(1)

A change in price will lead to a change in __________ and to a change in __________, while a change in consumer preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________.

Group of answer choices

quantity supplied; demand; income; supply

demand; quantity supplied; supply; quantity demanded

quantity supplied; supply; quantity supplied; demand

quantity supplied; quantity demanded; demand; supply

quantity supplied; quantity demanded; supply; demand

(2)

According to the law of demand, other things being equal, the lower the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, and the ______________ likely students will seek out an alternative to the assigned textbook.

Group of answer choices

lower; less

lower; more

higher; less

higher; more

(3)

Other things being equal, which of the following will increase aggregate demand?

Group of answer choices

exports rising and imports falling

exports falling and imports rising

exports falling faster than imports

exports rising faster than imports

(4)

Other things being equal, which of the following will most likely occur in the United States as the result of an unexpectedeconomic slowdownin Canada and Mexico?

Group of answer choices

an increase in aggregate demand and output in the short run

an reduction in aggregate demand and output in the short run

an increase in the price level

a decrease in the natural rate of unemployment in the United States

(5)

Suppose that for a given good demand increases and supply decreases at the same time.If demand increases by a lesser amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good.

Group of answer choices

rises; falls

falls; falls

rises; rises

falls; rises

(6)

A leftward shift in the demand curve for tennis balls could be caused by

Group of answer choices

a rise in the price of tennis balls.

a fall in the price of tennis rackets.

a rise in the price of tennis lessons.

an increase in income, assuming tennis balls are a normal good.

(7)

Country A and Country B initially have the same real GDP per capita. Country A experiences no economic growth, while Country B grows at a sustained rate of 4 percent. In 36 years, Country A's GDP will be approximately ____ that of Country B.

Group of answer choices

one-fourth

one-half

double

triple

(8)

On a supply-and-demand diagram, consider a price for which the horizontal distance to the demand curve exceeds the horizontal distance to the supply curve. There is a __________ at that price and the current price must be __________ the equilibrium price.

Group of answer choices

shortage; above

shortage; below

surplus; above

surplus; below

(9)

Suppose that for a given good, demand decreases and supply decreases at the same time.If supply decreases by a greater amount than demand decreases, then equilibrium price __________ and equilibrium quantity __________ for that good.

Group of answer choices

rises; rises

rises; falls

falls; rises

falls; falls

(10)

Which of the following is false?

Group of answer choices

The Rule of 72 says that the number of years necessary for a nation to double its output is approximately equal to 72 divided by the nation's growth rate.

Economic growth is usually measured by the annual percent change in the real output of goods and services per capita.

An increase in labor input necessarily increases output per capita.

Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base.