Chapter_4 - YourResultsfor"SelfStudyQuiz SiteTitle...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 4 > Self-Study Quiz Date/Time  Submitted: February 7, 2012 at 8:17 AM  (UTC/GMT) Summary of Results 28% Correct  of 40 Scored items: 11 Correct:  28% 29 Incorrect:  73% 3 questions not scored. 40 scored questions. More information about scoring 1. The market system, also called  the  price system , performs the  following functions:  Your Answer: It serves as a rationing device for  consumers. Correct Answer: All of the above.   Incorrect. This answer is correct, however, other choices are also correct. 2. The price system serves as a  rationing device particularly when:  Your Answer: Quantity supplied exceeds quantit Correct Answer: Quantity demanded exceeds quan   Incorrect. 3. Refer to the graph below. At what  price level is price rationing 
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especially necessary? Your Answer: At $2.50. Correct Answer: At $1.75.   Incorrect. When the price is $2.50, quantity supplied equals quantity demanded; thus,  there is no need to ratio quantity. 4. Refer to the figure. Start at point C.  What is the impact of the shift in  supply on the demand side of the  market? Your Answer: After the shift in supply, there is an Correct Answer: After the shift in supply, there is a 
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  Incorrect. An increase in demand means a shift of the demand curve to the right. Demand  is not increasing. 5. Refer to the figure below. How would  you interpret the move from  point  A  to point  B  in the graph? Your Answer:   Correct. The movement from A to B represents a movement along the supply curve once  the price rises from $5.25 to $7.35. 6. Refer to the figure below. The price  of the good in question in this graph  is primarily determined by:
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  Your Answer: Supply. Correct Answer: Demand.   Incorrect. When supply is fixed or something for sale is unique, its price is  demand  determined. 7. Refer to the figure below. At what  price level is quantity demanded too  low for equilibrium?   Your Answer:   Correct. At  P 1 , the quantity demanded (on the demand curve) is less than the quantity (on 
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the supply curve) supplied. 8. Refer to the figure below. At what  price level is there a tendency in this  market for price to fall?   Your Answer: At  P 0 . Correct Answer: At  P 1 .   Incorrect. At  P 0 , quantity demanded is equal to quantity supplied. There is no tendency for  the price to rise or fall when the market is in equilibrium.
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