Economics Chapter 3 Points Fall The Price The Good Increase

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Figure: Demand for Coconuts

Reference: Ref 3-1

(Figure: Demand for Coconuts) Look at the figure Demand for Coconuts. If

coconuts are a normal good and consumers believe that the price of coconuts will

rise significantly in the near future, it will be represented in the figure as a

movement from:

Answer C to A.

72. Multiple Choice: Reference: Ref 3-2 (Table: The Deman...

Question

Reference: Ref 3-2

(Table: The Demand for Chocolate-Covered Peanuts.) Look at the table The

Demand for Chocolate-Covered Peanuts. If the price of chocolate–covered peanuts

is $0.60, the quantity demanded by George is ________ bags per month.

Answer 10

Points: 0

73. Multiple Choice: Reference: Ref 3-2 (Table: The Deman...

Question

Reference: Ref 3-2

(Table: The Demand for Chocolate-Covered Peanuts) Look at the table The Demand

for Chocolate-Covered Peanuts.) Barbara demands 20 bags of chocolate-covered

peanuts when the price of each bag is ________.

Answer $0.90

74. Multiple Choice: Reference: Ref 3-2 (Table: The Deman...

Question

Points: 0

Reference: Ref 3-2

(Table: The Demand for Chocolate-Covered Peanuts) Look at the 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 demand is ________ bags per month.

Answer 70

75. Multiple Choice: Reference: Ref 3-2 (Table: The Deman...

Question

Reference: Ref 3-2

(Table: The Demand for Chocolate-Covered Peanuts) Look at the 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 $0.50,

the total market demand is ________ bags per month.

Answer 80

Points: 0

76. Multiple Choice: Figure: Demand for DVDs Reference: Re...

Question Figure: Demand for DVDs

Reference: Ref 3-3

(Figure: Demand for DVDs) Look at the figure Demand for DVDs. A decrease in the rental

price of DVD would result in a change illustrated by:

Answer the move from f to g in panel A.

77. Multiple Choice: Figure: Demand for DVDs Reference: Re...

Question

Points: 0

Figure: Demand for DVDs

Reference: Ref 3-3

(Figure: Demand for DVDs) Look at the figure Demand for DVDs. A decrease in the price of

DVD players (a complement) would result in a change illustrated by:

Answer the move from f to g in panel A.

78. Multiple Choice: Figure: Demand for DVDs Reference: Re...

Question

Points: 0

Figure: Demand for DVDs

Reference: Ref 3-3

(Figure: Demand for DVDs) Look at the figure Demand for DVDs. A decrease in the price of

movie tickets (a substitute) would result in a change illustrated by:

79. Multiple Choice: _________ illustrates a direct relati...

Question _________ illustrates a direct relationship between price and quantity.

Answer A demand curve

Points: 0

80. Multiple Choice: The typical supply curve illustrates ...

Question The typical supply curve illustrates that:

Answer other things equal, the quantity supplied for a good is inversely related to the

price of a good.

81. Multiple Choice: When the price of lamps increases, the:

Question When the price of lamps increases, the:

Answer supply increases.

82. Multiple Choice: When the price of armchairs increases...

Question When the price of armchairs increases, the:

83. Multiple Choice: A decrease in supply means:

Question A decrease in supply means:

Points: 0

84. Multiple Choice: The primary difference between a chan...

Question The primary difference between a change in supply and a change in the quantity

supplied is that:

85. Multiple Choice: If the price of a commodity increases...

Question If the price of a commodity increases, you would expect the:

Answer supply to increase.

86. Multiple Choice: In the market for tacos, each of the ...

Question In the market for tacos, each of the following shifts the supply curve to the left

except:

Answer an increase in the price of beef.

Points: 0

87. Multiple Choice: In the local market for coffee, what ...

Question In the local market for coffee, what would happen if Joyce’s Java and Everyday

Joe’s coffee shops go out of business?

Answer The supply curve shifts to the right.

88. Multiple Choice: Which of the following is not a deter...

Question Which of the following is not a determinant of supply?

Answer expectations regarding future prices

89. Multiple Choice: Which of the following influences doe...

Question Which of the following influences does not shift the supply curve?

90. Multiple Choice: Which of the following will not cause…

Question Which of the following will not cause an increase in the supply of good X?

Points: 0

a decrease in the price of inputs used to produce good X

91. Multiple Choice: Consider the supply curve for cotton ...

Question Consider the supply curve for cotton shirts. An increase in the price of cotton will:

Answer increase the supply of cotton shirts.

92. Multiple Choice: Over the past few years, the technolo...

Question Over the past few years, the technology associated with producing flat-panel

televisions has improved. This has led to ________ in ________ flat-panel

televisions.

93. Multiple Choice: A technological advance in the produc...

Question A technological advance in the production of automobiles will:

94. Multiple Choice: An increase in supply of a good is ca...

Question An increase in supply of a good is caused by:

Answer input prices rising.

Points: 0

95. Multiple Choice: An increase in supply is caused by:

Question An increase in supply is caused by:

Answer an increase in input prices.

96. Multiple Choice: A decrease in supply is caused by:

Question A decrease in supply is caused by:

97. Multiple Choice: If the price of mozzarella cheese (an...

Question If the price of mozzarella cheese (an ingredient in pizza) declines, there would be:

Answer a decrease in the supply of pizza.

98. Multiple Choice: An increase in supply is caused by:

Points: 0

Question An increase in supply is caused by:

Answer an increase in input prices.

99. Multiple Choice: A decrease in supply is caused by:

Question A decrease in supply is caused by:

Answer a decrease in input prices.

100. Multiple Choice: Which of the following would not caus...

Question Which of the following would not cause the supply curve to shift?

Answer a change in the technology of production

101. Multiple Choice: A shift to the left of a supply curve…

Question A shift to the left of a supply curve is caused by:

Answer an increase in the number of sellers.

Points: 0

102. Multiple Choice: Which of the following is most likely...

Question Which of the following is most likely to shift the supply of milk to the right?

Answer a tax on each gallon of milk produced

103. Multiple Choice: In the market for wheat, what would h...

Question In the market for wheat, what would happen if the price of ethanol (which is made

from corn) increases dramatically?

Answer an increase in supply of wheat

104. Multiple Choice: Which of the following will not cause…

Question Which of the following will not cause an increase in the supply of cornflakes in the

short run?

105. Multiple Choice: Figure: Supply of Coconuts Reference:…

Question

Points: 0

Figure: Supply of Coconuts

Reference: Ref 3-4

(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the price of

coconuts decreased, it would be represented in the figure as a movement from:

106. Multiple Choice: Figure: Supply of Coconuts Reference:…

Question Figure: Supply of Coconuts

Reference: Ref 3-4

(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the prices of

inputs (e.g., labor, fertilizer, and fuel) used to produce and transport coconuts

increased, it would be represented in the figure as a movement from:

Answer A to B.

Points: 0

107. Multiple Choice: Figure: Supply of Coconuts Reference:…

Question Figure: Supply of Coconuts

Reference: Ref 3-4

(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. If the prices of

inputs (e.g., labor, fertilizer, and fuel) used to produce and transport coconuts

decreased, it would be represented in the figure as a movement from:

Answer A to B.

108. Multiple Choice: Figure: Supply of Coconuts Reference:…

Question

Points: 0

Figure: Supply of Coconuts

Reference: Ref 3-4

(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. An

improvement in the technology used to harvest coconuts (e.g., a faster, less

expensive coconut picker) would be represented in the figure as a movement from:

109. Multiple Choice: Figure: Supply of Coconuts Reference:…

Question Figure: Supply of Coconuts

Reference: Ref 3-4

(Figure: Supply of Coconuts) Look at the figure Supply of Coconuts. An

expectation on the part of coconut suppliers that the price of coconuts will be

significantly higher in the very near future would be represented in the figure as a

movement from

Points: 0

Answer A to B.

110. Multiple Choice: Figure: The Supply of DVD Rentals Ref…

Question Figure: The Supply of DVD Rentals

Reference: Ref 3-5

(Figure: The Supply of DVD Rentals) Look at the figure The Supply of DVD Rentals. A

decrease in the price of DVD rentals would result in a change illustrated by the move from:

Answer n to o in panel A.

Points: 0

111. Multiple Choice: Figure: The Supply of DVD Rentals Ref…

Question Figure: The Supply of DVD Rentals

Reference: Ref 3-5

(Figure: The Supply of DVD Rentals) Look at the figure The Supply of DVD Rentals. A

decrease in the price of DVDs sold by movie producers to rental stores would result in a

change illustrated by the move from:

112. Multiple Choice: Reference: Ref 3-6 (Table: Supply of...

Question

Points: 0

Reference: Ref 3-6

(Table: Supply of Lemonade) Look at the table Supply of Lemonade. When the

price of lemonade is $1 per cup, the quantity of lemonade supplied by Eli will be:

113. Multiple Choice: Reference: Ref 3-6 (Table: Supply of...

Question

Reference: Ref 3-6

(Table: Supply of Lemonade) Look at the table Supply of Lemonade. If the price of

lemonade is $1 per cup, the total quantity of lemonade supplied will be:

Points: 0

114. Multiple Choice: If the market for buffalo meat is in ...

Question If the market for buffalo meat is in equilibrium, the price of buffalo meat will probably

________ in the near future.

Answer increase

115. Multiple Choice: Market equilibrium occurs when:

Question Market equilibrium occurs when:

Answer there is no incentive for prices to change in the market.

116. Multiple Choice: The market equilibrium is found at the:

Question The market equilibrium is found at the:

Answer price where quantity demanded exceeds quantity supplied.

117. Multiple Choice: Suppose the equilibrium price of good...

Question Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150

units. If the price of good Y is $12:

Answer the quantity demanded will be greater than 150 units.

the quantity supplied will be less than 150 units.

Points: 0