Exam 3: Supply and Demand

Use the following to answer questions : Figure: Shifts in Demand and Supply -(Figure: Shifts in Demand and Supply)Use Figure: Shifts in Demand and Supply.The figure shows how supply and demand might shift in response to specific events.Suppose scientists discover that eating a tomato a day prevents ageing.Which panel BEST describes how this will affect the market for tomatoes?

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(Multiple Choice)

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Question 1

Correct Answer:

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If the supply and demand curves intersect at a price of $47,then any price above that would result in:

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Question 2

Correct Answer:

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In the local market for coffee,if Joyce's Java and Everyday Joe's coffee shops go out of business,the _ curve shifts to the _.

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Question 3

Correct Answer:

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Suppose the market for gasoline is in equilibrium.You have heard that the price of crude oil is falling because of new oil discoveries.You are also aware that the number of car and truck drivers is steadily rising.Knowing this,you predict that the price of gasoline will _ and the quantity of gasoline bought and sold will _.

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Question 4

A farmer finds that when he produces more corn,he also has more cornstalks that he can sell as decorations.To the farmer,corn and cornstalks are:

(Multiple Choice)

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Question 5

Use the following to answer questions : Figure: The Blu-ray Disc Rental Market -(Figure: The Blu-ray Disc Rental Market)Use Figure: The Blu-ray Disc Rental Market.At a rental price of $3,there will be:

(Multiple Choice)

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Question 6

In the market for tacos,the factor that does NOT shift the supply curve to the left is:

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Question 7

Use the following to answer questions : Figure: Shifts in Demand and Supply II -(Figure: Shifts in Demand and Supply II)Use Figure: Shifts in Demand and Supply II.The graph shows how supply and demand might shift in response to specific events.Suppose a drought destroys one-third of the nation's wheat crop.Which panel BEST describes how this will affect the market for wheat?

(Multiple Choice)

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Question 8

Gasoline,a derivative of oil,is a large part of transportation costs for many producers.If the price of oil increases at the same time that incomes fall for many consumers,one would expect the equilibrium price of many normal goods to _,while their equilibrium quantities would _.

(Multiple Choice)

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Question 9

If the supply and demand curves intersect at a price of $14,then any price below that would result in:

(Multiple Choice)

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Question 10

Use the following to answer questions : Figure: Shifts in Demand and Supply III -(Figure: Shifts in Demand and Supply III)Use Figure: Shifts in Demand and Supply III.The figure shows how supply and demand might shift in response to specific events.Suppose the technology for producing snowboards improves.Which panel BEST describes how this will affect the market for winter parkas,a complement in consumption of snowboards?

(Multiple Choice)

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Question 11

The market price of airline flights increased recently.Some economists suggest that the price increased because several airlines went out of business.They believe that,in the market for flights:

(Multiple Choice)

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Question 12

Which factor is MOST likely to shift the supply of milk to the right?

(Multiple Choice)

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Question 13

Use the following to answer questions : -(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.A surplus of the good will occur at a price of:

(Multiple Choice)

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Question 14

Consider two competing motorcycle manufacturers,Harley-Davidson and Honda.If Harley-Davidson raises the price of its motorcycles,we can expect:

(Multiple Choice)

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Question 15

Use the following to answer questions : -(Table: The Demand for Chocolate-Covered Peanuts)Use Table: The Demand for Chocolate-Covered Peanuts.If George,Barbara,and Dan are the only three buyers in the market and the price of a bag of chocolate-covered peanuts is $0.80,the total market quantity demanded is _____ bags per month.

(Multiple Choice)

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Question 16

After graduation from university,you might have an increase in your income from a new job.If as a result you decide that you will purchase more T-bone steak and less hamburger,then for you hamburger is a(n)_____ good.

(Multiple Choice)

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Question 17

A shift of the demand curve for thin-crust pizza would NOT be caused by a change in:

(Multiple Choice)

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Question 18

Use the following to answer questions : Figure: Demand for Online Movie Rentals -(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of Google Chromecast adapters (a complement good)would result in a change illustrated by the move from:

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Question 19

A decrease in the price of a good will generally result in an:

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Question 20

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If the supply and demand curves intersect at a price of $47,then any price above that would result in:

In the local market for coffee,if Joyce's Java and Everyday Joe's coffee shops go out of business,the _ curve shifts to the _.

A farmer finds that when he produces more corn,he also has more cornstalks that he can sell as decorations.To the farmer,corn and cornstalks are:

Use the following to answer questions : Figure: The Blu-ray Disc Rental Market -(Figure: The Blu-ray Disc Rental Market)Use Figure: The Blu-ray Disc Rental Market.At a rental price of $3,there will be:

In the market for tacos,the factor that does NOT shift the supply curve to the left is:

Gasoline,a derivative of oil,is a large part of transportation costs for many producers.If the price of oil increases at the same time that incomes fall for many consumers,one would expect the equilibrium price of many normal goods to _,while their equilibrium quantities would _.

If the supply and demand curves intersect at a price of $14,then any price below that would result in:

The market price of airline flights increased recently.Some economists suggest that the price increased because several airlines went out of business.They believe that,in the market for flights:

Which factor is MOST likely to shift the supply of milk to the right?

Use the following to answer questions : -(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.A surplus of the good will occur at a price of:

Consider two competing motorcycle manufacturers,Harley-Davidson and Honda.If Harley-Davidson raises the price of its motorcycles,we can expect:

After graduation from university,you might have an increase in your income from a new job.If as a result you decide that you will purchase more T-bone steak and less hamburger,then for you hamburger is a(n)_____ good.

A shift of the demand curve for thin-crust pizza would NOT be caused by a change in:

Use the following to answer questions : Figure: Demand for Online Movie Rentals -(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of Google Chromecast adapters (a complement good)would result in a change illustrated by the move from:

A decrease in the price of a good will generally result in an:

First Principles

Economic Models

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

Exam 3: Supply and Demand

If the supply and demand curves intersect at a price of $47,then any price above that would result in:

In the local market for coffee,if Joyce's Java and Everyday Joe's coffee shops go out of business,the _____ curve shifts to the _____.

A farmer finds that when he produces more corn,he also has more cornstalks that he can sell as decorations.To the farmer,corn and cornstalks are:

Use the following to answer questions : Figure: The Blu-ray Disc Rental Market -(Figure: The Blu-ray Disc Rental Market)Use Figure: The Blu-ray Disc Rental Market.At a rental price of $3,there will be:

In the market for tacos,the factor that does NOT shift the supply curve to the left is:

Gasoline,a derivative of oil,is a large part of transportation costs for many producers.If the price of oil increases at the same time that incomes fall for many consumers,one would expect the equilibrium price of many normal goods to _____,while their equilibrium quantities would _____.

If the supply and demand curves intersect at a price of $14,then any price below that would result in:

The market price of airline flights increased recently.Some economists suggest that the price increased because several airlines went out of business.They believe that,in the market for flights:

Which factor is MOST likely to shift the supply of milk to the right?

Use the following to answer questions : -(Table: Competitive Market for Good Z)Use Table: Competitive Market for Good Z.A surplus of the good will occur at a price of:

Consider two competing motorcycle manufacturers,Harley-Davidson and Honda.If Harley-Davidson raises the price of its motorcycles,we can expect:

After graduation from university,you might have an increase in your income from a new job.If as a result you decide that you will purchase more T-bone steak and less hamburger,then for you hamburger is a(n)_____ good.

A shift of the demand curve for thin-crust pizza would NOT be caused by a change in:

Use the following to answer questions : Figure: Demand for Online Movie Rentals -(Figure: Demand for Online Movie Rentals)Use Figure: Demand for Online Movie Rentals.A decrease in the price of Google Chromecast adapters (a complement good)would result in a change illustrated by the move from:

A decrease in the price of a good will generally result in an:

First Principles

Economic Models

Consumer and Producer Surplus

Price Controls and Quotas

Elasticity

Taxes

International Trade

Decision Making by Individuals and Firms

The Rational Consumer

Behind the Supply Curve- Inputs and Costs

Perfect Competition and the Supply Curve

Monopoly

Oligopoly

Monopolistic Competition

Externalities

Public Goods and Common Resources

The Economics of the Welfare State

Factor Markets and the Distribution of Income

Uncertainty, risk, and Private Information

Graphs in Economics

Consumer Preferences

Indifference Curve Analysis

Filters

In the local market for coffee,if Joyce's Java and Everyday Joe's coffee shops go out of business,the _ curve shifts to the _.

Gasoline,a derivative of oil,is a large part of transportation costs for many producers.If the price of oil increases at the same time that incomes fall for many consumers,one would expect the equilibrium price of many normal goods to _,while their equilibrium quantities would _.