Econ 100 Midterm 1 Practice Exam – Questions With
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Terms in this set (54)
Recent forest fires in the western states b
are expected to cause the price of
lumber to rise in the next six months. As
a result, we can expect the supply of
lumber to
a) fall in six months but not now.
b) fall now.
c) increase in six months when the price
goes up.
d) increase now to meet as much
demand as possible.
,A university's football stadium is never a
more than half-full during football
games. This indicates
a) the ticket price is above the
equilibrium price.
b) nothing about the equilibrium price.
c)the ticket price is below the
equilibrium price.
d) the ticket price is at the equilibrium
price.
Table 4-8 b
Price
Firm X'sQuantitySupplied
Firm Y'sQuantitySupplied
Firm Z'sQuantitySupplied
$0 0 0 0
$3 2 4 6
$6 4 8 12
$9 6 12 18
$12 8 16 24
$15 10 20 30
Refer to Table 4-8. Suppose Firm X and
Firm Y are the only two sellers in the
market. If the market price decreases
from $12 to $9, quantity supplied will
a)
increase by 12 units.
b)
decrease by 6 units.
c)
decrease by 12 units.
d)
increase by 6 units.
, Figure 4-24The diagram below pertains d
to the demand for turkey in the United
States.
Refer to Figure 4-24. All else equal, a
large number of people becoming
vegetarians would cause a move from
a) y to x.
b) x to y.
c) DB to DA.
d) DA to DB.
Assume the market for tennis balls is b
perfectly competitive. When one tennis
ball producer exits the market,
a)
the price of tennis balls increases.
b)
the price of tennis balls does not
change.
c)
the price of tennis balls decreases.
d)
there is no longer a market for tennis
balls.
Refer to Figure 4-26. Which of the a
following movements would illustrate
the effect in the market for paper
napkins as a result of a “Go Green”
advertising campaign encouraging
people to use cloth napkins?
a)
Point C to Point B
b)
Point A to Point B
c)
Point C to Point D
d)
Point A to Point D
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Terms in this set (54)
Recent forest fires in the western states b
are expected to cause the price of
lumber to rise in the next six months. As
a result, we can expect the supply of
lumber to
a) fall in six months but not now.
b) fall now.
c) increase in six months when the price
goes up.
d) increase now to meet as much
demand as possible.
,A university's football stadium is never a
more than half-full during football
games. This indicates
a) the ticket price is above the
equilibrium price.
b) nothing about the equilibrium price.
c)the ticket price is below the
equilibrium price.
d) the ticket price is at the equilibrium
price.
Table 4-8 b
Price
Firm X'sQuantitySupplied
Firm Y'sQuantitySupplied
Firm Z'sQuantitySupplied
$0 0 0 0
$3 2 4 6
$6 4 8 12
$9 6 12 18
$12 8 16 24
$15 10 20 30
Refer to Table 4-8. Suppose Firm X and
Firm Y are the only two sellers in the
market. If the market price decreases
from $12 to $9, quantity supplied will
a)
increase by 12 units.
b)
decrease by 6 units.
c)
decrease by 12 units.
d)
increase by 6 units.
, Figure 4-24The diagram below pertains d
to the demand for turkey in the United
States.
Refer to Figure 4-24. All else equal, a
large number of people becoming
vegetarians would cause a move from
a) y to x.
b) x to y.
c) DB to DA.
d) DA to DB.
Assume the market for tennis balls is b
perfectly competitive. When one tennis
ball producer exits the market,
a)
the price of tennis balls increases.
b)
the price of tennis balls does not
change.
c)
the price of tennis balls decreases.
d)
there is no longer a market for tennis
balls.
Refer to Figure 4-26. Which of the a
following movements would illustrate
the effect in the market for paper
napkins as a result of a “Go Green”
advertising campaign encouraging
people to use cloth napkins?
a)
Point C to Point B
b)
Point A to Point B
c)
Point C to Point D
d)
Point A to Point D
