An effective price floor

Will lead to an increase in quantity supplied.

Which of the following will NOT decrease the demand for a good?

A decrease in the price of a complementary good.

An inferior good is a good that

has lower demand when consumer incomes rise.

Which of the following would NOT lead to a temporary shortage of beef?

A government subsidy to beef ranchers.

Both buyers and sellers expect the price of a good to rise soon. Today this will tend to make

Price rise and quantity change ambiguously.

If the price of oil increases, it will cause

An increase in the quantity supplied of oil.

Which of the following will increase the quantity demanded of salsa?

Better technology in salsa production.

If Nike jacks up their prices, it will tend to

Decrease the quantity demanded of Nike and increase the demand for Adidas

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Supply and Demand

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Review of essentials of Supply and Demand

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Questions 16

Answers

1
An effective price floor
Will cause a prolonged shortage.
Will lead to an increase in quantity supplied.
Will lead to nonprice rationing devices.
Occurs when price is set below the equilibrium.
2
Which one of the following is NOT one of the top 10 grossing horror movies of the last decade (worldwide sales)?
Annabelle
The Nun
It
The Conjuring
3
Which of the following will NOT decrease the demand for a good?
An expectation that price will fall in the future.
A decrease in population
A decrease in the price of a complementary good.
A decrease in the price of a substitute good.
4
An inferior good is a good that
is not affected by income changes.
has lower demand when consumer incomes rise.
has lower quantity demanded when its price rises.
no one wants to purchase.
5
According to the law of demand, as price increases
demand decreases
quantity demanded increases
quantity demanded decreases
demand increases
6
According to national sales figures in October, which is the most popular Halloween candy??
Twix
Skittles
Reese's PB Cups
Kit Kat
7
Which of the following would NOT lead to a temporary shortage of beef?
An "eat more steak" fad.
Supermarkets lower beef prices.
Drought causes many cattle to die.
A government subsidy to beef ranchers.
8
Which of the following is NOT one of the last three leaders of China?
Jiang Zemin
Hu Jintao
Xi Jianping
Ming Hanzhou
9
If the price of a good falls and consumers purchase less of the good, we know that
demand and supply of the good both decreased.
supply of the good decreased.
the good is an inferior good.
demand for the good decreased.
10
Both buyers and sellers expect the price of a good to rise soon. Today this will tend to make
Price rise and quantity change ambiguously.
Price fall and quantity change ambiguously.
Price and quantity both fall.
Price change ambiguously, and quantity fall.
11
What is the largest country (by land size) in Africa?
Sudan
Democratic Republic of Congo
South Africa
Algeria
12
If the price of oil increases, it will cause
A decrease in the demand for oil.
An increase in the quantity supplied of oil.
A decrease in the supply of oil
A shortage of oil.
13
The characters seen here are from what video game?
League of Legends
Overwatch
Fortnite
Super Smash Bros
14
The equilibrium price of cheese is $3.00. At a price of $4.00, there will be
More demand for cheese
A shortage
Less demand for cheese
A surplus
15
Which of the following will increase the quantity demanded of salsa?
Lower price of tortilla chips.
Better technology in salsa production.
An effective price floor for salsa
A significant increase in immigration from Latin America.
16
If Nike jacks up their prices, it will tend to
Decrease the quantity demanded of Nike and increase the demand for Adidas
Decrease the quantity demanded of Nike and decrease the demand for Adidas
Decrease the demand for Nike and increase the demand for Adidas
Decrease the demand for Nike and increase the quantity demanded for Adidas

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