An increase (rightward shift) in the demand for a good will tend to cause

an increase in the equilibrium price and quantity.

an increase in the equilibrium price and a decrease in the equilibrium quantity.

a decrease in the equilibrium price and an increase in the equilibrium quantity.

a decrease in the equilibrium price and quantity.

A decrease (leftward shift) in the supply for a good will tend to cause

an increase in the equilibrium price and a decrease in the equilibrium quantity.

an increase in the equilibrium price and quantity.

a decrease in the equilibrium price and an increase in the equilibrium quantity.

a decrease in the equilibrium price and quantity.

Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect

the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

the equilibrium quantity to rise and the equilibrium price to rise.

the equilibrium quantity to rise and the equilibrium price to fall.

the equilibrium quantity to rise and the equilibrium price to remain constant.

the change in the equilibrium quantity to be ambiguous and the equilibrium price to rise.

Suppose there is an increase in both the supply and demand for personal computers. Further, suppose the supply of personal computers increases more than demand for personal computers. In the market for personal computers, we would expect

the equilibrium quantity to rise and the equilibrium price to fall.

the change in the equilibrium quantity to be ambiguous and the equilibrium price to fall.

the equilibrium quantity to rise and the equilibrium price to rise.

the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

the equilibrium quantity to rise and the equilibrium price to remain constant.

Which of the following statements is true about the impact of an increase in the price of lettuce?

The equilibrium price and quantity of salad dressing will fall.

Both the demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall.

The supply of lettuce will decrease.

The demand for lettuce will decrease.

The equilibrium price and quantity of salad dressing will rise.

Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice. What would we expect to happen to the equilibrium price and quantity in the market for orange juice?

Price will increase; quantity is ambiguous.

Price will decrease; quantity is ambiguous.

The impact on both price and quantity is ambiguous.

Price will increase; quantity will increase.

Price will increase; quantity will decrease.

Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples?

There is an increase in the demand for apples and an increase in the quantity supplied of apples.

There is an increase in the quantity demanded of apples and in the supply for apples.

There is an increase in the demand and supply of apples.

There is an increase in the demand for apples and a decrease in the supply of apples.

There is a decrease in the quantity demanded of apples and an increase in the supply for apples.

Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today?

Price will increase; quantity is ambiguous.

The impact on both price and quantity is ambiguous.

Price will decrease; quantity is ambiguous.

Price will increase; quantity will decrease.

Price will increase; quantity will increase.

A good will tend to have an inelastic demand if

The market is defined very broadly

The good has many close substitutes

What effect will an increase in the price have on total revenue, if demand is elastic?

total revenue will first decrease and then increase

total revenue will remain unchanged

The price elasticity of demand tends to be more elastic:

at points further up and to the left along the demand curve

at points further down into the right along the demand curve

when the demand curve becomes steeper

when the demand curve is vertical

If a price floor is in place and it is binding, the market will:

remain in equilibrium, unaffected by the price floor.

adjust its equilibrium point toward the price

If a price ceiling is in place and it is binding, the market will:

remain in equilibrium, unaffected by the price floor.

adjust its equilibrium point toward the price floor.

If a price floor is in place and it is not binding, the market will:

remain in equilibrium, unaffected by the price floor.

adjust its equilibrium point toward the price floor.

If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the sellers than on the buyers, this will be because:

demand is more elastic than supply for that good.

demand is less elastic than supply for that good.

the tax was imposed on the buyers of the good.

the tax was imposed on the sellers of the good.

If a tax is imposed on a good and the incidence of the tax ends up falling more heavily on the buyers than on the sellers, this will be because:

demand is less elastic than supply for that good.

demand is more elastic than supply for that good.

the tax was imposed on the buyers of the good.

the tax was imposed on the sellers of the good.

Accounting profit is equal to total revenue minus

the sum of implicit and explicit costs.

If there are implicit costs of production,

accounting profit will exceed economic profit.

economic profit will always be zero.

economic profit will exceed accounting profit.

accounting profit will always be zero.

economic profit and accounting profit will be equal.

If a production function exhibits diminishing marginal product, its slope

becomes flatter as the quantity of the input increases.

becomes steeper as the quantity of the input increases.

If a production function exhibits diminishing marginal product, the slope of the corresponding total-cost curve

becomes steeper as the quantity of output increases.

becomes flatter as the quantity of output increases.

When marginal costs are below average total costs,

average total costs are falling.

average fixed costs are rising.

average total costs are rising.

average total costs are minimized.

If marginal costs equal average total costs,

average total costs are minimized.

average total costs are falling.

average total costs are rising.

average total costs are maximized.

Economics Quiz Part 2

Authored by Kira Yoshikage

Business

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of supply states that an increase in the price of a good

none of these s.

increases the quantity supplied of that good.

increases the supply of that good.

decreases the demand for that good.

decreases the quantity demanded for that good.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is

a normal good.

none of these s.

an inferior good.

a substitute good.

a complementary good.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A monopolistic market has

many buyers and sellers.

none of these s.

firms that are price takers.

only one seller.

at least a few sellers.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following shifts the demand for watches to the right?

an increase in the price of watches

none of these s

a decrease in the price of watch batteries if watch batteries and watches are complements

a decrease in consumer incomes if watches are a normal good

a decrease in the price of watches

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following shift the supply of watches to the right except

an advance in the technology used to manufacture watches.

an increase in the price of watches.

All of these s cause an increase in the supply of watches.

a decrease in the wage of workers employed to manufacture watches.

manufacturers' expectation of lower watch prices in the future.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good is above the equilibrium price,

there is a surplus and the price will rise.

there is a shortage and the price will fall.

there is a shortage and the price will rise.

the quantity demanded is equal to the quantity supplied and the price remains unchanged.

there is a surplus and the price will fall.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good is below the equilibrium price,

there is a shortage and the price will rise.

the quantity demanded is equal to the quantity supplied and the price remains unchanged.

there is a shortage and the price will fall.

there is a surplus and the price will rise.

there is a surplus and the price will fall.

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Economics Quiz Part 2

The law of supply states that an increase in the price of a good

If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is

A monopolistic market has

Which of the following shifts the demand for watches to the right?

All of the following shift the supply of watches to the right except

If the price of a good is above the equilibrium price,

If the price of a good is below the equilibrium price,

If the price of a good is equal to the equilibrium price,

An increase (rightward shift) in the demand for a good will tend to cause

A decrease (leftward shift) in the supply for a good will tend to cause

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