Quiz 3
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Quiz 3

Course Number: PHYSICAL S 1401, Spring 2011

College/University: Trinity Valley...

Word Count: 1548

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Question 1 7 out of 7 points Exhibit 3-10 Refer to Exhibit 310. If the price is $30, Answer Selected Answer: d. a and b Question 2 7 out of 7 points Jerry has $50,000 in his savings account and the average new car price is $23,000. Will Jerry buy a new car? Answer Selected Answer: Question 3 7 out of 7 points At a price above the equilibrium price, there is Answer Selected Answer: b. a surplus....

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1 7 Question out of 7 points Exhibit 3-10 Refer to Exhibit 310. If the price is $30, Answer Selected Register to View Answera and b Question 2 7 out of 7 points Jerry has $50,000 in his savings account and the average new car price is $23,000. Will Jerry buy a new car? Answer Selected Answer: Question 3 7 out of 7 points At a price above the equilibrium price, there is Answer Selected Register to View Answera surplus. Question 7 7 out of 7 points As Jamal's income rises, his demand for DVD rentals does not change. It follows that, for Jamal, DVD rentals are a(n) Answer Selected Register to View Answerneutral good. Question 9 7 out of 7 points Exhibit 3-10 Refer to Exhibit 310. If the price is $10, Answer Selected Answer: Question 10 7 out of 7 points Exhibit 3-8 Refer to Exhibit 3- 8. Equilibrium price and quantity are Answer Selected Register to View Answer$3 and 15 units. Question 11 7 out of 7 points Exhibit 3-14 Price of Good X $10 11 12 13 14 15 Refer to Exhibit 314. At a price of $12, there is a ____________ unit ____________ of good X. Answer Selected Register to View Answer20; shortage Question 12 7 out of 7 points Exhibit 3-1 Refer to Exhibit 31. Equilibrium price and quantity are Answer Selected Answer: Question 13 7 out of 7 points What is the definition of producers surplus? Answer Selected Answer: Question 14 7 out of 7 points Exhibit 3-14 Price of Good X $10 11 12 13 14 15 Refer to Exhibit 314. At a price of $11, there is a ____________ unit ____________ of good X. Answer Selected Register to View Answer40; shortage Question 15 7 out of 7 points Exhibit 3-13 ----------------------------Quantity Demanded----------------------------------Price $5 6 7 8 9 10 Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Refer to Exhibit 313. Fill in blanks (A) and (B) respectively with the market quantity demanded at each given price. Answer Selected Register to View Answer78; 66 Question 1 7 out of 7 points Exhibit 3-12 ----------------------------Quantity Supplied ------------------------------------Price $6 7 8 9 10 11 Assume that Aline, Bentley, Calvin, and David are the only sellers in this market. Refer to Exhibit 3- 12. Fill in blanks (E) and (F) respectively with the market quantity supplied at given each price. Answer Selected Register to View Answer61; 69 Question 2 7 out of 7 points Which of the following pairs of goods would be most likely to be complements? Answer Selected Answer: Question 3 7 out of 7 points Exhibit 3-16 Refer to Exhibit 316. Which of the graphs best represents the market for theater tickets on the day of the performance? Answer Selected Register to View Answer(3) Question 4 7 out of 7 points Exhibit 3-12 ----------------------------Quantity Supplied ---------------------- ---------------Price $6 7 8 9 10 11 Assume that Aline, Bentley, Calvin, and David are the only sellers in this market. Refer to Exhibit 312. Each individual sellers supply curve is _______________ _ sloping and the market supply curve is _______________ __ sloping. Answer Selected Answer: Question 5 7 out of 7 points Exhibit 3-10 Refer to Exhibit 310. $20 is the Answer Selected Register to View Answerall of the above Question 6 7 out of 7 points Exhibit 3-14 Price of Good X $10 11 12 13 14 15 Refer to Exhibit 314. At a price of $15, there is a ____________ unit ____________ of good X. Answer Selected Register to View Answer40; surplus Question 7 7 out of 7 points Which of the following statements is false? Answer Selected Answer: Question 8 7 out of 7 points A demand schedule is a numerical tabulation of Answer Selected Answer: Question 9 7 out of 7 points A market is said to be in disequilibrium if Answer Selected Answer: Question 10 7 out of 7 points Jerry has $50,000 in his savings account and the average new car price is $23,000. Will Jerry buy a new car? Answer Selected Answer: Question 11 7 out of 7 points If the price a buyer pays for a good is $50 and the maximum price she would be willing and able to pay is $53, then ____________ is _______________ . Answer Selected Answer: Question 12 7 out of 7 points Exhibit 3-1 Refer to Exhibit 31. Equilibrium price and quantity are Answer Selected Answer: $4 and 250 units. Question 13 7 out of 7 points On a supply-anddemand diagram, equilibrium is found Answer Selected Answer: Question 14 7 out of 7 points Exhibit 3-8 Refer to Exhibit 38. A surplus exists at price any above Answer Selected Register to View Answer$3.00. Question 15 7 out of 7 points As Jamal's income rises, his demand for DVD rentals does not change. It follows that, for Jamal, DVD rentals are a(n) Answer Selected Register to View Answerneutral good. Question 1 7 out of 7 points A market is said to be in disequilibrium if Answer Selected Answer: Question 2 7 out of 7 points Exhibit 3-12 ----------------------------Quantity Supplied ------------------------------------Price $6 7 8 9 10 11 Assume that Aline, Bentley, Calvin, and David are the only sellers in this market. Refer to Exhibit 312. Fill in blanks (E) and (F) respectively with the market quantity supplied at given each price. Answer Selected c. Answer: 61; 69 Question 3 7 out of 7 points On a supply-anddemand diagram, equilibrium is found Answer Selected Answer: Question 4 7 out of 7 points On a supply-anddemand diagram, quantity demanded equals quantity supplied Answer Selected Answer: Question 5 7 out of 7 points At a price above the equilibrium price, there is Answer Selected Register to View Answera surplus. Question 7 7 out of 7 points What is the definition of producers surplus? Answer Selected Answer: Question 9 7 out of 7 points In the market for good X there are three buyers, Adam, Bill, and Carolyn. Adam buys 3 units of good X at $4, Bill buys 7 units of good X at $4, and Carolyn buys 8 units of good X at $4. A point on the market demand curve consists of the following price-quantity combination: Answer Selected Register to View Answer$4, 18 Question 10 7 out of 7 points A demand schedule is a numerical tabulation of Answer Selected Answer: Question 11 7 out of 7 points Which of the following pairs of goods would be most likely to be complements? Answer Selected Answer: Question 12 7 out of 7 points Exhibit 3-8 Refer to Exhibit 38. A shortage exists at any price below Answer Selected Register to View Answer$3.00. Question 13 7 out of 7 points Exhibit 3-12 ----------------------------Quantity Supplied ------------------------------------Price $6 7 8 9 10 11 Assume that Aline, Bentley, Calvin, and David are the only sellers in this market. Refer to Exhibit 312. Fill in blanks (C) and (D) respectively with the market quantity supplied at each given price. Answer Selected Register to View Answer48; 55 Question 14 7 out of 7 points Exhibit 3-13 ----------------------------Quantity Demanded----------------------------------Price $5 6 7 8 9 10 Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Refer to Exhibit 313. Fill in blanks (E) and (F) respectively with the market quantity demanded at each given price. Answer Selected Register to View Answer31; 16 Question 15 0 out of 7 points Exhibit 3-10 Refer to Exhibit 310. If the price is $30, Answer Selected Answer: Question 3 7 out of 7 points Which economic concept is the reason behind Disney Worlds price scheme involving discounts for multiple-day passes? Answer Selected Answer: Question 9 7 out of 7 points The law of demand states that price and quantity demanded are Answer Selected Answer: Question 1 7 out of 7 points The law of supply states that price and quantity supplied are Answer Selected Answer: Question 4 7 out of 7 points Exhibit 3-13 ----------------------------Quantity Demanded----------------------------------Price $5 6 7 8 9 10 Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Refer to Exhibit 313. Each individual consumers demand curve is _______________ _ sloping and the market demand curve is _______________ __ sloping. Answer Selected Answer: Question 5 7 out of 7 points If the demand for computer software rises as incomes rise, then computer software is a (an) Answer Selected Register to View Answernormal good Question 9 7 out of 7 points Which of the following statements best represents the law of supply? Answer Selected Answer: Question 10 7 out of 7 points At a price below the equilibrium price, there is Answer Selected Register to View Answera shortage. Question 12 7 out of 7 points Which of the following pairs of goods would be most likely to be substitutes? Answer Selected Answer: Question 11 7 out of 7 points A vertical supply curve represents: Answer Selected Answer: Question 13 7 out of 7 points Exhibit 3-4 Refer to Exhibit 34. A price of $4 in the market will result in a Answer Selected Answer: none of the above
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