Econ 101 exam 3 original attempt 1.docx - ECON101_MH_V3Topic 4 Measuring Economic Outcomes Started on State Tuesday 11:25 AM Finished Completed on

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ECON101_MH_V3Topic 4: Measuring Economic Outcomes Started on Tuesday, January 21, 2020, 11:25 AM State Finished Completed on Tuesday, January 21, 2020, 11:55 AM Time taken 30 mins 5 secs Grade 52.25 out of 55.00 (95%) Question 1 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text Suppose the local slaughterhouse gives off an unpleasant stench. The price of meat would then be _______ because not all of the _________ are accounted for in the marketplace. Select one: a. too high; benefits b. too low; benefits c. too high; costs d. too low; costs Correct Feedback The correct answer is: too low; costs Question 2 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text
Picture Refer to the figure above. Moving from demand curve D2 to demand curve D1 could be caused by a(n): Select one: a. increase in consumers' incomes. b. increase in quantity supplied. c. increase in the price of a substitute. d. increase in the price of a complement. Correct Feedback The correct answer is: increase in the price of a complement. Question 3 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n): Select one: a. decrease in the quantity of apartments demanded. b. increase in the supply of apartments. c. increase in the demand for apartments. Correct d. decrease in the quantity of apartments supplied. Feedback The correct answer is: increase in the demand for apartments.
Question 4 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text A demand curve is ________ sloping because __________________. Select one: a. downward; of increasing opportunity costs b. upward; people prefer to purchase high-quality consumer goods c. downward; reservation prices tend to fall over time d. downward; fewer people are willing to buy an item at higher prices Correct Feedback The correct answer is: downward; fewer people are willing to buy an item at higher prices Question 5 Correct 2.75 points out of 2.75 Not flaggedFlag question Question text The supply curve illustrates that firms: Select one: a. increase the supply of a good when its price rises.

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