
EABD - chapter 2
Quiz
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Other
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University
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Practice Problem
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Hard
Huyen Tran
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
1. In a competitive market, the market demand is Qd = 60 ‐ 6P and the market supply is Qs =
4P. A price ceiling of $3 will result in a
a. shortage of 30 units.
b. shortage of 15 units.
c. surplus of 30 units.
d. surplus of 12 units
A
B
C
D
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
2. Which of the following pairs of goods are probably complements?
a. Televisions and roller skates.
b. Frozen yogurt and ice cream.
c. Steak and chicken.
d. Hamburgers and ketchup.
A
B
C
D
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. Suppose the demand for good X is given by Qdx = 10 ‐ 2Px + Py + M. The price of good X is
$1, the price of good Y is $10, and income is $100. Given these prices and income, how
much of good X will be purchased?
a. 115.
b. 515.
c. 1,000.
d. None of the statements associated with this question are correct
A
B
C
D
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. Suppose market demand and supply are given by Qd = 100 ‐ 2P and QS = 5 + 3P. The
equilibrium price is:
a. $15.
b. $19.
c. $17.
d. $20.
A
B
C
D
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
5. Suppose that supply increases and demand decreases. What effect will this have on price
and quantity?
a. Price will increase and quantity may rise or fall.
b. Price will decrease and quantity will increase.
c. Price will decrease and quantity will decrease.
d. None of the statements associated with this question are correct.
A
B
C
D
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
6. Which of the following are least likely to be substitutes?
a. Chicken and beef.
b. Cars and trucks.
c. Automobile and housing.
d. Automobile and gasoline.
A
B
C
D
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. Good X is a normal good and its demand is given by Qxd = α0 + αXPX + αYPY + αMM + αHH.
Then we know that
a. αH > 0.
b. αX > 0.
c. αY > 0.
d. αM > 0
A
B
C
D
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