Exam 3: The Supply and Demand Model
Exam 1: The Central Idea154 Questions
Exam 2: Observing and Explaining the Economy107 Questions
Exam 3: The Supply and Demand Model170 Questions
Exam 4: Subtleties of the Supply and Demand Model: Price Floors,price Ceilings,and Elasticity181 Questions
Exam 5: The Demand Curve and the Behavior of Consumers136 Questions
Exam 6: The Supply Curve and the Behavior of Firms182 Questions
Exam 7: The Interaction of People in Markets158 Questions
Exam 8: Costs and the Changes at Firms Over Time172 Questions
Exam 9: The Rise and Fall of Industries139 Questions
Exam 10: Monopoly183 Questions
Exam 11: Product Differentiation, monopolistic Competition, and Oligopoly169 Questions
Exam 12: Antitrust Policy and Regulation152 Questions
Exam 13: Labor Markets179 Questions
Exam 14: Taxes, transfers, and Income Distribution180 Questions
Exam 15: Public Goods, externalities, and Government Behavior198 Questions
Exam 16: Capital and Financial Markets173 Questions
Exam 17: Macroeconomics: the Big Picture152 Questions
Exam 18: Measuring the Production, income, and Spending of Nations160 Questions
Exam 19: The Spending Allocation Model168 Questions
Exam 20: Unemployment and Employment207 Questions
Exam 21: Productivity and Economic Growth158 Questions
Exam 22: Money and Inflation149 Questions
Exam 23: The Nature and Causes of Economic Fluctuations162 Questions
Exam 24: The Economic Fluctuations Model207 Questions
Exam 25: Using the Economic Fluctuations Model177 Questions
Exam 26: Fiscal Policy137 Questions
Exam 27: Monetary Policy168 Questions
Exam 28: Economic Growth and Globalization162 Questions
Exam 29: International Trade248 Questions
Exam 30: International Finance123 Questions
Exam 31: Reading,understanding,and Creating Graphs34 Questions
Exam 32: Consumer Theory With Indifference Curves39 Questions
Exam 33: Producer Theory With Isoquants19 Questions
Exam 34: Present Discounted Value16 Questions
Exam 35: The Miracle of Compound Growth11 Questions
Exam 36:Deriving the Growth Accounting Formula13 Questions
Exam 37: Deriving the Formula for the Keynesian Multiplier and the Forward-Looking Consumption Model28 Questions
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If a drought in Florida reduces the amount of oranges grown,then
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The principle that consumers tend to buy less of a good or service when its price increases,all else held equal,is called the law of
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According to the law of demand,the price of a product increases when the quantity demanded increases.
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Suppose a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes.Which good is inferior and which good is normal? How will the equilibrium price and equilibrium quantity change for each good?
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A demand curve represents the relationship between consumer income and the quantity demanded.
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According to the law of demand,one way to reduce the amount of tobacco consumption is to
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Suppose in a financial crisis,major automakers reduce their production of autos while consumers reduce their demand for autos.We can conclude with certainty that in the market of autos,
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If a technological improvement took place in the computer industry,we would expect to see the equilibrium price of computers to
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If the government decides to pay producers of houses $2,000 for every house they produce,
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Which of the following causes a movement along the demand curve for apples?
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The demand for goods sold in Dollar Stores increases when consumer incomes fall in a recession.We can conclude that goods sold in Dollar Stores
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A price at which quantity demanded equals quantity supplied
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Suppose demand and supply in a market can be expressed by these equations:
QD = 40 - 0.5P
QS = 15 + 2P
If the prevailing market price is $14,what are the quantity demanded and the quantity supplied?
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When economists say that the demand for a product has decreased,they mean that
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Suppose it becomes a common belief among consumers that the current cotton crop falls because of a drought,the price of cotton clothing will rise greatly next year.Then in the current market for cotton clothing,the
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Exhibit 3-4
-Refer to Exhibit 3-4.If S1 and D1 are the original supply and demand curves and they shift to S2 and D2,respectively,then the new equilibrium price and quantity will be

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If incomes increase,then the ____ in the market for luxury cars as normal goods ____.
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