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econ quiz with answers

econ quiz with answers - 1 If the price of a good or...

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1. If the price of a good or resource falls, the demand for: (a) that good or resource falls. (b) complementary goods or resources decrease. (c) substitute goods or resources decrease. (d) luxury goods and inferior resources fall. Questions 2-3. Use figure below. 2. If equilibrium moves from point a to point b in the figure below, the only market experiencing an increase in demand is shown in: (a) Panel A . (b) Panel B. (c) Panel C. (d) Panel D. 3. If equilibrium moves from point a to point b in the figure below, the only market experiencing a decrease in quantity supplied is shown in: (a) Panel A. (b) Panel B. (c) Panel C. (d) Panel D. 4. Government programs guaranteeing farmers minimum legal price floors that exceed equilibrium market prices will yield: (a) cheaper food for consumers. (b) shortages of food and the potential for famine. (c) excess demand in food markets. (d) higher equilibrium prices . (e) surplus food at the minimum price. 5. According to the law of diminishing marginal utility, the longer that Lee and Chris kiss: (a) the less invested each will be in continuing this relationship. (b)
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