Started on Wednesday, 16 August 2023, 9:28 PM
State Finished
Completed on Wednesday, 16 August 2023, 11:17 PM
Time taken 1 hour 48 mins
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Complete
M ark 0.00 out of 1.00
Which of the following effects will be illustrated on the demand and supply graph where a market is in equilibrium
and demand increases?
a. An excess supply at the new equilibrium price.
b. An excess demand at the new equilibrium price.
c.
An excess demand at the initial equilibrium price.
d. An excess supply at the initial equilibrium price.
,Question 2
Complete
M ark 0.00 out of 1.00
Which of the following conditions are NOT required for the supply and demand model to apply?
a. Both buyers and sellers must trade an identical item.
b. A significant number of buyers.
c. A significant number of sellers.
d.
The traded item must be a product.
Question 3
Complete
M ark 2.00 out of 2.00
Consider the following demand and supply functions:
Demand: Qd = 800 - 80P
Supply: Qs = -200 + 120P.
What is the equilibrium price and output?
a. P = R3 and Q = 560.
b. P = R10 and Q = 300.
c. P = R5 and Q = 400.
d. P = R3.33 and Q = 500.
, Question 4
Complete
M ark 1.00 out of 1.00
A difference between luxuries and necessities is that….
a. luxuries are not purchased by low-income people.
b. rich people buy fewer necessities than do poor people.
c. all necessities are inferior goods and all luxuries are normal goods.
d. the percentage of income spent on luxuries increases as income rises, whereas the percentage of income
spent on necessities falls as income increases.
Question 5
Complete
M ark 2.00 out of 2.00
Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on
consumers will …
a.
Decrease consumer surplus.
b.
Decrease producer surplus.
c. Increase consumer surplus.
d. Decrease the price received by producers.
State Finished
Completed on Wednesday, 16 August 2023, 11:17 PM
Time taken 1 hour 48 mins
Marks 17.00/20.00
Grade 85.00 out of 100.00
Question 1
Complete
M ark 0.00 out of 1.00
Which of the following effects will be illustrated on the demand and supply graph where a market is in equilibrium
and demand increases?
a. An excess supply at the new equilibrium price.
b. An excess demand at the new equilibrium price.
c.
An excess demand at the initial equilibrium price.
d. An excess supply at the initial equilibrium price.
,Question 2
Complete
M ark 0.00 out of 1.00
Which of the following conditions are NOT required for the supply and demand model to apply?
a. Both buyers and sellers must trade an identical item.
b. A significant number of buyers.
c. A significant number of sellers.
d.
The traded item must be a product.
Question 3
Complete
M ark 2.00 out of 2.00
Consider the following demand and supply functions:
Demand: Qd = 800 - 80P
Supply: Qs = -200 + 120P.
What is the equilibrium price and output?
a. P = R3 and Q = 560.
b. P = R10 and Q = 300.
c. P = R5 and Q = 400.
d. P = R3.33 and Q = 500.
, Question 4
Complete
M ark 1.00 out of 1.00
A difference between luxuries and necessities is that….
a. luxuries are not purchased by low-income people.
b. rich people buy fewer necessities than do poor people.
c. all necessities are inferior goods and all luxuries are normal goods.
d. the percentage of income spent on luxuries increases as income rises, whereas the percentage of income
spent on necessities falls as income increases.
Question 5
Complete
M ark 2.00 out of 2.00
Suppose that supply is perfectly elastic and the demand curve is downward sloping. A quantity tax placed on
consumers will …
a.
Decrease consumer surplus.
b.
Decrease producer surplus.
c. Increase consumer surplus.
d. Decrease the price received by producers.
