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Duplicate of AP Macro- Supply and Demand pt. 2 Flashcards | StudBud
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Duplicate of AP Macro- Supply and Demand pt. 2
Duplicate of AP Macro- Supply and Demand pt. 2
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A #quiz of #supply and #demand for #apmacro
Flashcards
15 cards
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Questions
15
Answers
1
Which of the following is true at equilibrium?
The quantity is zero.
Every consumer who enjoys the good can consume it.
All of the above.
The quantity demanded is the same as quantity supplied.
2
Which of the following will decrease the supply of good "X"?
A technological advance affects the production of all goods.
The wages of workers producing good "X" increase.
The demand for good "X" decreases.
the price of good "X" falls.
3
A decrease in the price of butter would most likely decrease the demand for:
margarine.
milk.
bagels.
jelly.
4
Which of the following will lead to an increase in the equilibrium price of product "X"? A(n)
increase in consumer incomes if product X is inferior good
increase in the price of machinery used to produce product X
decrease in the price of good "Y" (substitute for good "X")
technological advance in the production of good X
5
Equilibrium price will rise, but Eq quantity may increase, decrease, or stay the same if:
demand decreases and supply decreases
demand increases and supply increases
demand decreases and supply increases
demand increases and supply decreases
6
If an increase in income leads to a decrease in demand, the good is:
abnormal.
a complement.
inferior.
a substitute.
7
What will occur if consumers expect the price of a good to fall in the coming months?
the quantity demanded will remain the same today
demand will decrease today
the quantity demanded will rise today
demand will increase today
8
Which of the following would increase demand for a normal good? A decrease in:
price.
the price of a complement.
price of a substitute.
income.
9
Which of the following will increase the demand for disposable diapers?
a new "baby boom"
concern over the environmental effects of landfills
a move toward earlier potty training of children
a decrease in the price of cloth diapers
10
A technological advance in textbook production will lead to which of the following?
a decrease in textbook supply.
a movement along the supply curve for textbooks.
an increase in textbook supply.
an increase in textbook demand.
11
An increase in the number of buyers and a technological advance will cause:
demand to decrease and supply to decrease.
demand to increase and supply to decrease.
demand to decrease and supply to increase.
demand to increase and supply to increase.
12
The market price of a good will tend to rise if:
supply increases.
it is above the equilibrium price.
it is below the equilibrium price.
demand decreases.
13
What will happen in the tomato market if a salmonella outbreak is attributed to bad tomatoes?
supply will decrease and price will increase
supply will decrease and price will decrease
demand will decrease and price will decrease
demand will decrease and price will increase
14
An increase in the demand for steak will lead to an increase in which of the following?
the supply of chicken (a substitute in consumption)
the supply of leather (a complement in production)
the supply of hamburger (a substitute in production)
the supply of steak
15
Which of the following is certainly true if demand and supply increase at the same time?
the equilibrium quantity will increase
the equilibrium quantity will decrease
the equilibrium price will increase
the equilibrium price will decrease
