Mircoeconomics 2302 – Assessment Quiz 3

Question Assessment: Lesson 3 Quiz Question 1 (6063111): Supply is provided by ____________ and demand is created by consumers. Correct answer(s): government households producers Federal Reserve ________________________________________ Question 2 (6063122): When price decreases the quantity demanded by consumers __________ if all other influences remain the same. Correct answer(s): increases decreases stays the same all the above ________________________________________ Question 3 (6063142): If consumers think that prices would go down in the future they will __________ their present demand. Correct answer(s): decrease not change increase none of the above ________________________________________ Question 4 (6063136): If people decide to purchase less at every price level __________ (shift left) will result. Correct answer(s): an increase in quantity demanded a decrease in quantity demanded an increase in demand decrease in demand ________________________________________ Question 5 (6063120): ?Demand? is a series of prices and the related quantities that consumers are willing and able to buy at a particular _____________. Correct answer(s): north east corner of the street moment in time government outlet Federal Reserve meeting ________________________________________ Question 6 (6063125): The result of a change in Quantity Demanded as ________ change is shown by a movement along the demand line. Correct answer(s): tastes or preferences (utility patterns) income expections prices ________________________________________ Question 7 (6063114): When a consumer purchases a product a(n) _________ is created for this item to be re-stocked by the merchant. Correct answer(s): demand supply equilibrium surplus ________________________________________ Question 8 (6063145): __________ is the only variable which will increase the amount brought to the market (quantity supplied) if all other variables remain the same. Correct answer(s): Technology A decrease in resource costs An increase in the price of the product A decrease in the price of the product ________________________________________ Question 9 (6063138): When two goods are complementary goods a change in the price of one will cause a change in the demand for the other in the ________ direction. Correct answer(s): opposite same upward downward ________________________________________ Question 10 (6063147): An illustration of an increase in the supply schedule is shown below with a change from S1 to S2. This shift could be caused by ___________________. Correct answer(s): an increase in resource costs an increase technology an increase in price of the product an increase in taxes on the producers ________________________________________ Question 11 (6063124): As a person continues to consume more of an item ________ s/he will get less additional satisfaction (utility). Correct answer(s): on the third unit on the fourth unit on the fifth unit at some point ________________________________________ Question 12 (6063132): In the table below for every price that the D#1 increases the Quantity Demanded indicates _______ more sales than the original demand schedule D. Correct answer(s): 2 3 4 5 ________________________________________ Question 13 (6063157): The market clearing price where the quantity demanded by consumers equals the ____________ by producers. Correct answer(s): quantity supplied supply either a. or b. all the above ________________________________________ Question 14 (6063153): An increase in the price of the product will change the supply line (shift ________). Correct answer(s): upward left right none of the above ________________________________________ Question 15 (6063154): If increased taxes are imposed on producers ___________ products will be provided in the market at each price (shift left). Correct answer(s): fewer more the same amount of none of the above

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