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Unit 3 Test
Unit 3 Test
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Questions
30
Answers
1
This Graph is showing
Price Ceiling
Inelastic Demand
Price Floor
Elastic Demand
2
The law of supply states, As Price goes up
Quantity Supplied goes down
Supply goes up
Supply goes down
Quantity Supplied goes up
3
Which of the following is not a Supply Shifter?
Technology
Change in Conditions
Consumer Expectations
Input Costs
4
If price goes up by 10%, and it leads a 20% drop on Qd, the price elasticity of demand is ____ and the product is ____
2; Elastic
2; Inelastic
.5; Inelastic
.5; Elastic
5
What would happen if there is more supply than demand?
Surplus
Equilibrium
Shortages
Nothing
6
Art Prize in Grand Rapids usually increases demand for goods/services because:
Change # of Consumers
Change in Cost of inputs
Change in Icome
Change in Substitute Goods
7
What happens at a price of $7?
Shortage
Surplus
Equilibrium
8
An increase in the cost of Chicken would likely affect the supply of:
Chicken
Hot Dogs
Chicken Pot Pie
Hamburgers
9
The graph below is for bicycles, what would cause the shift
Bike riding has spiked in popularity
A hurricane shut down bike shops
Decrease in population
The cost of producing bikes decreased
10
which of the following provides the best definition of
demand
?
How much stuff you will buy at a $0 price
How much stuff you want
How much you will buy in order to meet your basic needs
Your willingness and ability to buy things at various prices
11
Which of the following would NOT determine whether demand for a product is elastic or not
Available substitutes
Cost of inputs
Affect on Income
Want vs Need
12
Which product is most elastic?
Salt
Milk
Gas
Jewelry
13
Assume peanut butter and jelly are compliments, an increase in jelly prices will result in
no impact on peanut butter prices
an increase in jelly sales
An increase in the demand for peanut butter
a decrease in the demand for peanut butter
14
What is this graph showing?
Supply Decrease
Demand Increase
Demand Decrease
Supply Increase
15
If demand decreases which way does the demand curve move?
left
up
down
right
16
The graph below is for Car, what would cause the shift shown?
Increase input cost
Increase number of producers
Increase in number of consumers
Increase in Consumer income
17
All of the following statements about market equilibrium are correct EXCEPT
quantity demanded is equal to quantity supplied.
there is not a shortage or a surplus.
the outcome is very efficient.
it is not affected by changes in demand or supply.
18
What happens at a price of 10
Equilibrium
Surplus
Shortage
19
_______ determine who gets what in a free market economy.
Government
Prices
Disequilibrium
Rationing
20
If a product is described as being "Inelastic", increasing the price will cause total revenue to
Increase
Stay the same
Decrease
21
An Increase in Supply will result in
Both Price and Quantity Decreasing
Price Decrease and Quantity Increase
Both Price and Quantity Increasing
Price Increase and Quantity Decrease
22
Which of the following is not a Demand Shifter?
Complementary goods
Taste/Preferences
Income
Price
23
The Graph on the left is showing
Elastic Demand
Inelastic Demand
Inelastic Supply
Elastic Supply
24
Price Floors are a government issued price below equilibrium?
False
True
25
In the market for wheat, new technology improves farming and harvesting techniques
Supply Shifts Left
Demand Shifts Left
Supply Shifts Right
Demand Shifts Right
26
Which of the following is not a Demand Shifter?
Substitute Goods
Consumer Expectations
Technology
Income
27
With Halloween coming up, how will this affect the candy market?
Both would increase
Only Supply would increase
No change
Only Demand would increase
28
An increase in Demand will result in
Price Decrease and Quantity increase
Both Price and Quantity Increasing
Both Price and Quantity Decreasing
Price Increase and Quantity Decrease
29
If a good/service has many substitutes its demand will be elastic
True
False
30
What is this graph showing?
Supply Increase
Demand Decrease
Demand Increase
Supply Decrease
