AssignmentIII

AssignmentIII - ARE 201: Introduction to Agricultural &...

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Spring 2008 Assignment III (Chapter 4) 1) For a wage of $11.23 per hour, Gehrig offers to work 32 hours of work each week. The quantity of 32 hours per week represents A) the equilibrium quantity of labor demanded from Gehrig. B) the quantity of labor hours supplied by Gehrig. C) the quantity of labor hours demanded by Gehrig. D) the supply of Gehrig's labor services. E) the demand for Gehrig's labor services. 2) A market is defined as A) a place where one good is bartered for another. B) a physical place where people buy both goods and services. C) a store where people buy physical goods. D) any arrangement that brings buyers and sellers together. E) a physical place where people buy only goods. 3) In the above figure, the shift in the demand curve from D to D 1 can be the result of A) an increase in the price of soda, a complement to pizza. B) an increase in the price of pizza. C) a decrease in income if pizza is a normal good. D) an increase in the price of a sub sandwich, a substitute for pizza. E) a change in quantity demanded. 1
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4) In the above figure, the shift in the demand curve from D to D 2 can be the result of A) an increase in the price of a sub sandwich, a substitute for pizza. B) an increase in the price of soda, a complement to pizza. C) a decrease in the supply of pizza that raises the price of pizza. D) an increase in income if pizza is a normal good. E) a change in quantity demanded. 5) In the above figure, the movement from point a to point b reflects A) an increase in the demand for pizza. B) a decrease in the price of pizza. C) an increase in the number of people who eat pizza. D) a decrease in the number of firms producing pizza. E) an increase in the price of the tomato sauce used to produce pizza. 2
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6) Scooters and bicycles are substitutes. Suppose that the price of a bicycle falls. Which of the figures above best illustrates how this fall in price affects the demand curve for scooters? A) Figure A B) Figure B C) Figure C D) Figure D E) None of the above answers is correct because the change in the price of a bicycle will affect the supply curve not the demand curve. 7) Over the next few years more and more people prefer to ride on scooters. Which of the figures above best illustrates how this change affects the demand curve for scooters? A) Figure A B) Figure B C) Figure C D) Figure D E) None of the above answers is correct because the change in tastes will affect the supply curve not the demand curve. 3
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8) A scooter uses much less gasoline than does a car. Suppose the price of gasoline rises substantially. Which of the figures above best illustrates how this change affects the demand curve for scooters? A) Figure A only
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AssignmentIII - ARE 201: Introduction to Agricultural &...

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