ECON 203 MCQs
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Part I (6 points: 2 points each)
All of the questions in this Part refer to the market for canned tuna fish. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the supply and demand curves are normally shaped. In each question, at most one curve will shift. Use the following code to indicate each of your answers:
a. Demand increases.
b. Demand decreases.
c. Supply increases.
d. Supply decreases.
e. Neither demand nor supply changes.
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1. The wages of workers on tuna fishing boats rise by 10%.
2. The price of canned sardines falls by 50%.
3. The government bans the use of the most efficient nets for catching tuna.
Part II (6 points: 2 points each)
All of the questions in this Part refer to the market for new automobiles produced by a firm known for high quality. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the supply and demand curves are normally shaped. In each question, at most one curve will shift .Use the following code to indicate each of your answers:
a. Demand increases.
b. Demand decreases.
c. Supply increases.
d. Supply decreases.
e. Neither demand nor supply changes.
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1. The price of gasoline falls by 30%.
2. The price of cold-rolled steel used in the manufacture of automobiles falls by 20%.
3. There is a wave of recalls of the firm’s automobiles to repair defective brakes.
Part III (6 points: 2 points each)
All of the questions in this Part refer to the market for orange juice. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately.
Assume that the...