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# quiz 2 - B an increase in the price of gasoline C a...

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T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU Q UIZ T WO J AN 17, 2008 P RINT Y OUR N AME ____________ __KEY___ ____________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME __________________________________________________ I NSTRUCTIONS : Y OU HAVE 12 MINUTES TO COMPLETE THE QUIZ . T HE QUIZ TOTALS 2 POINTS . Y OU HAVE 4 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE QUIZ PROBLEMS . P ICK THE BEST ANSWER FOR EACH QUESTION . Problem 1 Problem 2 Problem 3 Problem 4 B C B D 1

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1, the figure below shows the market for hamburger. Which figure shows the effect of an announcement by the U.S. Food and Drug Administration that eating hamburger causes early death? A), Figure A B), Figure B C), Figure C D), Figure D 2, which of the following shifts the supply curve for gasoline rightward? A), a situation in which the quantity demanded exceeds the quantity supplied.
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Unformatted text preview: B), an increase in the price of gasoline. C), a decrease in the price of a resource used to produce gasoline, such as crude oil. D), an increase in the demand for gas-guzzling, sport utility vehicles. 3, If the price of lumber rises, then in the market for sawdust which is a complement in production, A) the supply curve of sawdust shifts leftward. B) the supply curve of sawdust shifts rightward. C) there is a movement downward along the supply curve for sawdust. D) there is a movement upward along the supply curve for sawdust. 4, If the quantity of cars supplied is 12,000 per year and the quantity of cars demanded is 10,000 per year, there is a ________ in the market and the price will ________. A) shortage; rise B) shortage; fall C) surplus; rise D) surplus; fall THE END 2...
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quiz 2 - B an increase in the price of gasoline C a...

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