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Question 1 0

Economics

  • Question 1

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Which of the following is consistent with the law of demand?

     
       
  • Question 2

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If demand decreases by a greater amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________.

     
       
  • Question 3

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If the demand for a good falls by less than the supply of the good rises, then equilibrium price will __________ and equilibrium quantity will __________.

     
       
  • Question 4

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Which of the following is descriptive of the law of diminishing marginal utility?

     
       
  • Question 5

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A(n) _______________ good is one in which as income rises or falls, there is no change in the demand for the good.

     
 
     
  • Question 6

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An increase in the expected price of corn would likely do the following to the current supply and demand for corn:

     
       
  • Question 7

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There are two universities, A and B, in a city. Tuition rises at University A and, as a result, the demand for attending University B rises. It follows that educational services at the two universities are

     

.

     
  • Question 8

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If a demand curve shifts rightward, this means

     
       
  • Question 9

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Which of the following statements is false?

     
       
  • Question 10

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An "increase in demand" means that

     
       
  • Question 11

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If the supply of and demand for a product both decrease, then equilibrium

     
       
  • Question 12

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The fundamental reason why most supply curves are upward sloping is that

     
       
  • Question 13

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Oil producers expect that oil prices next year will be higher than oil prices this year. As a result, oil producers are most likely to

     

 

     
  • Question 14

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Exhibit 3-9



Refer to Exhibit 3-9. A severe recession has sharply decreased the incomes of consumers. Knowing that X is a normal good, you expect a movement in the market for X from

 

     
 
     
  • Question 15

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Exhibit 3-11
 


Units of Good X

Maximum Buying Price

Minimum Selling Price


Result

1st

$12

$6

(A)

2nd

11

7

(B)

3rd

10

8

(C)

4th

9

9

(D)

5th

8

10

(E)

6th

7

11

(F)

       



Refer to Exhibit 3-11.  Fill in blanks (C) and (D) respectively with “Exchange” or “No Exchange”to indicate whether or not exchange would take place at the given prices.

     
       
  • Question 16

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Exhibit 3-2
 



Refer to Exhibit 3-2. Suppose equilibrium is at point B. Something then changes and equilibrium becomes point C. Which of the following is consistent with the change in equilibrium from point B to C (assuming that this is a normal good)?

 

     
       
  • Question 17

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Exhibit 3-4
 



Refer to Exhibit 3-4. A price of $6 in the market will result in a

 

     
       
  • Question 18

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Exhibit 3-16


Refer to Exhibit 3-16. Which of the graphs best represents the market for theater tickets on the day of the performance?

     
 
     
  • Question 19

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Exhibit 3-14

 


Price of Good X

Quantity
Demanded

Quantity
Supplied

$10

120

60

11

110

70

12

100

80

13

90

90

14

80

100

15

70

110

     



Refer to Exhibit 3-14.  At a price of $10, there is a ____________ unit  ____________ of good X.

     
       
  • Question 20

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Exhibit 3-10



Refer to Exhibit 3-10. If the price is $10,

 

     
       

 

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