Chapter 3 Test - University of Lethbridge Department of Economics ECON 1012 Introduction to Microeconomics Instructor Michael G Lanyi Chapter 3 Demand

# Chapter 3 Test - University of Lethbridge Department of...

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University of Lethbridge Department of Economics ECON 1012 Introduction to Microeconomics Instructor: Michael G. Lanyi Chapter 3 Demand and Supply 1)The relative price of a good is all of the following except A)the money price of the good divided by a price index.B)an opportunity cost.C)the ratio of one price to another.D)the same as the money price of a good.E)determined in a market. Topic: Markets and Prices 2)How many sides does a market have? Topic: Markets and Prices 3)Which market is an example of a market for goods? Topic: Markets and Prices 4)Which market is an example of a market for services? Topic: Markets and Prices 5)Which market is an example of a resource market? A)furniture marketB)labour marketC)automobile marketD)haircut marketE)apple market Topic: Markets and Prices 6)The demand and supply model determines Topic: Markets and Prices 1
Use the table below to answer the following questions. Table 3.1.1 Year Coffee Price Tea Price Cola Price 2007 \$1.25 \$1.10 \$0.80 2008 \$1.50 \$1.00 \$1.00 2009 \$1.25 \$1.20 \$1.00 7)Refer to Table 3.1.1. In 2007, the relative price of coffee in terms of tea is Topic: Markets and Prices 8)Refer to Table 3.1.1. In 2009, the relative price of coffee in terms of cola is Topic: Markets and Prices 9)Refer to Table 3.1.1. In 2009, the relative price of cola in terms of tea is A)1.00.B)1.20.C)1.25.D)0.83.E)unknown without more information. Topic: Markets and Prices 10)Refer to Table 3.1.1. Between 2007 and 2008, the price of coffee relative to the price of tea ________ while the price of coffeerelative to the price of cola ________. Topic: Markets and Prices 11)Refer to Table 3.1.1. Between 2008 and 2009, the price of coffee relative to the price of tea ________ while the price of coffeerelative to the price of cola ________. Topic: Markets and Prices 2

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