Economics Chapter 3 Answer 237 Multiple Choice Figure Supply And

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Figure: Shifts in Demand and Supply III

Reference: Ref 3-15

(Figure: Shifts in Demand and Supply III) Look at the figure Shifts in Demand and

Supply III. The figure shows how supply and demand might shift in response to

specific events. Suppose scientists discover that eating asparagus slows down the

aging process. Which panel best describes how this will affect the market for

asparagus?

227. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply III

Reference: Ref 3-15

(Figure: Shifts in Demand and Supply III) Look at the figure Shifts in Demand and

Supply III. The figure shows how supply and demand might shift in response to

specific events. Suppose a wet and sunny year increases the nation’s corn crop by

20%. Which panel best describes how this will affect the market for corn?

Answer panel A

228. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply III

Reference: Ref 3-15

(Figure: Shifts in Demand and Supply III) Look at the figure Shifts in Demand and

Supply III. The figure shows how supply and demand might shift in response to

specific events. Suppose a spring frost destroys one–third of the nation’s artichoke

crop. Which panel best describes how this will affect the market for mayonnaise,

which is a complement to artichokes?

Answer panel A

229. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply III

Reference: Ref 3-15

(Figure: Shifts in Demand and Supply III) Look at the 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 of snowboards?

230. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose consumer incomes increase. Which panel best describes

how this will affect the market for big–screen televisions, a normal good?

Answer panel A

231. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

Points: 0

Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose the Surgeon General announces that eating chocolate

prevents heart disease. Which panel best describes how this will affect the market

for chocolate?

Answer panel A

232. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose the price of lumber falls dramatically. Which panel best

describes how this will affect the market for houses?

Answer panel A

233. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

Points: 0

Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose oil becomes more expensive. Which panel best

describes how this will affect the market for gasoline, which is made from oil?

Answer panel A

234. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose half of the people in San Diego move to Colorado Springs.

Which panel best describes how this will affect the market for houses in Colorado

Springs?

Answer panel A

235. Multiple Choice: Figure: Shifts in Demand and Supply I...

Question

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Figure: Shifts in Demand and Supply IV

Reference: Ref 3-16

(Figure: Shifts in Demand and Supply IV) Look at the figure Shifts in Demand and

Supply IV. The figure shows how supply and demand might shift in response to

specific events. Suppose half of the people in San Diego pack up and move to

Colorado Springs. Which panel best describes how this will affect the supply of

houses in San Diego?

panel D

236. Multiple Choice: Figure: Supply and Demand in the Oran...

Question

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Figure: Supply and Demand in the Orange Juice Market

Reference: Ref 3-17

(Figure: Supply and Demand in the Orange Juice Market) Look at the figure Supply

and Demand in the Orange Juice Market. Suppose a hurricane hits Florida, where

oranges are grown. What will be the most likely new equilibrium point in the orange

juice market?

237. Multiple Choice: Figure: Supply and Demand in the Oran...

Question

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Figure: Supply and Demand in the Orange Juice Market

Reference: Ref 3-17

(Figure: Supply and Demand in the Orange Juice Market) Look at the figure Supply

and Demand in the Orange Juice Market. Suppose most people drink orange juice

only with champagne. What will be the new equilibrium point in the orange juice

market if a law banning alcohol passes?

Answer A

238. Multiple Choice: Figure: Supply and Demand in the Oran...

Question

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Figure: Supply and Demand in the Orange Juice Market

Reference: Ref 3-17

(Figure: Supply and Demand in the Orange Juice Market) Look at the figure Supply

and Demand in the Orange Juice Market. A reputable scientist asserts in a major

scientific publication that drinking orange juice will increase your life span. What

will be the most likely new equilibrium point in the orange juice market?

Answer A

239. Multiple Choice: When milk prices increased in 2008, o...

Question When milk prices increased in 2008, one milk consumer stated that the reason he

cut down on milk consumption is so that he could drive his car. This action

represents a:

240. Multiple Choice: A decrease in the price of eggs will ...

Question A decrease in the price of eggs will result in:

Answer an increase in the demand for eggs.

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241. Multiple Choice: A decrease in the price of a good wil...

Question A decrease in the price of a good will result in:

Answer an increase in demand.

242. Multiple Choice: If the price of corn is rises, we wou...

Question If the price of corn is rises, we would expect:

Answer the quantity of corn demanded to rise.

243. Multiple Choice: Assume that corn is an input in the p...

Question Assume that corn is an input in the production of beef but not in the production of

pork. Further, beef and pork are substitutes. A decrease in the price of corn will:

Answer increase the supply of beef and increase the demand for pork.

244. Multiple Choice: The market for soybeans is initially …

Question

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The market for soybeans is initially in equilibrium. Because of mad cow disease,

producers decide to replace bone meal with soybeans in cattle feed. The likely

effect is that:

245. Multiple Choice: An increase in which of the following...

Question An increase in which of the following determinants of demand will have an

ambiguous (uncertain) effect on price?

Answer tastes and preferences

246. Multiple Choice: Which of the following would result i...

Question Which of the following would result in a movement along the demand curve?

Answer a change in preferences

247. Multiple Choice: Markets that are characterized by man...

Question Markets that are characterized by many buyers and many sellers are referred to

as:

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248. Multiple Choice: Alice goes to the local supermarket t...

Question Alice goes to the local supermarket to purchase one package of her favorite taco

shells. She often pays $1.50 for a package, but she finds they are on sale for $1

each. According to the law of demand, one can expect Alice to:

Answer purchase an alternative good.

249. Multiple Choice: When the price of a good increases an...

Question When the price of a good increases and the quantity demanded decreases, this is

often referred to as:

Answer efficiency.

250. Multiple Choice: Recent research suggests that certain...

Question Recent research suggests that certain plastic containers may have cancer–causing

elements in them. As a result of this research, one would expect that:

Points: 0