Lec 7 Questions

Lec 7 Questions - chicken will______ and the equilibrium...

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Econ 101 Class 7 Questions 1. An increase in the price of gasoline will cause a (an) _______ in the equilibrium price and a (an) ____________ in the equilibrium quantity of new SUVs relative to small engine cars. A. Decrease, decrease ** B. Decrease, increase C. Increase, decrease D. Increase, increase 2. An increase in the price of Mozzarella cheese will cause ________ in the equilibrium price and________ in the equilibrium quantity of pizza. A. A Decrease, An Increase B. A Decrease, A Decrease C. An Increase, An Increase D. An Increase, A Decrease ** 3. If the price of chicken feed falls, the equilibrium price of
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Unformatted text preview: chicken will______ and the equilibrium price of beef will _______ A. Fall, Fall ** B. Fall, Rise C. Rise, Fall D. Rise, Rise 4. Wealthy people in Manhattan live in smaller houses than wealthy people in Seattle because A. The opportunity cost of large houses is higher in Seattle. B. The wealthy in Manhattan have different tastes than the wealthy in Seattle. C. The wealthy in Manhattan are not as wealthy as the wealthy in Seattle. D. It is necessary to give up less to live in a large home in Seattle than in Manhattan. **...
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This note was uploaded on 03/02/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

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