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ECON 512 Chapter 3 & 4 Latest Quiz>answered
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ECON 512 Chapter 3 & 4 Latest Quiz>answeredECON 512 Chapter 3 & 4 Latest Quiz>answered
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1Workshop 1 Quiz
1. All else equal, the “law" of demand can be best described by: . (Points : 4)
people will buy things they enjoy
if incomes rise, people will buy
more a rise in price will cause
shortages
a fall in price will increase quantity demanded
2. All the following are non-price determinants of demand except . (Points : 4)
tastes and preferences
income
technology
future expectations
3. Which of the following refers to a shift in the demand curve? (Points : 4)
"This new advertising campaign should really increase our
demand." "Let's drop our price to increase our demand."
"We dare not raise our price because our demand will drop."
"If new sellers enter the market, the demand for the product is bound to increase."
4. Which of the following indicates there is a shortage in the market? (Points : 4)
Page 1 of 11
, Demand is rising.
Demand is falling.
Price is rising.
Price is falling.
5. The supply curve will shift when . (Points : 4)
income, preferences, or the number of suppliers
change
income, preferences, or the number of buyers
change income, preferences, or production
technology change production technology and input
prices change
6. A market is in equilibrium when . (Points : 4)
supply is equal to demand
the price is adjusting upward
the quantity supplied is equal to the quantity demanded
tastes and preference remain constant
7. The switch to the use of ethanol in gasoline is driven primarily by its relatively lower
price. Assuming a competitive market, what effect would this change have on the
equilibrium price and output for gasoline? (Points : 4)
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