Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Fall 2019 » Quiz 5
Below are the questions for the exam with the choices of answers:
Question #1
A total expenditures generally rise
B total expenditures generally fall.
C quantity demanded generally falls
D quantity supplied generally falls
Question #2
A Supply has shifted. Price has fallen somewhat but not enough to equilibrate supply and demand
B Supply has shifted to the left. Price has risen somewhat, but not enough to equilibrate supply and demand.
C Demand has shifted to the right and price has risen to equilibrate supply and demand?
D Demand has shifted to the right. Price has risen somewhat, increasing quantity supplied, but not enough to equal quantity demanded.
Question #3
A leftward shift in supply keeping demand constant
B rightward shift in supply and demand
C rightward shift in demand and a leftward shift in supply
D leftward shift in demand keeping supply constant
Question #4
A downward and the price will decrease by less than $5
B upward and the price will increase by $5
C upward and the price will increase by less than $5
D downward and the price will decrease by $5
Question #5
A Hurricanes during the late summer damages 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 increases demand for catsup, shifting the demand curve to the left
Question #6
A too high incomes in New York City
B a price floor on rent higher than equilibrium price
C a price ceiling on rent lower than the equilibrium price
D a lack of a rationing mechanism to distribute existing apartments
Question #7
A rightward shift in supply, keeping demand constant
B leftward shift in demand and supply
C rightward shift in supply and demand.
D rightward shift in demand, keeping supply constant.
Question #8
A price fell initially, then rose (failing to return to its former low level); quantity rose and then fell.
B price fell initially, then rose (failing to return to its former low level); quantity fell and then rose
C price rose initially, then fell (failing to regain its former losses); quantity rose, then fell
D price rose initially, then fell (failing to regain its former losses); quantity fell and then rose.
Question #9
A be in excess demand
B less desirable.
C hard to find
D easy to find
Question #10
A The cigar market is in equilibrium
B Price is too low, demand exceeds supply
C Price is too low, quantity demanded exceeds quantity supplied
D A shift in suppply has equilibriated supply and demand
Question #11
A the supply of steel shifts to the right and lowers its market price
B the demand for steel shifts to the left and raises its market price.
C The supply of the imported steel shifts to the left and raises its market price
D the demand for steel shifts to the left and lowers its market price
Question #12
A Demand shifted to the left, price fell and quantity supplied fell
B Supply shifted to the left, price rose, and quantity demanded fell
C Demand shifted to the left, price fell, and supply fell
D Supply shifted to the left, price rose, and demand shifted to the left