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Chapter 4 Quiz - ECON.103.802 PRIN OF MICROECON - Eau Claire

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ECON.103.802 PRIN OF MICROECON

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Attempt 1
Written: Jul 15, 2011 8:40 PM - Jul 15, 2011 8:54 PM

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 Chapter 4 Question 1 0 / 2 points

What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages?

1) Price will fall and the effect on quantity is ambiguous.

 2) Price will rise and the effect on quantity is ambiguous. 3) Quantity will fall and the effect on price is ambiguous.

4) Quantity will rise and the effect on price is ambiguous.

Question 2

0 / 2 points

The current price of neckties is \$30 and the equilibrium price of neckties is \$25. As a result,

1) the quantity supplied of neckties exceeds the quantity demanded of neckties at the \$30 price.

2) the equilibrium quantity of neckties exceeds the quantity demanded at the \$30 price.

 3) There is a surplus of neckties at the \$30 price. 4) All of the above are correct.

Question 3

0 / 2 points

A movement from one point on a demand curve down to a lower point on the demand curve shows

1) a decrease in demand.

2) an increase in demand.

Chapter 4 Quiz - ECON.103.802 PRIN OF MICROECON - Eau Claire

3) a decrease in quantity demanded.

4) an increase in quantity demanded.

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 Question 4 2 / 2 points A monopoly is a market 1) with one seller, and that seller is a price taker. 2) with one seller, and that seller sets the price. 3) with one buyer. 4) in which competition has reached its highest form. Question 5 0 / 2 points

Wheat is the main input in the production of flour. If the price of wheat decreases, all else equal, we would expect the

 1) demand for flour to increase. 2) demand for flour to decrease. 3) supply of flour to increase.

4) supply of flour to decrease.

Question 6

2 / 2 points

The difference between a supply schedule and a supply curve is that

1) a supply schedule incorporates demand and a supply curve does not.

2) a supply schedule incorporates prices of related goods and a supply curve does not.

3) a supply schedule can shift, but a supply curve cannot shift.

4) a supply schedule is a table and a supply curve is drawn on a graph.

Question 7

A very hot summer in Atlanta will cause

2 / 2 points

1) the demand for lemonade to shift to the left.

2) the demand for air conditioners to decrease.

3) the demand for jackets to decrease.

4) a movement downward and to the right along the demand curve for jackets.

Question 8

2 / 2 points

A table that shows the relationship between the price of a good and the quantity demanded of that

good is called a(n)

1) price-quantity table.

2) complementary table.

3) demand schedule.

4) equilibrium schedule.

Question 9

0 / 2 points

Chapter 4 Quiz - ECON.103.802 PRIN OF MICROECON - Eau Claire

If a demand curve shifts out to the right then

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1) firms would be willing to supply less of the good than before at each possible price.

 2) people are willing to buy less of the good than before at each possible price. 3) people's incomes evidently have decreased. 4) the price of the product has increased, causing consumers to buy less of the product.

Question 10

If, at the current price, there is a shortage of a good,

2 / 2 points