ECON 2101 Macroeconomics
Test 1 (87 questions and
answers)
At a price of $25, how many units will be sold? - answer 500
If the price is $25, - answer there is a surplus of 300 units
At a price of $25, how many units will be supplied? - answer 800
Which of the following would cause both the equilibrium price and
equilibrium quantity of oysters (assume that oysters are a normal good) to
decrease? - answer a decrease in consumer income
Which of the following would cause the equilibrium price of apple juice to
decrease and the equilibrium quantity of apple juice to increase? - answer a
decrease in the price of apples
An increase in the price of a complement would be represented by a change
from - answer D2
to
D1.
Hurricane Katrina damaged a large portion of oil refining and pipeline
capacity in the Gulf coast states. In the market for gasoline, - answer the
supply curve shifted to the left resulting in an increase in the equilibrium
price.
State whether each of the following events will result in a movement along
the demand curve for McDonald's Big Mac hamburgers or whether it will
cause the curve to shift.
, The price of Burger King's Whopper hamburger
declines. This will cause
McDonald's
eliminates
$1.00 off coupons. This will cause
KFC lowers the price of a bucket of fried chicken. This will
The U.S. economy enters a period of rapid growth in incomes. This will cause
- answer demand for McDonald's Big Mac hamburgers to
decrease.
a movement along the demand curve for McDonald's Big Mac hamburgers.
shift the demand for McDonald's Big Mac Hamburgers to the left
demand for McDonald's Big Mac hamburgers to shift to the left if they are
inferior goods.
At a price of $5, - answer there is a shortage of 4 units.
At a price of $20, how many units will be supplied? - answer 600
In January, buyers of gold expect that the price of gold will fall in February.
What happens in the gold market in January, holding everything else
constant? - answer The demand curve shifts to the left.
Test 1 (87 questions and
answers)
At a price of $25, how many units will be sold? - answer 500
If the price is $25, - answer there is a surplus of 300 units
At a price of $25, how many units will be supplied? - answer 800
Which of the following would cause both the equilibrium price and
equilibrium quantity of oysters (assume that oysters are a normal good) to
decrease? - answer a decrease in consumer income
Which of the following would cause the equilibrium price of apple juice to
decrease and the equilibrium quantity of apple juice to increase? - answer a
decrease in the price of apples
An increase in the price of a complement would be represented by a change
from - answer D2
to
D1.
Hurricane Katrina damaged a large portion of oil refining and pipeline
capacity in the Gulf coast states. In the market for gasoline, - answer the
supply curve shifted to the left resulting in an increase in the equilibrium
price.
State whether each of the following events will result in a movement along
the demand curve for McDonald's Big Mac hamburgers or whether it will
cause the curve to shift.
, The price of Burger King's Whopper hamburger
declines. This will cause
McDonald's
eliminates
$1.00 off coupons. This will cause
KFC lowers the price of a bucket of fried chicken. This will
The U.S. economy enters a period of rapid growth in incomes. This will cause
- answer demand for McDonald's Big Mac hamburgers to
decrease.
a movement along the demand curve for McDonald's Big Mac hamburgers.
shift the demand for McDonald's Big Mac Hamburgers to the left
demand for McDonald's Big Mac hamburgers to shift to the left if they are
inferior goods.
At a price of $5, - answer there is a shortage of 4 units.
At a price of $20, how many units will be supplied? - answer 600
In January, buyers of gold expect that the price of gold will fall in February.
What happens in the gold market in January, holding everything else
constant? - answer The demand curve shifts to the left.
