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ECN Midterm Exam Questions and Answers 100% Correct

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ECN Midterm Exam Questions and
Answers 100% Correct

The distinction between demand and the quantity demanded is best made by saying
that:

(a) demand is represented graphically by a curve and quantity demanded is a point on
that curve.
(b) the quantity demanded is represented graphically by a curve and demand is a point
on that curve.
(c) the quantity demanded is in a direct relation with prices, whereas demand is in an
inverse relation.
(d) the quantity demanded is in an inverse relation with prices, whereas demand is in a
direct relation. - Answer- (a) demand is represented graphically by a curve and quantity
demanded is a point on that curve.

The point at which the supply curve and the demand curve intersect is called:

(a) equilibrium, because quantity demanded equals quantity supplied so there is no
tendency for price to change.
(b) equilibrium, because quantity demanded exceeds quantity supplied so there is a
shortage.
(c) equilibrium, because quantity supplied exceeds quantity demanded so there is a
surplus.
(d) irrelevant, because real-world prices never reach this point. - Answer- (a)
equilibrium, because quantity demanded equals quantity supplied so there is no
tendency for price to change.

People have become more concerned about the negative health effects of eating
carbohydrates and fat. Considering these effects only, which of the following best
describes the likely effect of this trend on the market for high-carb, high-fat snacks?

(a) Demand shifted to the left leading to a decline in equilibrium price and quantity. (b)
Quantity demanded fell leading to a decline in equilibrium price and quantity.
(c) Supply shifted to the left leading to a rise in equilibrium price and a decline in
equilibrium quantity.
(d) Demand and supply both shifted to the left leading to a decline in equilibrium price
and quantity. - Answer- (a) Demand shifted to the left leading to a decline in equilibrium
price and quantity.

Which of the following would not move either the supply or the demand curve in the
market for housing?

,(a) An increase in the number of people who are retiring
(b) An increase in the cost of home insurance
(c) An increase in real-estate prices
(d) A possibility of higher construction costs - Answer- (c) An increase in real-estate
prices

Suppose that initially, supply is given by the equation Qs = 4P - 16. If, as a result of
higher production costs, the quantity supplied decreases by 4 at every price, the new
supply equation would be:

(a) Qs=8P-16.
(b) Qs=P-16.
(c) Qs = 4P - 20.
(d) Qs=4P-12. - Answer- (c) Qs = 4P - 20.

When people heard that there was a shortage of Furby dolls, they wanted even more of
them. Because of this effect the pressure on the price of these dolls increased. The
price of the dolls remained the same however. Thus, the shortage of these dolls:

(a) increased.
(b) decreased.
(c) did not change.
(d) may have increased or decreased. - Answer- (a) increased.

Given the equations for demand and supply: Qd = 48 - 4P and Qs = 4P - 16,
respectively, the market is in equilibrium when the quantity bought and sold is:

(a) 8.
(b) 16.
(c) 24.
(d) 32. - Answer- (b) 16.

The standard supply/demand framework:

(a) can be modified to explain real-world events.
(b) cannot be modified to explain real-world events.
(c) should not be modified to explain real-world events.
(d) explains real-world events with no need for modification. - Answer- (a) can be
modified to explain real-world events.

A surplus of a good could possibly be eliminated by:

(a) the removal of a price floor.
(b) the removal of a price ceiling.
(c) a sufficient decrease in demand keeping price constant.

, (d) a sufficient increase in supply keeping price constant. - Answer- (a) the removal of a
price floor.

An increase in quantity and an indeterminate change in price are consistent with a:

(a) leftward shift in demand and supply
(b) rightward shift in supply and demand.
(c) rightward shift in supply, keeping demand constant. (d) rightward shift in demand,
keeping supply constant. - Answer- (b) rightward shift in supply and demand.

What events most likely explain the following Wall Street Journal headline, "Cities
Couldn't Give Away Their Trash; Now They Get Top Dollar?"

(a) Quantity supplied initially exceeded quantity demanded, but a subsequent increase
in the demand for trash not only eliminated the surplus, but led to a rise in the price of
trash.
(b) Supply initially exceeded demand, but a subsequent increase in the quantity of trash
demanded not only eliminated the surplus, but led to a rise in the price of trash.
(c) Quantity supplied initially exceeded quantity demanded, but a subsequent increase
in the supply of trash not only eliminated the surplus, but led to a rise in the price of
trash.
(d) Supply initially exceeded demand, but a subsequent increase in the quantity of trash
supplied not only eliminated the surplus, but led to a rise in the price of trash. - Answer-
(a) Quantity supplied initially exceeded quantity demanded, but a subsequent increase
in the demand for trash not only eliminated the surplus, but led to a rise in the price of
trash.

At a Chicago Bulls game 20,000 tickets were sold at $30 apiece. The game was sold
out and some people did not get tickets. This suggests that the selling price:

(a) was at equilibrium.
(b) was below equilibrium.
(c) was above equilibrium.
(d) could not have been any higher. - Answer- (b) was below equilibrium.

U.S. baby boomers are beginning to retire and withdraw their savings for retirement.
What effect should we expect this to have on equilibrium price and quantity of financial
assets?

(a) price rises and quantity also rises
(b) price rises and quantity falls
(c) price falls and quantity rises
(d) price falls and quantity also falls - Answer- (d) price falls and quantity also falls

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