exam1-sol - Economics 304K EXAM I SOLUTIONS Part I Multiple...

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Economics 304K EXAM I SOLUTIONS
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Part I. Multiple Choice . Do the following 15 multiple choice questions: Read each question carefully and CIRCLE the best answer. THERE IS ONLY ONE ANSWER TO EACH QUESTION. It often helps to jot down a quick graph or do some work next to the question before searching for the answer. 1. Which of the following events could shift both the demand curve and the supply curve for a good? a. A technological advance pertaining to the production of the good is observed. b. Incomes of all buyers of the good increase. c. The number of sellers of the good increases. d. Everyone revises upward their expectation of next month’s price of the good. 2. If the insect pests destroy much of America’s wheat crop this year, which of the following is likely to happen? 3. A movement along the supply curve might be caused by a change in 4. Demand is said to be elastic if a. the price of the good responds substantially to changes in demand. b. demand shifts substantially when income or the expected future price of the good changes. c. buyers do not respond much to changes in the price of the good. d. buyers respond substantially to changes in the price of the good.
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