Demand for beer: Qb = 2-4Pb+.001Yc+5Pw where Yc is income, Pw is price wine, which is true?

Consumer will drink 2 units of beer no matter what

When people expect inflation in the future (e.g., price of gasoline to go up) then which occurs

there will be increased demand for gasoline

When there is excess demand for a good, which of the following happens

there will be a rise in prices to reach equilibrium

studbud

MicMac 2

10 termsStudBud Administration252 plays

Task 2 of MicMac

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Demand for beer: Qb = 2-4Pb+.001Yc+5Pw where Yc is income, Pw is price wine, which is true?
Beer demand goes up by 4 units when beer prices fall
Beer demand falls by 5 units when wine prices rise
Beer demand falls by 1 unit when incomes fall
Consumer will drink 2 units of beer no matter what
2
At $10 a movie, there is a ___ of ___ movies, and at $5 a movie, there is a ___ of ___ movies.
shortage 14; surplus 4
surplus 4, shortage 14
shortage 4, surplus 14
surplus 14; shortage 4
3
Given demand for cigarettes: Q = 10-2P and supply of cigarettes: Q = 3P, the market clears at
P=2, Q=6
P=2, Q=4
P=10, Q=30
P=6, Q=2
4
When people expect inflation in the future (e.g., price of gasoline to go up) then which occurs
there will be reduced demand for gasoline
there will be increased supply of gasoline
there will be increased demand for gasoline
there will be reduced supply of gasoline
5
An increase in supply of labor from migrant workers will
cause wages to go down
cause wages to go up
decrease demand for labor
increase demand for labor
6
When there is excess demand for a good, which of the following happens
there will be excess supply to reach equilibrium
there will be a decrease in supply to reach equilibrium
there will be a drop in prices to reach equilibrium
there will be a rise in prices to reach equilibrium
7
Which will cause upward movement along the supply curve of wine
higher beer prices
increase in subsidy given to wineries
too much rain
higher wine prices
8
Which of these factors does not influence demand?
price of the good
weather
availability of inputs
incomes
9
Which will cause demand of IPhones to shift to the left?
increase in price of IPhones
lower incomes of consumers
lower interest rates on credit cards
increase in price of Samsung Galaxy
10
How will severe drought affect market for agricultural goods?
Panel B
Panel C
Panel D
Panel A

MicMac 2 Flashcards | StudBud

MicMac 2

10 termsStudBud Administration252 plays

Task 2 of MicMac

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
Demand for beer: Qb = 2-4Pb+.001Yc+5Pw where Yc is income, Pw is price wine, which is true?
Beer demand goes up by 4 units when beer prices fall
Beer demand falls by 5 units when wine prices rise
Beer demand falls by 1 unit when incomes fall
Consumer will drink 2 units of beer no matter what
2
At $10 a movie, there is a ___ of ___ movies, and at $5 a movie, there is a ___ of ___ movies.
shortage 14; surplus 4
surplus 4, shortage 14
shortage 4, surplus 14
surplus 14; shortage 4
3
Given demand for cigarettes: Q = 10-2P and supply of cigarettes: Q = 3P, the market clears at
P=2, Q=6
P=2, Q=4
P=10, Q=30
P=6, Q=2
4
When people expect inflation in the future (e.g., price of gasoline to go up) then which occurs
there will be reduced demand for gasoline
there will be increased supply of gasoline
there will be increased demand for gasoline
there will be reduced supply of gasoline
5
An increase in supply of labor from migrant workers will
cause wages to go down
cause wages to go up
decrease demand for labor
increase demand for labor
6
When there is excess demand for a good, which of the following happens
there will be excess supply to reach equilibrium
there will be a decrease in supply to reach equilibrium
there will be a drop in prices to reach equilibrium
there will be a rise in prices to reach equilibrium
7
Which will cause upward movement along the supply curve of wine
higher beer prices
increase in subsidy given to wineries
too much rain
higher wine prices
8
Which of these factors does not influence demand?
price of the good
weather
availability of inputs
incomes
9
Which will cause demand of IPhones to shift to the left?
increase in price of IPhones
lower incomes of consumers
lower interest rates on credit cards
increase in price of Samsung Galaxy
10
How will severe drought affect market for agricultural goods?
Panel B
Panel C
Panel D
Panel A