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Unformatted text preview: Homework 2 Econ 102-3: Principles of Macroeconomics due on February 1, 2008 Turn in your homework during class on February 1, 2008 and remember that no late homework will be accepted. Question 1 (5 points) The law of demand concludes that a rise in the price of a golf ball ... the quantity demanded and ... . A. increases; shifts the demand curve rightward B. decreases; shifts the demand curve leftward C. decreases; creates a movement upward along the demand curve D. increases; creates a movement downward along the demand curve Question 2 (5 points) Which of the following does not shift the supply curve? A. a rise in the wages paid to workers B. development of new technology C. people deciding that they want to buy more of a product D. a decrease in the number of suppliers 1 Question 3 (5 points) If there is a shortage of a good, the quantity demanded is ... than the quantity supplied and the price will ... A. less; raise B. less; fall C. greater; rise D. greater; fall Question 4 (5 points) GDP is equal to all of the following except A. aggregate expenditureA....
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- Spring '08