Macro Quiz 3

Macroeconomics

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Question 1 4.55 out of 4.55 points Correct 1. Economists use the term demand to refer to: A) a particular price-quantity combination on a stable demand curve. B) the total amount spent on a particular commodity over a stipulated time period. C) an upsloping line on a graph that relates consumer purchases and product price. D) a schedule of various combinations of market prices and amounts demanded. Question 1 answers Selected Answer: Correct D Correct Answer: Correct D Question 2 text Question 2 4.55 out of 4.55 points Correct 2.. A recent study found that an increase in the Federal tax on beer (and thus an increase in the price of beer) would reduce the demand for marijuana. We can conclude that: A) beer and marijuana are substitute goods. C) beer is an inferior good. B) beer and marijuana are complementary goods. D) marijuana is an inferior good. Question 2 answers Selected Answer: Correct B Correct Answer: Correct B Question 3 text Question 3 4.54 out of 4.54 points Correct 3. Which of the following will not cause the demand for product K to change?
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A) a change in the price of close-substitute product J B) an increase in consumer incomes C) a change in the price of K D) a change in consumer tastes Question 3 answers Selected Answer: Correct C Correct Answer: Correct C Question 4 text Question 4 4.54 out of 4.54 points Correct 4. An economist for a bicycle company predicts that, other things equal, a rise in consumer incomes will increase the demand for bicycles. This prediction is based on the assumption that: A) there are many goods that are substitutes for bicycles. B) there are many goods that are complementary to bicycles. C) there are few goods that are substitutes for bicycles. D) bicycles are normal goods. Question 4 answers Selected Answer: Correct D Correct Answer: Correct D Question 5 text Question 5 4.55 out of 4.55 points Correct 5. A leftward shift of a product supply curve might be caused by: A) an improvement in the relevant technique of production.
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B) a decline in the prices of needed inputs. C) an increase in consumer incomes. D) some firms leaving an industry. Question 5 answers Selected Answer: Correct D Correct Answer: Correct D Question 6 text Question 6 5.54 out of 5.54 points Correct Use the following to answer questions 6-7: Answer the next question(s) on the basis of the given supply and demand data for wheat: 67 1 57 61 2 61 56 3 68 50 4 73 45
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This note was uploaded on 04/09/2008 for the course EC 133 taught by Professor Pranzo during the Spring '08 term at New Haven.

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Macro Quiz 3 - Question 1 Correct 1 to 4.55 out of 4.55...

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