answer

A) the price is between $0 and $6. 
B) the price equals $6. 
C) the price equals $10. 
D) quantity demanded equals 15. 
A) the price is between $0 and $6. 
B) the price equals $6. 
C) the price equals $10. 
D) quantity demanded equals 15.

Question 7

Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result,

Accepted Answer

A) the supply curve for sugar will shift to the right. 
B) the supply curve for sugar will shift to the left. 
C) the supply curve for cereal will shift to the right. 
D) the supply curve for cereal will shift to the left. 
A) the supply curve for sugar will shift to the right. 
B) the supply curve for sugar will shift to the left. 
C) the supply curve for cereal will shift to the right. 
D) the supply curve for cereal will shift to the left.

Question 8

When the price of tablets goes up and fewer tablets are purchased, this is representative of the

Accepted Answer

A) law of demand. 
B) law of supply. 
C) law of market operations. 
D) law of increasing costs. 
A) law of demand. 
B) law of supply. 
C) law of market operations. 
D) law of increasing costs.

Demand is a schedule of

The law of supply states that other things being equal,

-Refer to the above figure. The market clearing price is

Suppose that a new study finds that eating more peanut butter will improve a person's health. As a result,

Other things being equal, an increase in wages paid to workers in the steel industry will cause

-Refer to the above figure. Excess quantity supplied will exist when

Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result,

When the price of tablets goes up and fewer tablets are purchased, this is representative of the

The Nature of Economics

Scarcity and the World of Trade-Offs

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Consumer Choice

Rents, Profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, Supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, Poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters

Exam 3: Demand and Supply

Demand is a schedule of

The law of supply states that other things being equal,

-Refer to the above figure. The market clearing price is

Suppose that a new study finds that eating more peanut butter will improve a person's health. As a result,

Other things being equal, an increase in wages paid to workers in the steel industry will cause

-Refer to the above figure. Excess quantity supplied will exist when

Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result,

When the price of tablets goes up and fewer tablets are purchased, this is representative of the

The Nature of Economics

Scarcity and the World of Trade-Offs

Extensions of Demand and Supply Analysis

Public Spending and Public Choice

Funding the Public Sector

Demand and Supply Elasticity

Consumer Choice

Rents, Profits, and the Financial Environment of Business

The Firm: Cost and Output Determination

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly and Strategic Behavior

Regulation and Antitrust Policy in a Globalized Economy

The Labor Market: Demand, Supply and Outsourcing

Unions and Labor Market Monopoly Power

Income, Poverty, and Health Care

Environmental Economics

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters