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ECON 210 MACROECON Mod 2-Quiz100 % CORRECT WITH ANSWERS RATED A+ DOWNLOAD
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ECON 210 MACROECON Mod 2-Quiz100 %Question 1
CORRECT WITH ANSWERS RATED A+ DOWNLOAD
Resource X is necessary to the production of good Y. If the price of resource X
falls, the equilibrium price of Y will and the equilibrium
quantity of Y will .
fall; rise
fall; fall
rise; rise
rise; fall
Question 2
An "increase in demand" means that
price has declined and consumers want to purchase more of the good.
the demand curve has shifted to the left.
the price of the good can be expected to decline, assuming supply stays
constant.
Correct Answer
the demand curve has shifted to the right.
Question 3
A rightward shift in the demand curve for tennis balls would most likely be
caused by
a fall in the price of tennis rackets.
a fall in income, assuming tennis balls are a normal good.
a rise in the price of tennis lessons.
a fall in the price of tennis balls.
Question 4
,ECON 210 MACROECON Mod 2-Quiz100 %
CORRECT WITH ANSWERS RATED A+ DOWNLOAD
Refer to Exhibit 3-8. Equilibrium price and quantity are
, respectively.
$5 and 15 units
$5 and 25 units
$3 and 15 units
$1 and 25 units
$3 and 25 units
Question 5 If the demand for a good
rises by more than the supply of the good falls, then the good’s equilibrium
price will and its equilibrium quantity will .
fall; fall
rise; fall
rise; rise
fall; rise
,ECON 210 MACROECON Mod 2-Quiz100 %
CORRECT WITH ANSWERS RATED A+ DOWNLOAD
Question 6
A vertical supply curve represents:
an independent relationship between price and quantity supplied.
a direct relationship between price and supply.
an inverse relationship between price and quantity supplied.
a direct relationship between price and quantity supplied.
an independent relationship between price and supply.
, ECON 210 MACROECON Mod 2-Quiz100 %
CORRECT WITH ANSWERS RATED A+ DOWNLOAD
Question 7
An increase in the number of sellers of a good will for that
good, ceteris paribus.
increase equilibrium price and quantity
increase demand
decrease equilibrium price and increase equilibrium quantity
decrease equilibrium price and quantity
increase equilibrium price and decrease equilibrium quantity
Question 8
Demand refers to
how much of a good people are willing and able to buy at a particular price?
the different quantities of a good people are willing and able to buy at a
particular price.
Correct Answer
the different quantities of a good people are willing and able to buy at
different prices.
how much of a good people are willing to buy at different prices?
Question 9
A rightward shift in the demand curve for tennis balls would most likely be
caused by
a rise in the price of tennis lessons.
a fall in the price of tennis balls.
a fall in the price of tennis rackets.
a rise in the price of tennis lessons.
Question 10
One major reason for the law of demand is that
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