Which of the following would NOT cause a shift in the demand curve for a product?

change in the price of the product

Microeconomics is the study of...

individuals, households, businesses interacting with the economy

What is going to happen to the supply of CDs here?

Decrease in the quantity supplied

Runs from upper left to bottom right, it is downward sloping

The supply of a product normally decreases if...

Taxes are increased on the product

Runs from bottom left to upper right, it is upward sloping

Joe is eating a pizza. He is willing to eat 2 slices but not willing to eat 6 slices. This demonstrates...

The Law of DIminishing Marginal Utility

Market Equilibrium is reached when...

Quantity supplied equals Quantity demanded

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Unit 3: Microeconomics

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Questions 30

Answers

1
Which of the following would NOT cause a shift in the demand curve for a product?
an increase or decrease in the income of the consumers
change in the price of a related good
change in the price of the product
an increase or decrease in the number of consumers
2
What is going to happen to the demand for Starbucks here?
Quantity demanded decreases
Demand increases
Demand decreases
Quantity demanded increases
3
Microeconomics is the study of...
individuals, households, businesses interacting with the economy
companies, conglomerates, countries trading with each other
people and choices in an economy
production and distribution, the supply side of the economy
4
What is going to happen to the demand for bagels here?
Quantity demanded increases
Quantity demanded decreases
Demand increases
Demand decreases
5
The Law of Demand states that as prices increases...
Quantity Demanded Decreases
Demand Decreases
Quantity Demanded Increases
Demand Increases
6
A product that can be used in place of another product is called...
substitute good
renewable resource
inelastic good
complimentary good
7
What is going to happen to the supply of CDs here?
Decrease in supply
Decrease in the quantity supplied
Increase in the quantity supplied
Increase in supply
8
The Demand Curve...
Changes drastically over time, it is elastic
Doesn't change over time, it is stagnant
Runs from upper left to bottom right, it is downward sloping
Runs from bottom right to upper left, it is upward sloping
9
Which of the following is NOT a determinant of Supply?
Expectations of Future Profit
Number of Sellers
Income
Government Subsidies
10
What is going to happen to the supply of burgers here?
Decrease in quantity supplied
Decrease in supply
Increase in supply
Increase in quantity supplied
11
The supply of a product normally decreases if...
Subsidies are given to the product
Regulations are decreases on the product.
Taxes are increased on the product
costs of resources decreases on the product
12
The Supply Curve...
Decreases with more demand
Runs from bottom left to upper right, it is upward sloping
Depends completely on Income and Quantity
Runs from upper left to bottom right, it is downward sloping
13
What is this graph showing?
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
14
Which of the following explains the Law of Demand?
The law of diminishing marginal utility
All of the above
The substitution effect
The income effect
15
What is going to happen to the supply of cake here?
Decrease in supply
Decrease in quantity supplied
Increase in quantity supplied
Increase in supply
16
The place on the Supply/Demand graph where the two lines cross is...
Price Point
Equilibrium
Shortage
Scarcity
17
What is this graph showing?
Decrease in Supply
Increase in Demand
Decrease in Demand
Increase in Supply
18
The ability and willingness to purchase a good or service is called...
equilibrium
demand
utility
supply
19
Joe is eating a pizza. He is willing to eat 2 slices but not willing to eat 6 slices. This demonstrates...
The Law of Demand
The Law of Supply
The Income Effect
The Law of DIminishing Marginal Utility
20
Which of the following is NOT a determinant of Demand?
Consumer Tastes/Preferences
Price of Related Goods
Number of Consumers
Technology/ Productivity
21
This is a government payment that allows a company to create a product
Regulation
Tax
Tariff
Subsidy
22
The Law of Supply states that as price for a product increases...
Quantity supplied decreases
Quantity supplied increases
Supply decreases
Supply increases
23
What is this graph showing?
Increase in Quantity Demanded
Increase in Demand
Decrease in Demand
Decrease in Quantity Demanded
24
What causes an increase in the quantity demanded for a product?
An increase in number of consumers
A decrease in taxes
A decrease in price
An increase in price
25
A product that is used in combination with another product is called...
substitute good
renewable resource
inelastic good
complimentary good
26
When price is set at the point at which Quantity supplied is LESS than Quantity demanded?
Shortage
Stagnant
Equilibrium
Surplus
27
What is going to happen to the demand for chicken here?
Demand decreases
Quantity demanded increases
Quantity demanded decreases
Demand increases
28
What is this graph showing?
Increase in Demand
Decrease in Supply
Increase in Supply
Decrease in Demand
29
Market Equilibrium is reached when...
Price increases over time
Quantity supplied exceeds Quantity demanded
Quantity supplied equals Quantity demanded
Quantity demanded exceeds Quantity supplied
30
The relationship between price and quantity demanded for demand is called...
Parallel
Converse
Contracting
Inverse

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