Econ Quiz 1 - Econ200 AU2011,Oh Quiz #1 _answer key Answer...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ200 AU2011,Oh Quiz #1 _answer key Answer : 1. A , 2 A, 3 C, 4 D, 5.B Bonus. 1. Pens are normal goods. What will happen to the equilibrium price of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase? a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous. Figure 1 Panel (a) Panel (b) Panel (c) Panel (d) D D' S Pe' Pe Qe Qe' quantity price D' D S Pe Pe' Qe' Qe quantity price D S' S Pe' Pe Qe Qe' quantity price D S S' Pe Pe' Qe' Qe quantity price 2. Refer to Figure1, Which of the four panels represents the market for pizza delivery in a college town as the price of hamburger, rises? a. Panel (a) b. Panel (b) c. Panel (c) d. Panel (d) 3. A decrease in the price of rubber coincides with an advance in the technology of tire
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/21/2011 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.

Page1 / 2

Econ Quiz 1 - Econ200 AU2011,Oh Quiz #1 _answer key Answer...

This preview shows document pages 1 - 2. Sign up to view the full document.

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