MT1practice - 9/14/11 Ques*on 17 A store...

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Unformatted text preview: 9/14/11 Ques*on 17 A store owner finds that customers are willing to pay more for umbrellas on rainy days. A.  This represents a shiA of the demand curve. B.  This represents a movement along the demand curve. Ques*on 18 The sharp rise in the price of gasoline leads many commuters to join carpools in order to reduce their gasoline purchases. A. This represents a shiA of the demand curve for gasoline. B. This represents a movement along the demand curve for gasoline. Ques*on 19 Ques*on 20 More homeowners put their houses up for sale during a real estate boom that causes prices to rise. A. This represents a shiA of the supply curve. B. This represents a movement along the supply curve. Many strawberry farmers open temporary roadside stands during harvest season, even though prices are usually low at that *me. A. This represents a shiA of the supply curve. B. This represents a movement along the supply curve. Ques*on 21 Ques*on 22 Based on the table, the equilibrium price is $_____, and the equilibrium quan*ty is _____ pounds. Price QD QS A. $5 ; 500 5 200 500 B. $4 ; 400 4 400 400 C. $3 ; 300 3 600 300 D. $2 ; 800 2 800 200 1 1,000 100 At a price of $5, there is a ______ of ______ pounds. Price QD 5 200 4 400 3 600 2 800 1 1,000 QS 500 400 300 200 100 A. B. C. D. Surplus ; 100 Surplus ; 300 Shortage ; 400 Shortage ; 600 1 9/14/11 Ques*on 23 AAer a heavy snowfall, many people want to buy secondhand snow blowers at the local tool shop. This causes: A. a shortage of secondhand snow blowers and prices rise. B. a shortage of secondhand snow blowers and prices fall. C. a surplus of secondhand snow blowers and prices rise. D. a surplus of secondhand snow blowers and prices fall. Ques*on 24 As the price of gasoline fell in the United States during the 1990s, more people bought large cars. What is the effect on price and quan*ty for large cars? A. quan*ty and price fell B. quan*ty and price rose C. quan*ty fell and price rose D. quan*ty rose and price fell Ques*on 25 As a local cable company offers cheaper pay ­ per ­view films, local movie theaters have more unfilled seats. Does supply or demand for movie theater seats shiA, and which way? A. supply shiAs leA B. supply shiAs right C. demand shiAs leA D. demand shiAs right 2 ...
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This note was uploaded on 09/16/2011 for the course ECO 2023 taught by Professor Underwood-caputo during the Spring '08 term at University of Central Florida.

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