ASD EXAM UPDATED 2024 WITH COMPLETE SOLUTIONS
What combination of changes would most likely decrease the equilibrium price?
Your answer was correct.
Answer Correct
when supply increases and demand decreases X
when demand increases and supply increases
when demand decreases and supply d...
ASD EXAM UPDATED 2024 WITH
COMPLETE SOLUTIONS
What combination of changes would most likely decrease the equilibrium price?
Your answer was correct.
Answer Correct
when supply increases and demand decreases X
when demand increases and supply increases
when demand decreases and supply decreases
when supply decreases and demand increases
Which statement is not correct?
You incorrectly answered "If supply declines and demand remains constant, price will
rise and the quantity exchanged will fall.". Correct answer shown below.
Answer Correct
If demand increases and supply decreases, price will rise and the quantity exchanged
may either rise or fall.
If supply increases and demand decreases, price will fall and the quantity exchanged
may either rise or fall.
If supply declines and demand remains constant, price will rise and the quantity
exchanged will fall.
If demand decreases and supply increases, price will fall and the quantity exchanged
will fall. X
A decrease in demand and an increase in supply will:
Your answer was correct.
Answer Correct
increase the equilibrium quantity and decrease price.
decrease the equilibrium quantity and affect price in an indeterminate way.
decrease price and affect the equilibrium quantity in an indeterminate way. X
increase price and affect the equilibrium quantity in an indeterminate way.
An increase in demand, holding supply constant, will tend to cause:
You incorrectly answered "lower prices and a larger quantity sold.". Correct answer
shown below.
Answer Correct
higher prices and a larger quantity sold X
,lower prices and a smaller quantity sold.
higher prices and a smaller quantity sold.
lower prices and a larger quantity sold.
A decrease in supply, holding demand constant, will cause:
Your answer was correct.
Answer Correct
higher prices and a larger quantity sold.
higher prices and a smaller quantity sold. X
lower prices and a smaller quantity sold.
lower prices and a larger quantity sold.
We observe a market where the price has risen and the quantity being sold has
declined. This could be caused by a(n):
Your answer was correct.
Answer Correct
increase in demand
increase in supply
decrease in demand
decrease in supply X
The demand curve and its inverse relationship between price and quantity demanded is
based on the assumption that:
You incorrectly answered "the product is a substitute.". Correct answer shown below.
Answer Correct
there is an increase in demand.
the product is a complement.
the product is a substitute.
other things are equal. X
Sec 02 Quiz AP Econ Module 05F Micro/Macro UAH
This is the one and only time you can take this quiz.
Feedback for Questions 1 - 12 of 12 is shown below.
Classical economists generally believe that
• I. wages fluctuate quickly
• II. Say's law does not hold
• III. input and output prices will stay in line with each other
• IV. the government should not worry about maintaining aggregate demand at an
adequate level
http://en.wikipedia.org/wiki/Say's_law
, You incorrectly answered "II and III only". Correct answer shown below.
Answer Correct
II and IV only
I, III, and IV only X
I and IV only
II and III only
I, II, and III only
A decrease in the demand for a good would result from
You incorrectly answered "a decrease in the price of the good". Correct answer shown
below.
Answer Correct
a decrease in the price of the good
an increase in the price of a complementary good X
an increase in the price of the good
an increase in the price of a substitute good
A surplus exists in a market for a product when
You incorrectly answered "quantity supplied is less than quantity demands". Correct
answer shown below.
Answer Correct
the decrease in supply is greater than the increase in demand
the increase in demand is greater than the decrease in supply
quantity supplied is less than quantity demands
quantity demanded is less than quantity supplied X
Barney and Phil are swimmers. After swimming a 1/2 mile lap, Phil tires and his speed
drops. Barney, however, finds that after a 1/2 mile lap his speed increases. Beyond 1/2
mile, Barney's speed and distance are
Your answer was correct.
Answer Correct
inversely related, whereas Phil's are directly related
directly related, whereas Phil's are inversely related X
inversely related, and so are Phil's
directly related, and so are Phil's
If service stations raise the price of gasoline and, experience a decrease in demand for
automobile tires, then gasoline and tires are:
A. complementary goods
B. inferior goods
C. economic goods
D. substitute goods A. Complementary goods
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
