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foundations of economics

Questions and Answers of Foundations Of Economics

What must be true about the price charged for a shortage to occur?
What can cause a change in the supply and demand equilibrium?
How does the intersection of supply and demand indicate the equilibrium price and quantity in a market?
Using the graph above, answer the following questions:a. What is the shift from S1 to S2 called?b. What is the movement from a to b called?c. What is the movement from b to a called?d. What is the
Using the graph above, answer the following questions:a. What is the shift from D1 to D2 called?b. What is the movement from b to a called?c. What is the movement from a to b called?d. What is the
If the price of corn rose,a. what would be the effect on the supply of corn?b. what would be the effect on the supply of wheat? P P P a b 0 Q Q2 Q3 D D2
If the price of ice cream increased,a. what would be the effect on the demand for ice cream?b. what would be the effect on the demand for frozen yogurt?
Which curve (supply or demand) would shift which way in the following cases?a. an increase in income and a decreasing price of a complement, for a normal goodb. a technological advance and lower
Which of the following will cause an increase in the quantity of cell phones demanded? In the demand for cell phones?a. The prices of cell phones fall.b. Your income increases.c. The price of cell
Show the impact of each of the following events on the oil market.a. OPEC becomes more effective in limiting the supply of oil.b. OPEC becomes less effective in limiting the supply of oil.c. The
Draw the demand curves for the following goods. If the price of the first good listed rises, what will happen to the demand for the second good, and why?a. hamburger and ketchupb. Coca-Cola and
Using the demand curve, show the effect of the following events on the market for beef:a. Consumer income increases.b. The price of beef increases.c. An outbreak of “mad cow” disease occurs.d.
A leftward shift in supply could be caused bya. an improvement in productive technology.b. a decrease in income.c. some firms leaving the industry.d. a fall in the price of inputs to the industry.
A supply curve illustrates a(n) _____________ relationship between _____________ and _____________.a. direct; price; supplyb. direct; price; quantity demandedc. direct; price; quantity suppliedd.
If a farmer were choosing between growing wheat on his own land and growing soybeans on his own land,a. an increase in the price of soybeans would increase his supply of soybeans.b. an increase in
If incomes are rising, in the market for an inferior good,a. demand will rise.b. demand will fall.c. supply will rise.d. supply will fall.
Which of the following is not a determinant of supply?a. input pricesb. technologyc. tastesd. expectationse. the prices of substitutes in production
Antonio’s makes the greatest pizza and delivers it hot to all the dorms around campus. Last week Antonio’s supplier of pepperoni informed him of a 25% increase in price. Which variable
The difference between a change in quantity supplied and a change in supply is that a change ina. quantity supplied is caused by a change in a good’s own price, while a change in supply is caused
All of the following factors will affect the supply of shoes except one. Which will not affect the supply of shoes?a. higher wages for shoe factory workersb. higher prices for leatherc. a
Along a supply curve,a. supply changes as price changes.b. quantity supplied changes as price changes.c. supply changes as technology changes.d. quantity supplied changes as technology changes.
An upward-sloping supply curve shows thata. buyers are willing to pay more for particularly scarce products.b. suppliers expand production as the product price falls.c. suppliers are willing to
Suppose CNN announces that bad weather in Central America has greatly reduced the number of cocoa bean plants and for this reason the price of chocolate is expected to rise soon. As a result,a. the
The difference between a change in quantity demanded and a change in demand is that a change ina. quantity demanded is caused by a change in a good’s own price, while a change in demand is caused
Whenever the price of Good A increases, the demand for Good B increases as well. Goods A and B appear to bea. complements.b. substitutes.c. inferior goods.d. normal goods.e. inverse goods.
Whenever the price of Good A decreases, the demand for Good B increases. Goods A and B appear to bea. complements.b. substitutes.c. inferior goods.d. normal goods.e. inverse goods.
Ceteris paribus, an increase in the price of DVD players would tend toa. decrease the demand for DVD players.b. increase the price of televisions, a complement to DVD players.c. increase the demand
Which of the following would not cause a change in the demand for cheese?a. an increase in the price of crackers, which are consumed with cheeseb. an increase in the income of cheese consumersc. an
Which of the following would be most likely to increase the demand for jelly?a. An increase in the price of peanut butter, which is often used with jellyb. An increase in income; jelly is a normal
If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n)a. increase in the demand for milk.b. decrease in the demand for milk.c. increase in the quantity
In a competitive market,a. there are a number of buyers and sellers.b. no single buyer or seller can appreciably affect the market price.c. sellers offer similar products.d. all of the above are true.
Which of the following is a market?a. a garage saleb. a restaurantc. the New York Stock Exchanged. an eBay auctione. all of the above
Both technological progress and cost-increasing regulations will increase supply. True or False
Just as demanders will demand more now if the price of a good is expected to rise in the near future, sellers will supply more now if the price of a good is expected to rise in the near future. True
A decrease in supply shifts the supply curve to the left. True or False
An increase in supply leads to a movement up along the supply curve. True or False
A change in the price of a good leads to a change in the quantity supplied, but not to a change in its supply. True or False
The market supply curve for a product is the vertical summation of the supply curves for individual firms. True or False
The law of supply states that, other things being equal, the quantity supplied will vary directly (a positive relationship)with the price of the good. True or False
A decrease in the price of ice cream would cause an increase in the demand for frozen yogurt, a substitute. True or False
Either an increase in the number of buyers or an increase in tastes or preferences for a good or service will increase the market demand for a good or service. True or False
Those goods for which falling income leads to decreased demand are called inferior goods. True or False
Two goods are complements if an increase in the price of one causes an increase in the demand for the other. True or False
Because personal tastes differ, what are substitutes for one person may not be substitutes for another person. True or False
A change in demand is illustrated by a shift in the entire demand curve. True or False
A change in a good’s price does not change its demand. True or False
The market demand curve is the vertical summation of individual demand curves. True or False
The relationship between price and quantity demanded is inverse or negative. True or False
All markets are effectively global in scope. True or False
Differences in the conditions under which the exchange between buyers and sellers occurs make it difficult to precisely define a market. True or False
Fill in the blanks:The supply of a good _____________ if the price of one of its substitutes in production rises.
Fill in the blanks:The supply of a good _____________ if the price of one of its substitutes in production falls.
Fill in the blanks:A fall in input prices will _____________ the costs of production, causing the supply curve to shift to the _____________.
Fill in the blanks:Possible supply determinants (factors that determine the position of the supply curve) are _____________ prices; _____________; _____________ of suppliers;and _____________,
Fill in the blanks:The market supply curve is a graphical representation of the amount of goods and services that suppliers are _____________ and _____________ to supply at various prices.
Fill in the blanks:An individual supply curve is a graphical representation that shows the _____________ relationship between the price and the quantity supplied.
Fill in the blanks:The quantity supplied is positively related to the price because firms supplying goods and services want to increase their _____________ and because increasing _____________ costs
Fill in the blanks:According to the law of supply, the higher the price of the good, the greater the ____________, and the lower the price of the good, the smaller the ____________.
Fill in the blanks:An increase in the expected future price of a good or an increase in expected future income may _____________ current demand.
Fill in the blanks:For normal goods an increase in income leads to a(n) _____________ in demand, and a decrease in income leads to a(n) _____________ in demand, other things being equal.
Fill in the blanks:Two goods are called _____________ if an increase in the price of one causes the demand curve for another good to shift to the _____________.
Fill in the blanks:An increase in demand is represented by a _____________ shift in the demand curve; a decrease in demand is represented by a _____________ shift in the demand curve.
Fill in the blanks:A change in demand is caused by changes in any of the other factors (besides the good’s own price) that would affect how much of the good is purchased:the _____________,
Fill in the blanks:A change in _____________ leads to a change in quantity demanded, illustrated by a(n) _____________ a demand curve.
Fill in the blanks:The _____________ curve for a product is the horizontal summing of the demand curves of the individuals in the market.
Fill in the blanks:An individual _____________ curve reveals the different amounts of a particular good a person would be willing and able to buy at various possible prices in a particular time
Fill in the blanks:According to the law of demand, other things being equal, when the price of a good or service falls, the _____________ increases.
Fill in the blanks:A(n) _____________ market consists of many buyers and sellers, no single one of whom can influence the market price.
Fill in the blanks:_____________, as a group, determine the demand side of the market. _____________, as a group, determine the supply side of the market.
Fill in the blanks:The important point about a market is what it does—it facilitates _____________.
Fill in the blanks:A(n) _____________ is the process of buyers and sellers _____________ goods and services.
If plane travel is a normal good and bus travel is an inferior good, what will happen to the demand curves for plane and bus travel if people’s incomes increase?
Would a change in the price of ice cream likely cause a change in the demand for frozen yogurt, a substitute?
Would a change in the price of ice cream cause a change in the demand for ice cream? Why or why not?
How do expectations about the future influence the demand curve?
If incomes rise and, as a result, demand for jet skis increases, how do we describe that good?
If the price of zucchini increases, causing the demand for yellow squash to rise, what do we call the relationship between zucchini and yellow squash?
What is the difference between a change in demand and a change in quantity demanded?
What is the difference between an individual supply curve and a market supply curve?
What are the two reasons why a supply curve is positively sloped?
What happens to the supply of baby-sitting services in an area when many teenagers get their driver’s licenses at about the same time?
If a guitar manufacturer increased its wages in order to keep its workers, what would happen to the supply of guitars as a result?
Would a change in the price of wheat change the supply of wheat? Would it change the supply of corn, if wheat and corn can be grown on the same type of land?
If a seller expects the price of a good to rise in the near future, how will that expectation affect the current supply curve?
What is the difference between a change in supply and a change in quantity supplied?
Why do the prices people pay for similar items at garage sales vary more than for similar items in a department store?
Why do you get your produce at a supermarket rather than directly from farmers?
Why is it difficult to define a market precisely?
Why does the amount of dating on campus tend to decline just before and during final exams?
What is the difference between an individual demand curve and a market demand curve?
What is an individual demand schedule?
How do higher prices change buyers’ incentives?
How do lower prices change buyers’ incentives?
What is an inverse relationship?
A politician running for president of the United States promises to build new schools and new space stations during the next four years without sacrificing any other goods and services. Using a
How does a technological advance that increases the efficiency of shoe production affect the production possibilities curve between shoes and pizza? Is it possible to produce more shoes and pizza or
How does education add to a nation’s capital stock?
Economy A produces more capital goods and fewer consumer goods than Economy B. Which economy will grow more rapidly? Draw two production possibilities curves, one for Economy A and one for Economy B.
Using the following table, answer the questions:a. What are the assumptions for a given production possibilities curve?b. What is the opportunity cost of one gun when moving from point B to point C?
How would the following events be shown using a production possibilities curve for shelter and food?a. The economy is experiencing double-digit unemployment.b. Economic growth is increasing at more

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