If you are the only electrician in a certain market, ECON's expect that your wage

Would be higher because of the lower supply of electricians

A car company has an end of year inventory reduction sale. Why would this be happening?

There is an excess supply of cars, so the prices fall

For a person who is demanding a product

The lower the price, the more they demand

If you sell a new T-shirt that everyone suddenly wants, this change in attitude will

shift the demand line out to the right

If you own a pizzeria and the cost of cheese rises, ECON's expect that...

price of pizzas will rise and fewer will be sold

You are selling a product that has become a HUGE hit. What is most likely to happen?

Excess demand, so price will rise

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Econ Chapter 4 (new)

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Answers

1
Cigarette taxes are designed to
Stop people who are not yet addicted from smoking cigarettes
Both of these
Raise revenues for those who are already addicted to smoking
Neither of these
2
If you are the only electrician in a certain market, ECON's expect that your wage
Would be lower because of the high demand of electricians
Would be lower because of the lower supply of electricians
Would be higher because of the high demand of electricians
Would be higher because of the lower supply of electricians
3
A car company has an end of year inventory reduction sale. Why would this be happening?
There is an excess supply of cars, so the prices rise
There is an excess demand for the cars, so the prices fall
There is an excess demand for the cars, so the prices rise
There is an excess supply of cars, so the prices fall
4
For a person who is demanding a product
The lower the price, the more they demand
The higher the price, the more they bring to sell
The higher the price, the more they demand
The lower the price, the more they bring to sell
5
When competition means a firm has to lower prices and make better products, who wins
We all win
The business wins
Nobody wins
The government wins
6
If you sell a new T-shirt that everyone suddenly wants, this change in attitude will
shift the demand line out to the right
shift the supply line up the graph
shift the supply line down the graph
shift the demand line back to the left
7
The point where the supply and demand curves meet is known as
Equilibrium
Equality Point
Externality
Middle
8
If you own a pizzeria and the cost of cheese rises, ECON's expect that...
price of pizzas will rise and fewer will be sold
price of pizza will fall and more will be sold
price of pizza will fall and fewer will be sold
price of pizza will rise and more will be sold
9
In a fair & free market, business needs to find ways to make things better, cheaper & faster bc
Competition
Prices
Monopoly
Advantages
10
You are selling a product that has become a HUGE hit. What is most likely to happen?
Excess demand, so price will rise
Excess supply, so price will fall
Excess supply, so price will rise
Excess demand, so price will fall

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