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Microeconomics Exam 1 M06 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Microeconomics Exam 1 M06 Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 19, 2024
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  • 2023/2024
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Microeconomics Exam 1 M06
A technological advance in the production of automobiles will _____ the _____
automobiles

a. increase, demand
b. decrease, demand for
c. increase, supply of
d. decrease, supply of - ANS-c. increase, supply of

Over the past few years, the technology associated with producing the flat-panel
television has improved. This has led to a(n) ____ in the _____ flat-panel televisions.

a. decrease, quantity supplied of
b. increase, supply of
c. decrease, supply of
d. decrease, demand for - ANS-b. increase, supply of

Which factor would cause a leftward shift in the supply curve for a good?

a. a technological improvement in prodution
b. an increase in the number of buyers
c. an increase in the cost of an input
d. an increase in the number of sellers - ANS-c. an increase in the cost of an input

In the market for wheat, if the price of ethanol (which is made from corn, a substitution
in the production process) increased dramatically, the ______ wheat would _____.

a. supply of, decrease
b. supply of, increase
c. demand for, decrease
d. demand for, increase - ANS-a. supply of, decrease

The market for good Y, a perfectly competitive good, is made up of 15 producers who
each produce the same amount of good Y. If the price is $100 and the total quantity
supplied is 150, how many units of good Y is each producer supplying?

a. 10
b. 15

, c. 100
d. 150 - ANS-a. 10

Which factor would cause a decrease in the supply of a good?

a. an advancement in the technology for producing the good
b. an increase in the price of goods that are used in production
c. suppliers expectations of lower prices in the future
d. an increase in the number of producers - ANS-b. an increase in the price of goods
that are used in production

Which factor would cause an increase in the supply of a good?

a. an increase in the price of a good
b. suppliers expectations of higher prices in the future
c. decrease in the price of resources used in production
d. an increase in input prices - ANS-c. decrease in the price of resources used in
production

If the price of corn rises, we generally expect the:

a. quantity of corn supplied to rise
b. demand for corn to shirt inward
c. supply of corn to shift outward
d. quantity of corn demanded to rise - ANS-a. quantity of corn supplied to rise

If the input costs associated with supplying gasoline increases in Wisconsin, the supply
of gasoline in Wisconsin will decrease.

A. True
b. false - ANS-A. True

When the price of a desk increases, the:

a. quantity supplied increases
b. supply increases
c. supply decreases
d. quantity supplied decreases - ANS-a. quantity supplied increases

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