Macroeconomics CH3 Quiz - Macro-economic Chapter 3 Quiz...

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Macro-economic Chapter 3 Quiz 1.A maximum price set below the equilibrium price is a: A) price ceiling. B) demand price. C) supply price. D) price floor. Correct Answer(s): A 2 The exhibit shows how supply and demand might shift in response to specific events. Suppose scientists discover that eating a tomato a day prevents aging. Which panel best describes how this will affect the market for tomatoes? A) Panel (d) B) Panel (a) C) Panel (c) D) Panel (b) Correct Answer(s): C 3. An increase in the demand for gasoline today caused by concerns that gasoline prices will be higher tomorrow is most likely attributable to which demand shifter? A) consumer expectations B) consumer preferences C) prices of other goods D) income Correct Answer(s): A
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4. A supply curve that is upward sloping means that: A) suppliers will want to sell less at higher prices. B) consumers will buy less at lower prices. C) suppliers will want to sell more at higher prices. D) demand is being ignored.
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This note was uploaded on 03/07/2012 for the course ECON 2301 taught by Professor Chu during the Spring '11 term at University of Houston - Downtown.

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Macroeconomics CH3 Quiz - Macro-economic Chapter 3 Quiz...

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