Econ 302 Chap 5 (quiz) - Econ 302 Chap 5 Created: 9:55:11...

Econ 302 Chap 5 (quiz)
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Econ 302 Chap 5 Created: 9:55:11 PM CST Choose the most correct answer for each question. Each question is worth 1/2 point. 1. In the fall of 2004 the price of tomatoes dramatically increased. Which of the following could have caused this change? A. Hurricanes during the late summer damaged the Florida crop, shifting supply left. B. A reduction in tariffs of tomatoes from Central American, shifting supply right. C. A news report stating that a pesticide used on tomatoes might cause cancer, shifting the demand to the right. D. Advertising for catsup increased demand for catsup, shifting the demand curve to the left. 2. The Independent reported in 2004 that "Online music stores such as Apple's iTunes were seen as a revolution in music sales, with customers turning their backs on CDs to shop online" Based on this report, you can conclude that the introduction of online music stores has shifted: A. the supply curve of CDs to the right. B.
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