ECO 201 CH 3 & 4 Questions and Answers Already Passed
The minimum wage is an example of a - Answers Price Floor
If the absolute price of a new car is $40,000 and the relative price of a laptop computer in terms of cars
is 1/40 of a car, it follows that the absolute price of the laptop is - Answers $1,000.
What is the difference between an "increase in demand" and an "increase in quantity demanded"? -
Answers An "increase in demand" is represented by a rightward shift of the demand curve while an
"increase in quantity demanded" is represented by a movement along a given demand curve.
A change in all of the following variables will change the market demand for a product except - Answers
the price of the product.
A decrease in the price of GPS systems will result in - Answers a smaller quantity of GPS systems
supplied.
Price serves as a - Answers rationing device, transmitter of information, means of determining who gets
what of the available limited resources and goods.
Which of the following will not shift the demand curve for a good? - Answers an increase in the price of
the good
The supply curve for watches - Answers shows the relationship between the price of watches and the
quantity of watches supplied.
If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an
increase in the price of the Apple Watch will - Answers increase the demand for the Gear S2.
If the price of smartphones was to increase, then - Answers the demand for smartphone apps would
decrease.
A supply schedule - Answers is a table that shows the relationship between the price of a product and
the quantity of the product supplied.
How does the increasing use of digital cameras affect the market for traditional camera film? - Answers
The demand curve for traditional camera film shifts to the left.
If goods are not rationed according to price, if follows that - Answers some non-price rationing device
will be used to ration the goods.
Holding everything else constant, an increase in the price of MP3 players will result in - Answers a
decrease in the quantity of MP3 players demanded.
Which of the following is false? - Answers When the U.S. government imposed price ceilings on gasoline,
the result was a surplus of gasoline.
The minimum wage is an example of a - Answers Price Floor
If the absolute price of a new car is $40,000 and the relative price of a laptop computer in terms of cars
is 1/40 of a car, it follows that the absolute price of the laptop is - Answers $1,000.
What is the difference between an "increase in demand" and an "increase in quantity demanded"? -
Answers An "increase in demand" is represented by a rightward shift of the demand curve while an
"increase in quantity demanded" is represented by a movement along a given demand curve.
A change in all of the following variables will change the market demand for a product except - Answers
the price of the product.
A decrease in the price of GPS systems will result in - Answers a smaller quantity of GPS systems
supplied.
Price serves as a - Answers rationing device, transmitter of information, means of determining who gets
what of the available limited resources and goods.
Which of the following will not shift the demand curve for a good? - Answers an increase in the price of
the good
The supply curve for watches - Answers shows the relationship between the price of watches and the
quantity of watches supplied.
If the Apple Watch and the Samsung Gear S2 are considered substitutes, then, other things equal, an
increase in the price of the Apple Watch will - Answers increase the demand for the Gear S2.
If the price of smartphones was to increase, then - Answers the demand for smartphone apps would
decrease.
A supply schedule - Answers is a table that shows the relationship between the price of a product and
the quantity of the product supplied.
How does the increasing use of digital cameras affect the market for traditional camera film? - Answers
The demand curve for traditional camera film shifts to the left.
If goods are not rationed according to price, if follows that - Answers some non-price rationing device
will be used to ration the goods.
Holding everything else constant, an increase in the price of MP3 players will result in - Answers a
decrease in the quantity of MP3 players demanded.
Which of the following is false? - Answers When the U.S. government imposed price ceilings on gasoline,
the result was a surplus of gasoline.
