Question 1
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Market clearing prices in a market system act as
Question 1Answer
A.
a way for producers to advertise.
B.
a direct measure of resource costs.
C.
a signaling device.
D.
a legally determined rationing device.
Question 2
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When a market clearing price is determined,
Question 2Answer
A.
the exchange between buyers and sellers benefits only the sellers.
B.
the exchange between buyers and sellers is voluntary.
C.
exchange between buyers and sellers is directed by outside factors such as the government.
D.
the exchange between buyers and sellers benefits only the buyers.
Question 3
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Other things constant, the only way to move along a given supply curve for a product is for
Question 3Answer
,A.
the product"s relative price to increase or decrease.
B.
the future relative price of related goods to change.
C.
technological changes to occur.
D.
the number of sellers to increase or decrease.
Question 4
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Macroeconomics might study which of the following?
Question 4Answer
A.
the causes of domestic unemployment
B.
determinants of the prices of rare goods (e.g., diamonds)
, C.
decision making undertaken by firms
D.
decision making undertaken by households
Question 5
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Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply
of diamonds. Which of the following will occur as a result of these simultaneous events?
Question 5Answer
A.
market clearing price may rise, fall, or stay the same, but the equilibrium quantity will rise.
B.
The market clearing price will fall, but the equilibrium quantity may rise, fall, or stay the same.
C.
Both the market clearing price and equilibrium quantity will rise.
Not yet answered
Points out of 2
Flag question
Question text
Market clearing prices in a market system act as
Question 1Answer
A.
a way for producers to advertise.
B.
a direct measure of resource costs.
C.
a signaling device.
D.
a legally determined rationing device.
Question 2
Not yet answered
Points out of 2
,Flag question
Question text
When a market clearing price is determined,
Question 2Answer
A.
the exchange between buyers and sellers benefits only the sellers.
B.
the exchange between buyers and sellers is voluntary.
C.
exchange between buyers and sellers is directed by outside factors such as the government.
D.
the exchange between buyers and sellers benefits only the buyers.
Question 3
Not yet answered
Points out of 2
Flag question
Question text
Other things constant, the only way to move along a given supply curve for a product is for
Question 3Answer
,A.
the product"s relative price to increase or decrease.
B.
the future relative price of related goods to change.
C.
technological changes to occur.
D.
the number of sellers to increase or decrease.
Question 4
Not yet answered
Points out of 2
Flag question
Question text
Macroeconomics might study which of the following?
Question 4Answer
A.
the causes of domestic unemployment
B.
determinants of the prices of rare goods (e.g., diamonds)
, C.
decision making undertaken by firms
D.
decision making undertaken by households
Question 5
Not yet answered
Points out of 2
Flag question
Question text
Suppose there is a simultaneous increase in the demand for diamonds and increase in the supply
of diamonds. Which of the following will occur as a result of these simultaneous events?
Question 5Answer
A.
market clearing price may rise, fall, or stay the same, but the equilibrium quantity will rise.
B.
The market clearing price will fall, but the equilibrium quantity may rise, fall, or stay the same.
C.
Both the market clearing price and equilibrium quantity will rise.
