Econ 101 Final Exam 104 Questions And Answers Graded A Latest Version

Econ 101 Final Exam 104 QUESTIONS AND ANSWERS GRADED A LATEST VERSION When demand increases, a. consumers are willing and able to purchase more of the good at every price b. is flowing toward businesses c. is flowing toward households d. is not used at all e. is flowing to both businesses and households - CORRECT ANSWERS a. consumers are willing and able to purchase more of the good at every price Supply curves are usually assumed to slope upward because a. profits fall as prices rise b. a higher price leads to increases in demand c. a higher price leads to decreases in demand d. a higher price attracts resources from other less valued uses e. firms drop out of the market as prices rise - CORRECT ANSWERS d. a higher price attracts resources from other less valued uses Which of the following would not lead to a change in the supply of chocolate ice cream? a. a change in productive capacity b. a change in the price of strawberry ice cream c. a change in the price of milk d. a change in the price of chocolate ice cream e. a change in the expected future price of chocolate ice cream - CORRECT ANSWERS d. a change in the price of chocolate ice cream Which of the following would cause a leftward shift of the supply curve for computers? a. an increase in the price of printed circuit boards used to build computers b. a decrease in the price of electricity c. an increase in incomes of consumers d. a decrease in the price of computers e. a decrease in the size of the population - CORRECT ANSWERS a. an increase in the price of printed circuit boards used to build computers