ECO 561 Chapter 1 Quiz(uop)
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Chapter 1 Quiz
Question 1
As per the law of demand: When rates increase, ceteris paribus
Question 2
In response to news reports that taking aspirins daily can reduce an individual's risk of a heart attack, there will most likely be
Question 3
The number of pizzas this restaurant sells per week increases from 500 to 700. This could be caused by
Question 4
Which of the following is consistent with the law of supply?
Question 5
Suppose that video game cartridges are a normal good. If the income of video game players increases, you predict that in the market for videotapes
Question 6
Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris Paribus,
Question 7
An excess demand for a product serves as a signal that
Question 8
At the same time that part of the lettuce crop was destroyed consumer income also decreased. Ceteris Paribus, in the market for lettuce would have caused
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ECO 561 Chapter 2 Quiz(uop)
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CHAPTER 2 QUIZ
Question 1
The equilibrium $price is ___ and the equilibrium quantity is ___
Question 2
At what price would there be an excess demand of 125?
Question 3
If the supply curve shifts to the left, which of the following will be true?
Question 4
If the government sets a ceiling price of $3, which of the following is not likely to happen.
Question 5
The current price of Thanksgiving bonnets is $20. The quantity demanded is 2000 and the quantity supplied is 1500. If the price is allowed to adjust to equilibrium the equilibrium quantity of bonnets supplied will be greater than 1500. Which of the following factors is definitely not associated with this change?
Question 6
Questions 6 and 7 refer to the figure below.
The U.S. would import rubber...