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...