Question 1

Regarding the law of supply,which of the following statements is correct?

Accepted Answer

A) As the price of a good or service rises,the quantity supplied will increase. 
B) As the price of a good or service rises,the quantity supplied will decrease. 
C) The ceteris paribus assumption does not apply. 
D) As demand falls,supply rises. 
A) As the price of a good or service rises,the quantity supplied will increase. 
B) As the price of a good or service rises,the quantity supplied will decrease. 
C) The ceteris paribus assumption does not apply. 
D) As demand falls,supply rises.

Question 2

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.

Regarding the law of supply,which of the following statements is correct?

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

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

The Macroeconomy: Unemployment, inflation, and Deflation

Measuring the Economys Performance

Global Economic Growth and Development

Real GDP and the Price Level in the Long Run

Classical and Keynesian Macro Analyses

Consumption, real GDP, and the Multiplier

Fiscal Policy

Deficit Spending and the Public Debt

Money, banking, and Central Banking

Domestic and International Dimensions of Monetary Policy

Stabilization in an Integrated World Economy

Policies and Prospects for Global Economic Growth

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

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Exam 3: Demand and Supply

Regarding the law of supply,which of the following statements is correct?

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

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

The Macroeconomy: Unemployment, inflation, and Deflation

Measuring the Economys Performance

Global Economic Growth and Development

Real GDP and the Price Level in the Long Run

Classical and Keynesian Macro Analyses

Consumption, real GDP, and the Multiplier

Fiscal Policy

Deficit Spending and the Public Debt

Money, banking, and Central Banking

Domestic and International Dimensions of Monetary Policy

Stabilization in an Integrated World Economy

Policies and Prospects for Global Economic Growth

Comparative Advantage and the Open Economy

Exchange Rates and the Balance of Payments

Filters