Technology has reduced the cost of manufacturing MP3 players, if demand does not change

More will be sold at a lower price

On which kinds of goods does the government place price ceilings

Those that are essential but too expensive for the public

A way of finding the eqilibrium price

Combine the supply and demand schedule

What will happen to price, supply, and demand when a surplus of products develops ?

Price and supply will fall while demand will rise

Which newspaper headline will shift the demand curve for flu shots to the right ?

Health experts predict servere flu season ahead

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Ch 6 Test Review

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Questions 12

Answers

1
Technology has reduced the cost of manufacturing MP3 players, if demand does not change
Fewer will be sold at a high price
More will be sold at a higher price
More will be sold at a lower price
fewer will be sold at a lower price
2
On which kinds of goods does the government place price ceilings
Mr. Brunner's car
Those that are essential and cheap
Those that are essential but too expensive for the public
Mr. Souza's boat
3
How does rationing encourage the black market ?
Rationing creates high demand
Rationing creates high supply
Rationing wrecks markets
It causes criminal behavior
4
A way of finding the eqilibrium price
Ask Mr. Souza
Combine the supply and demand schedule
Check yahoo finance
Ask Mr. Rey
5
What does a low price tell suppliers ?
Demand for the product will go down
Too much is being produced
Not enough is being produced
Demand for a product will go up
6
When the demand curve moves to the right or left, it is called ?
Surplus
A good day!
Inventory
Change in demand
7
When quantity supplied is not equal to the quantity demaded
This never happens
Shortage
Imperfect compettition
Disequilibrium
8
The amount of goods a firm has on hand
None of the above
Inventory
Free market
Supply shock
9
Which of the following will lead directly to a black market ?
Rationing
A Supply Shock
Price Floor
Equilibrium
10
What will happen to price, supply, and demand when a surplus of products develops ?
Price and supply will fall while demand will rise
Price will rise although supply and demand will fall
Price and demand will rise and supply will fall
Price will fall while demand demand and supply will rise
11
Which newspaper headline will shift the demand curve for flu shots to the right ?
Contaminated flu vaccine sickens recipients
New inhaler protects against flu without a shot
Suppliers produce a surplus of flu vaccines
Health experts predict servere flu season ahead
12
During WWII, the United States used rationing to
Meet tremendous shortages
give away goods
stop the black market
Limit products

Ch 6 Test Review Flashcards | StudBud