quiz helpful for midterms and final (6)

quiz helpful for midterms and final (6) - Principles of...

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Principles of Economics EC 1 UCLA Dr. Bresnock Fall, 2010 Quiz 3 Choose the best answer to each question and mark it on your answer form. . 1. When the price of corn is rising, we would expect: A) the quantity demanded for corn to be rising. B) the quantity supplied of corn to be rising. C) the demand for corn to be shifting inward. D) the supply of corn to be shifting outward. A) B) C) D) 2. In the market for beef, what would cause a price increase? A) B) C) D) 3. In the local market for coffee, what would happen if Joyce's Java and Everyday Joe's coffee shops go out of business? A) B) C) D)
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4. A new wonder diet that results in a dramatic loss of weight sweeps through America. The key to the diet is to eat unlimited amounts of red meat (beef) but no poultry or carbohydrate-rich foods. As millions of Americans switch to the new diet, we can expect:
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