macro sheflin hwk 2

macro sheflin hwk 2 - Review Assessment: hw 2 Name: Status:...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Review Assessment: hw 2 Name: hw 2 Status: Completed Score: 94 out of 100 point(s) Time Elapsed: 34 minutes and 16 seconds out of 55 minutes allowed. Instructions: Question 1 Multiple Choice 0 of 2 point(s) When supply and demand both increase, equilibrium Your Answer: price will increase. Correct Answer: price may increase, decrease, or remain unchanged. Question 2 Multiple Choice 2 of 2 point(s) Figure 4-10 Refer to Figure 4-10 . Which of the four graphs represents the market for cars as a result of the adoption of new technology on assembly lines?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Your Answer: C Correct Answer: C Question 3 Multiple Choice 2 of 2 point(s) Economists in general Your Answer: do not try to explain people's tastes, but they do try to explain what happens when tastes change. Correct Answer: do not try to explain people's tastes, but they do try to explain what happens when tastes change. Question 4 Multiple Choice 2 of 2 point(s) If a surplus exists in a market we know that the actual price is Your Answer: above equilibrium price and quantity supplied is greater than quantity demanded. Correct Answer: above equilibrium price and quantity supplied is greater than quantity demanded. Question 5 Multiple Choice 2 of 2 point(s) When the price of a good or service changes, Your Answer: there is a movement along a given demand curve. Correct Answer: there is a movement along a given demand curve. Question 6 Multiple Choice 2 of 2 point(s) Figure 4-8 Refer to Figure 4-8 . If price in this market is currently $14, there would be a
Background image of page 2
Your Answer: surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower price. Correct Answer: surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower price. Question 7 Multiple Choice 2 of 2 point(s) The unique point at which the supply and demand curves intersect is called Your Answer: equilibrium. Correct Answer: equilibrium. Question 8 Multiple Choice 0 of 2 point(s) The relationship between price and quantity supplied is Your Answer: negative. Correct Answer: positive. Question 9 Multiple Choice 2 of 2 point(s) Adam Smith argued that in a market system, when people act in their own self- interest, they typically Your Answer: help others even more than when they deliberately try to help others. Correct Answer: help others even more than when they deliberately try to help others. Question 10 Multiple Choice 2 of 2 point(s) If the United States decides to trade with Mexico, we know that Your Answer: Mexico and the United States can both benefit. Correct Answer: Mexico and the United States can both benefit. Question 11 Multiple Choice 2 of 2 point(s)
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Figure 4-10 Refer to Figure 4-10 . Which of the four graphs represents the market for winter coats as we progress from winter to spring?
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/26/2008 for the course ECONOMICS 103 taught by Professor Sheflin during the Spring '08 term at Rutgers.

Page1 / 13

macro sheflin hwk 2 - Review Assessment: hw 2 Name: Status:...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online