ECO 151Micro Test EXAM ( LATEST UPDATE )

ECO 151Micro Test EXAM • Question 1 2 out of 2 points To economists, a change in demand means that there has been a shift in the demand curve, whereas a change in quantity demanded Selected Answer: Response Feedback: Means that price has changed and there is movement along the demand curve. correct MC Qu. 33 A change in demand means there... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-01 The nature and determinants of market demand. Topic: Demand • Question 2 2 out of 2 points Which of the four multiple choice answers best identifies what is implied by the law of supply? Selected Answer: Response Feedback: Supply curves are upward-sloping to the right. correct MC Qu. 43 The law of supply implies that... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-02 The nature and determinants of market supply. Topic: Supply • Question 3 0 out of 2 points What must happen in order for a price ceiling to have the desired effect? It must be set: Selected Answer: Response Feedback: Above the equilibrium price, and it will create a market surplus. incorrect : Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-05 How government price controls affect market outcomes. Topic: Market Outcomes • Question 4 2 out of 2 points Which of the following four choices would an economist identify as a determinant of market supply? Selected Answer: Response Feedback: Available technology. correct MC Qu. 36 Which of the following is a... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-02 The nature and determinants of market supply. Topic: Supply • Question 5 2 out of 2 points Which of the following four choices would an economist say occurs at the equilibrium price? Selected Answer: Response Feedback: No shortages or surpluses. correct MC Qu. 54 At the equilibrium price, there are... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-03 How market prices and quantities are established. Topic: Equilibrium • Question 6 0 out of 2 points Which of the four choices would not be held constant along a given supply curve for a good? Selected Answer: Response Feedback: Taxe s. incorrect MC Qu. 39 Which of the following is not... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-02 The nature and determinants of market supply. Topic: Supply • Question 7 2 out of 2 points If the market wage for a particular industry is $11 and the government enforces a minimum wage of $7, what will happen to the unemployment rate? It will: Selected Answer: Response Feedback: Not be affected by the minimum wage. correct MC Qu. 116 If the market wage for fast-food... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-05 How government price controls affect market outcomes. Topic: Market Outcomes • Question 8 2 out of 2 points Which of the four choices would an economist say best describes the method for calculating market demand? Selected Answer: Response Feedback: Add the quantities demanded for each individual demand schedule horizontally. correct MC Qu. 35 To calculate market demand, we... AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 03-01 The nature and determinants of market demand.