# ECO 561 Potential Instructors / tutorialrank.com

## ECO 561 Potential Instructors / tutorialrank.com

ECO 561 Chapter 1 Quiz (UOP Course)
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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 Course)
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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...