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Economics Today The Macro View Ch.4 Practice Quiz/Exam Questions 1. In a price system, changes in prices: A) Indicate to consumers what they should purchase. B) Help buyers and sellers identify market trends. C) Indicate to consumers that certain goods are relatively more or less sc...

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Economics Today The Macro View Ch.4 Practice
Quiz/Exam Questions

1. In a price system, changes in prices:

A) Indicate to consumers what they should purchase.

B) Help buyers and sellers identify market trends.

C) Indicate to consumers that certain goods are relatively more or less scarce.

D) Provide information about the quality of goods.

Answer: C



2. With an increase in the price of soft drinks, which of the following is not likely to occur:

A) The soft drink industry will invest in advertising.

B) Competitors will introduce new flavors.

C) Some soft drink producers will exit the market.

D) The manufacturers of soda−canning machines lay off some workers.

Answer: D



3. Buyers and sellers receive information about what should be bought and what should be produced:

A) From advertisements.

B) From prices in a market system.

C) From sales data.

D) From government regulations.

Answer: B



4. Suppose that a rap group called RG2 has released its first CD with Live Records at an intended list
price of $14.99. Music stores have discovered that they can markup the price to $17.99 with continued
strong sales. What information does this higher price convey to the recording label:

A) There is too much supply in the market.

, B) The price is too high for consumers.

C) The music genre is not appealing.

D) The recording label should expand the production and distribution of RG2's first CD.

Answer: D



5. Voluntary exchange:

A) Makes both parties to a trade better off.

B) Only benefits the seller.

C) Only benefits the buyer.

D) Is coercive in nature.

Answer: A



6. In a market system, how are the terms of exchange established:

A) The forces underlying supply and demand interact to set a price.

B) Government dictates the terms.

C) Producers and consumers negotiate individually.

D) Historical prices set the standards.

Answer: A



7. The publication Car and Driver reduces transactions costs for high-performance car buyers:

A) By providing reliable information so that car buyers do not have to spend as much time doing their
own research.

B) By lowering the prices of high-performance cars.

C) By increasing demand for high-performance cars.

D) By restricting sales to verified buyers.

Answer: A



8. Which of the following is not an example of a transaction cost:

A) The fees paid to brokers for purchasing stock.

, B) The time spent negotiating a contract.

C) The enjoyment of using the good.

D) The charges from a lawyer for reviewing an agreement.

Answer: C



9. Voluntary exchange refers to an act of trading between individuals that makes both parties to the
trade subjectively better off:

A) True.

B) False.

Answer: A



10. In general, the less organized the market, the lower the transaction costs:

A) True.

B) False.

Answer: B



11. Middlemen specialize in lowering transaction costs:

A) True.

B) False.

Answer: A



12. There are simultaneous changes in the demand for and supply of global-positioning-system (GPS)
devices, with the consequences being an unambiguous increase in the market clearing price of these
devices but no change in the equilibrium quantity. What changes in the demand for and supply of GPS
devices could have generated these outcomes:

A) Supply decreases and demand remains the same.

B) Demand decreases and supply remains the same.

C) Demand increases and supply decreases.

D) Supply increases and demand decreases.

Answer: C

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