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 c
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ECO 561 Chapter 3 Quiz(uop)
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CHAPTER 3 QUIZ
Question 1
The demand curve facing each wool producer is ________ starting at $3.00 per pound
Question 2
If a firm in a perfectly competitive industry raises price above market price,
Question 3
The fast food industry is not considered perfectly competitive because:
Question 4
You are certain that a normal rate of profit is 18% for the fast-food industry. What is your estimate of a normal rate of profit in the computer software industry, which is considered to be much riskier than the computer industry?
Question 5
Situation 1:
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