Mircoeconomics 2302 – Assessment Quiz 3

| March 14, 2016

Assessment: Lesson 3 Quiz

Question 1 (6063111): Supply is provided by ____________ and demand is created by consumers.

Correct answer(s): government
households
producers
Federal Reserve
________________________________________
Question 2 (6063122): When price decreases the quantity demanded by consumers __________ if all other influences remain the same.
Correct answer(s): increases
decreases
stays the same
all the above
________________________________________
Question 3 (6063142): If consumers think that prices would go down in the future, they will __________ their present demand.
Correct answer(s): decrease
not change
increase
none of the above
________________________________________
Question 4 (6063136): If people decide to purchase less at every price level, __________ (shift left) will result.
Correct answer(s): an increase in quantity demanded
a decrease in quantity demanded
an increase in demand
decrease in demand
________________________________________
Question 5 (6063120): “Demand” is a series of prices and the related quantities that consumers are willing and able to buy at a particular _____________.
Correct answer(s): north east corner of the street
moment in time
government outlet
Federal Reserve meeting
________________________________________
Question 6 (6063125): The result of a change in Quantity Demanded as ________ change is shown by a movement along the demand line.
Correct answer(s): tastes or preferences (utility patterns)
income
expections
prices
________________________________________
Question 7 (6063114): When a consumer purchases a product, a(n) _________ is created for this item to be re-stocked by the merchant.
Correct answer(s): demand
supply
equilibrium
surplus
________________________________________
Question 8 (6063145): __________ is the only variable which will increase the amount brought to the market (quantity supplied) if all other variables remain the same.
Correct answer(s): Technology
A decrease in resource costs
An increase in the price of the product
A decrease in the price of the product
________________________________________
Question 9 (6063138): When two goods are complementary goods, a change in the price of one will cause a change in the demand for the other in the ________ direction.
Correct answer(s): opposite
same
upward
downward
________________________________________
Question 10 (6063147): An illustration of an increase in the supply schedule is shown below with a change from S1 to S2.

This shift could be caused by ___________________.

Correct answer(s): an increase in resource costs
an increase technology
an increase in price of the product
an increase in taxes on the producers
________________________________________
Question 11 (6063124): As a person continues to consume more of an item, ________ s/he will get less additional satisfaction (utility).
Correct answer(s): on the third unit
on the fourth unit
on the fifth unit
at some point
________________________________________
Question 12 (6063132): In the table below, for every price that the D#1 increases, the Quantity Demanded indicates _______ more sales than the original demand schedule D.

Correct answer(s): 2
3
4
5
________________________________________
Question 13 (6063157): The market clearing price where the quantity demanded by consumers equals the ____________ by producers.
Correct answer(s): quantity supplied
supply
either a. or b.
all the above
________________________________________
Question 14 (6063153): An increase in the price of the product will change the supply line (shift ________).
Correct answer(s): upward
left
right
none of the above
________________________________________
Question 15 (6063154): If increased taxes are imposed on producers, ___________ products will be provided in the market at each price (shift left).
Correct answer(s): fewer
more
the same amount of
none of the above

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