WorksheetsPre+ Dr week 2
Total questions: 15
Worksheet time: 8mins
Which would most likely increase the quantity of gasoline sold in a competitive market?
An increase in the price of crude oil.
A decrease in the price of automobiles.
A decrease in the income of consumers.
An increase in taxes on gasoline products.
If the government increased taxes on producers of bicycles, we would expect the _______ bicycles to _________.
demand for; increase
equilibrium quantity of; increase
supply of; decrease
number of bicycle producers for; increase
Suppose sales of unsweetened apple sauce have increased, at the same time, that unsweetened apple sauce prices have increased. Which of the following might have caused this?
A. A decrease in income, assuming apple sauce is a normal good.
B. An increase in the price of cinnamon, a complementary good.
C. An increase in apple prices.
D. A change in regulations that require schools to offer healthier foods.
Which of the following is most likely to increase the price of bread in grocery stores?
A. A good growing season for wheat, a resource used in the production of bread.
B. A decision by government authorities to apply a price ceiling to bread sold by grocery stores.
C. A technological advance that increases the efficiency of bread production.
D. An increase in the price of rice, a substitute for bread.
If a drought destroyed half of the U.S. garlic crop at a time when the health benefits of garlic were being well-publicized, economists would expect that in the market for garlic
quantity exchanged would rise but the change in price is uncertain without further information.
price would rise but the change in quantity exchanged is uncertain without further information.
both price and quantity exchanged would rise.
price would rise and quantity exchanged would fall.
The demand for widgets is given by Q=100-2P, the supply is given by Q=-20+P. The government sets the price ceiling at P* which results in the deficit 30. Find P*.
10
20
30
40
Which of the following statements is correct?
A. A fall in the mortgage interest rate would shift down the demand curve for new houses.
B. The launch of a new Samsung smartphone would shift up the demand curve for existing iPhones.
C. A fall in the oil price would shift down the supply curve for plastics.
D. A fall in the oil price would shift up the demand curve for oil.
When the price of a good increases,
the supply curve of this good will shift to the left.
the supply curve of this good will shift to the right.
the producer of this good will move along its supply curve.
the supply curve of this good will be steeper.
People tend to buy less product Z when their incomes increase, so product Z is:
a normal good.
an inferior good.
a substitute.
a complement.
If the price of product X increases, the quantity demanded of product Y increases, X and Y are:
normal goods.
inferior goods.
substitutes.
complements.
An increase in the number of tomato producers will
increase market supply because the price of tomatoes will rise.
increase market supply because market demand will increase as more tomatoes are produced.
increase market supply because market supply is the sum of all individual tomato producers’ supply curves.
increase market demand but leave market supply unchanged.
Assume that peanut butter is an inferior good. Which of the following statements describes what is meant by "an inferior good in economics?"
Because peanut butter is a low-quality food, consumers will not buy it.
When the supply of peanut butter falls, its price falls.
When consumer incomes increase, the demand for peanut butter decreases.
Producers of peanut butter will switch to producing jelly, a complement, to increase profits.
An increase in the number of tomato producers will ( )
increase market supply because the price of tomatoes will rise.
increase market supply because market demand will increase as more tomatoes are produced.
increase market supply because market supply is the sum of all individual tomato producers’ supply curves.
increase market demand but leave market supply unchanged.
If the price of hamburger is 5apound,consumersbuy3poundsofhamburgeraweek.Ifthepriceis 4 a pound, consumers buy 4 pounds a week. These statements provide:
an example of the law of demand.
an example of the law of supply.
a contradiction of the law of demand.
a contradiction of the law of supply.
When the price of hamburge is $5 a pound, the seller produces 90 of hamberguer per day.If the price is $4 a pound, the seller produces 80 pounds per day. These statements provide:
an example of the law of demand.
an example of the law of supply.
a contradiction of the law of demand.
a contradiction of the law of supply.
