econ 2110 exam 2 Clemson (2025) comprehensive
questions and verified detailed solutions (MULTIPLE
CHOICES) |complete solutions |A+ GRADED |100%
CORRECT!!
1. Which of the following will not increase the demand for burritos?
a. A big burritos sale.
b. The discovery that eating burritos cures cancer.
c. A rise in the price of burgers, a substitute.
d. A fall in the price of guacamole, a complement.
e. All of the above will increase the demand for burritos. - (ANSWER)a. A big
burritos sale.
2. Which of the following will not decrease the supply of burritos. a. the discovery
that eating burritos causes cancer.
b. a rise in the price of the tortillas used to make burritos.
c. a rise in the price of wages paid to burrito-making employees. d. All of the
above will decrease the supply of burritos. - (ANSWER)a. the discovery that
eating burritos causes cancer.
3. A supply curve shows a. the relationship between price and quantity supplied.
b. how many units of the good will be supplied at various prices. c. the cost of
supplying the good. d. All of the above. ** - (ANSWER)d. All of the above.
4. If the supply of peanut butter increases, what would we expect to happen in
the market for tuna (a substitute for peanut butter on sandwiches)?
,a. Demand to increase.
b. Demand to decrease.
c. Supply to increase.
d. Supply to decrease.
e. Neither the demand nor the supply of tuna would be affected. - (ANSWER)b.
Demand to decrease.
5. Buyers and sellers communicate primarily
a. through surveys.
b. through government agencies.
c. through advertising.
d. through their willingness to buy and sell at various prices.
e. All of the above. - (ANSWER)d. through their willingness to buy and sell at
various prices.
6. Anything that increases the value that potential buyers receive from a good
may be expected to
a. increase demand.
b. increase supply.
c. increase both demand and supply.
d. increase demand but decrease supply. - (ANSWER)a. increase demand.
,7. If the supply of "roots" (an input) increases, what would we expect to happen
in the market for root beer?
a. Demand to increase.
b. Demand to decrease.
c. Supply to increase.
d. Supply to decrease. - (ANSWER)c. Supply to increase.
8. Which of the following will increase the demand for tea?
a. A blight destroys 30% of the tea crop in India.
b. Wonderful weather doubles the usual tea crop.
c. A rise in the price of coffee.
d. New technology allows tea to be made more cheaply.
e. All of the above. - (ANSWER)c. A rise in the price of coffee.
9. A rational decision-maker takes action only if
a. the average benefit is greater than the average cost.
b. the marginal benefit is greater than the marginal cost.
c. the total benefit is positive.
d. society will be made better off.
e. All of the above - (ANSWER)b. the marginal benefit is greater than the marginal
cost.
, 10. Doug likes tomatoes now more than he did last year. Therefore
a. Doug must have received an increase in income.
b. tomatoes must be a necessity.
c. the supply of tomatoes has increased.
d. Doug is willing to pay more for tomatoes than last year. - (ANSWER)d. Doug is
willing to pay more for tomatoes than last year.
11. At what price is quantity demanded greatest? At what price is quantity
supplied greatest?
a. 1, 7
b. 3, 5
c. 5, 3
d. 7, 1 - (ANSWER)a. 1, 7
12. At what which of the following prices will the most kumquats actually be sold
(i.e., change hands from seller to buyer)?
a. 1.
b. 3.
c. 5.
d. 7. - (ANSWER)b. 3.
13. The two graphs above show (in order from top to bottom)
a. An increase in demand, a decrease in supply
questions and verified detailed solutions (MULTIPLE
CHOICES) |complete solutions |A+ GRADED |100%
CORRECT!!
1. Which of the following will not increase the demand for burritos?
a. A big burritos sale.
b. The discovery that eating burritos cures cancer.
c. A rise in the price of burgers, a substitute.
d. A fall in the price of guacamole, a complement.
e. All of the above will increase the demand for burritos. - (ANSWER)a. A big
burritos sale.
2. Which of the following will not decrease the supply of burritos. a. the discovery
that eating burritos causes cancer.
b. a rise in the price of the tortillas used to make burritos.
c. a rise in the price of wages paid to burrito-making employees. d. All of the
above will decrease the supply of burritos. - (ANSWER)a. the discovery that
eating burritos causes cancer.
3. A supply curve shows a. the relationship between price and quantity supplied.
b. how many units of the good will be supplied at various prices. c. the cost of
supplying the good. d. All of the above. ** - (ANSWER)d. All of the above.
4. If the supply of peanut butter increases, what would we expect to happen in
the market for tuna (a substitute for peanut butter on sandwiches)?
,a. Demand to increase.
b. Demand to decrease.
c. Supply to increase.
d. Supply to decrease.
e. Neither the demand nor the supply of tuna would be affected. - (ANSWER)b.
Demand to decrease.
5. Buyers and sellers communicate primarily
a. through surveys.
b. through government agencies.
c. through advertising.
d. through their willingness to buy and sell at various prices.
e. All of the above. - (ANSWER)d. through their willingness to buy and sell at
various prices.
6. Anything that increases the value that potential buyers receive from a good
may be expected to
a. increase demand.
b. increase supply.
c. increase both demand and supply.
d. increase demand but decrease supply. - (ANSWER)a. increase demand.
,7. If the supply of "roots" (an input) increases, what would we expect to happen
in the market for root beer?
a. Demand to increase.
b. Demand to decrease.
c. Supply to increase.
d. Supply to decrease. - (ANSWER)c. Supply to increase.
8. Which of the following will increase the demand for tea?
a. A blight destroys 30% of the tea crop in India.
b. Wonderful weather doubles the usual tea crop.
c. A rise in the price of coffee.
d. New technology allows tea to be made more cheaply.
e. All of the above. - (ANSWER)c. A rise in the price of coffee.
9. A rational decision-maker takes action only if
a. the average benefit is greater than the average cost.
b. the marginal benefit is greater than the marginal cost.
c. the total benefit is positive.
d. society will be made better off.
e. All of the above - (ANSWER)b. the marginal benefit is greater than the marginal
cost.
, 10. Doug likes tomatoes now more than he did last year. Therefore
a. Doug must have received an increase in income.
b. tomatoes must be a necessity.
c. the supply of tomatoes has increased.
d. Doug is willing to pay more for tomatoes than last year. - (ANSWER)d. Doug is
willing to pay more for tomatoes than last year.
11. At what price is quantity demanded greatest? At what price is quantity
supplied greatest?
a. 1, 7
b. 3, 5
c. 5, 3
d. 7, 1 - (ANSWER)a. 1, 7
12. At what which of the following prices will the most kumquats actually be sold
(i.e., change hands from seller to buyer)?
a. 1.
b. 3.
c. 5.
d. 7. - (ANSWER)b. 3.
13. The two graphs above show (in order from top to bottom)
a. An increase in demand, a decrease in supply
