final - Question 1 3.3 out of 3.3 points There would...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon

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

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

Unformatted text preview: Question 1 3.3 out of 3.3 points There would necessarily be an increase in supply with all but which one of the following occurrences? Selected Answer: An increase in the price offered for the good. Correct Answer: An increase in the price offered for the good. Question 2 3.3 out of 3.3 points A change in quantity demanded is caused by a Selected Answer: change in the price of the good only. Correct Answer: change in the price of the good only. Question 3 3.3 out of 3.3 points The price of chicken has increased from $1.50 to $2.00 per pound because a poultry disease caused a decrease in the supply of chicken. What is likely to happen in the market for fish, ceteris paribus, assuming that fish is priced at $3.00 per pound? Selected Answer: The demand for fish will increase. Correct Answer: The demand for fish will increase. Question 4 3.3 out of 3.3 points The price of pocket calculators has fallen over the past twenty years. Which of the following answers best explains why? Selected Answer: Improved technology used in the production of the good. Correct Answer: Improved technology used in the production of the good. Question 5 0 out of 3.3 points If there is a need for a larger quantity of oil, the most effective way to get it quickly is to Selected Answer: improve technology. Correct Answer: increase the price of oil. Question 6 3.3 out of 3.3 points A leftward shift of the entire demand curve could be the result of Selected Answer: all of the above. Correct Answer: all of the above. Question 7 3.3 out of 3.3 points A market demand curve Selected Answer: is the sum of the demand curves of all the individuals in a particular market. Correct Answer: is the sum of the demand curves of all the individuals in a particular market. Question 8 3.3 out of 3.3 points If beans are inferior goods, a decrease in income will Selected Answer: shift the demand curve for beans to the right. Correct Answer: shift the demand curve for beans to the right. Question 9 0 out of 3.3 points When there is an equilibrium price for a good, as determined by the intersection of the demand and supply curves for that good, everyone who Selected Answer: wanted to buy or sell the good will be happy. Correct Answer: would be willing to pay that price or more will get the good and everyone who would be willing to provide the good for that price or less will be able to sell it. Question 10 3.3 out of 3.3 points Which of the following goods is most likely to be an inferior good, regardless of the income of an individual? Selected Answer: Potatoes. Correct Answer: Potatoes. Question 11 3.3 out of 3.3 points Which of the following is the study of "what is" rather than "what ought to be"? Selected Answer: Positive theory. Correct Answer: Positive theory....
View Full Document

This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas at Austin.

Page1 / 196

final - Question 1 3.3 out of 3.3 points There would...

This preview shows document pages 1 - 5. Sign up to view the full document.

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