Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
118. Multiple Choice: Excess supply occurs when:
Question Excess supply occurs when:
119. Multiple Choice: If the quantity supplied in a market ...
Question If the quantity supplied in a market exceeds the quantity demanded in a market,
we would expect prices to:
Answer stay the same.
120. Multiple Choice: If the quantity of housing supplied i...
Question If the quantity of housing supplied in a community is greater than the quantity of
houses demanded, the existing price:
121. Multiple Choice: If the supply and demand curves inter...
Question
Points: 0
Points: 0
Points: 0
Points: 0
If the supply and demand curves intersect at a price of $47, then any price above
that would result in:
122. Multiple Choice: If the supply and demand curves inter...
Question If the supply and demand curves intersect at a price of $14, then any price below
that would result in:
123. Multiple Choice: Suppose the equilibrium price of good...
Question Suppose the equilibrium price of good X is $25 and the equilibrium quantity is 124
units. If the price of good X is $2:
124. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Points: 0
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. The initial equilibrium price and quantity (at intersection of S1 and D) of
gasoline are:
Answer $2.00 and 450 gallons.
125. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. A factor that may have changed supply from S1 to S2 is:
126. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. Given the equilibrium after a change in supply from S1 to S2:
127. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. Given the initial equilibrium of S1 and D, any price lower than ________
will create pressure for the price to ________.
Answer $2.00; fall
128. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. When the supply curve shifted from the initial equilibrium, the new
intersection of supply and demand has a price of ________ and quantity of 400.
This supply shift could have resulted from ________.
Answer $1.50; an increase in consumers' income
129. Multiple Choice: Figure: Demand and Supply of Gasoline...
Question
Points: 0
Figure: Demand and Supply of Gasoline
Reference: Ref 3-7
(Figure: Demand and Supply of Gasoline) Look at the figure Demand and Supply of
Gasoline. What might cause the supply curve to shift from S2 back to the initial
supply curve S1?
130. Multiple Choice: A competitive market with flexible pr...
Question A competitive market with flexible prices and many buyers and sellers will:
Answer eliminate surpluses.
131. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Points: 0
Points: 0
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.60,
the price will:
132. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. The equilibrium quantity and the equilibrium price
are ________ bags and ________.
Answer 140; $0.40
Points: 0
210; $0.50
133. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.80,
there is:
134. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. A surplus of 210 bags of chocolate-covered
peanuts exists if the price is ________ per bag.
Points: 0
Points: 0
135. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. If the price of chocolate-covered peanuts is $0.50,
there is:
136. Multiple Choice: Reference: Ref 3-8 (Table: The Marke...
Question
Points: 0
Points: 0
Reference: Ref 3-8
(Table: The Market for Chocolate-Covered Peanuts) Look at the table The Market
for Chocolate-Covered Peanuts. A shortage of 210 bags of chocolate-covered
peanuts exists if the price is ________ per bag.
Answer $0.80
137. Multiple Choice: What is the difference between a shor...
Question What is the difference between a shortage and scarcity?
138. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. What is the equilibrium price in this wheat market?
139. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. If a price of $10 temporarily exists in this market:
Answer a shortage of 10,000 bushels will result.
140. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. A price of ________ will result in a ________.
Answer $6; shortage
141. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. If there were an increase in demand of 2,000 bushels at each
price, the equilibrium price and quantity would be ________ and ________ bushels,
respectively.
Answer $5; 5,000
142. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. If there were a decrease in supply of 2,000 bushels at each price,
the equilibrium price and quantity would be ________ and ________ bushels,
respectively.
Answer $5; 5,000
143. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. A temporary price of $2 in this market would result in:
Answer a surplus of 4,000 bushels.
144. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. What is the equilibrium quantity in this wheat market?
Answer 12,000 bushels
145. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
Figure: The Demand and Supply of Wheat
Reference: Ref 3-9
(Figure: The Demand and Supply of Wheat) Look at the figure The Demand and
Supply of Wheat. If a price of $8 temporarily exists in this market:
Answer a shortage of 2,000 bushels will result.
146. Multiple Choice: Figure: The Demand and Supply of Whea...
Question
Points: 0
