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Basic Analysis of Demand and Supply

Authored by Mia Atendido

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University

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Basic Analysis of Demand and Supply
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29 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The supply curve shows the

relationship of quantity and price demanded

False

True

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Excise taxes can be used to generate revenue to the government, but also to alter the behavior of consumers and discourage consumption of certain products.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume that the production of corn and wheat utilize the same resources (substitutes in production). If the price of corn increases, then we can expect the price of wheat to also increase, all else held constant.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An upward slopped supply curve is consistent with the law of supply.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A market can be defined as an institutional arrangement under which buyers and sellers can exchange goods and services for a mutually agreeable price

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Demand helps to explain

social behavior.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in the price of a product will reduce the amount of it purchased because:

Supply curves are upsloping

The higher price means that real incomes have risen.

Consumers will substitute other products for the one whose price has risen

Consumers substitute relatively high-priced for relatively low-priced products.

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