ECON 201 Week 2 Quiz (Chapter 3)
Question 1 points
A shift of a demand curve to the right, all other things unchanged, will:
Question options:
increase equilibrium price and quantity.
decrease equilibrium price and quantity.
decrease quantity and increase price.
increase quantity and decrease price.
Question
points
2
If the current price is above the equilibrium price, we would expect:
Question options:
quantity demanded to exceed quantity supplied.
upward pressure on price.
quantity supplied to exceed quantity demanded.
no change in the market price.
Question
points
3
Demand is defined as:
Question options:
an amount that is purchased at a specific price, given supply.
a schedule that establishes the price of a good.
a schedule that shows how much will be purchased at various prices during a
, particular period, all other things unchanged.
the amount that will be bought at a specific price.
Question
points
4
The primary difference between a change in demand and a change in the quantity demanded is:
Question options:
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift
a change in quantity demanded is a movement along the demand curve, and a change
in demand is a shift in the demand curve.
both a change in quantity demanded and a change in demand are shifts in the demand curve, only in differ
both a change in quantity demanded and a change in demand are movements along the demand curve, on
Question
points
5
A negative relationship between the quantity demanded and price is called the law of .
Question options:
demand
diminishing marginal returns
market clearing
supply
Question
points
6
The relationship between the quantity of a good or service sellers are willing and able to offer for sale
and the independent variables that determine quantity is:
Question options:
Question 1 points
A shift of a demand curve to the right, all other things unchanged, will:
Question options:
increase equilibrium price and quantity.
decrease equilibrium price and quantity.
decrease quantity and increase price.
increase quantity and decrease price.
Question
points
2
If the current price is above the equilibrium price, we would expect:
Question options:
quantity demanded to exceed quantity supplied.
upward pressure on price.
quantity supplied to exceed quantity demanded.
no change in the market price.
Question
points
3
Demand is defined as:
Question options:
an amount that is purchased at a specific price, given supply.
a schedule that establishes the price of a good.
a schedule that shows how much will be purchased at various prices during a
, particular period, all other things unchanged.
the amount that will be bought at a specific price.
Question
points
4
The primary difference between a change in demand and a change in the quantity demanded is:
Question options:
a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift
a change in quantity demanded is a movement along the demand curve, and a change
in demand is a shift in the demand curve.
both a change in quantity demanded and a change in demand are shifts in the demand curve, only in differ
both a change in quantity demanded and a change in demand are movements along the demand curve, on
Question
points
5
A negative relationship between the quantity demanded and price is called the law of .
Question options:
demand
diminishing marginal returns
market clearing
supply
Question
points
6
The relationship between the quantity of a good or service sellers are willing and able to offer for sale
and the independent variables that determine quantity is:
Question options:
