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Price (dollars per barrel of oil) Quantity (barrels of oil) 76) In the figure above, an increase in the supply of oil would result in a movement from Al point a to point d. B) point a to point e. C) point a to point b. D) point a to point c. 77) In the figure above, an increase in the quantity of oil supplied but NOT in the supply of oil is shown by a movement from A) point a to point c. B) point a to point b. () point a to point e. D) point a to point d 78) In the figure above, a decrease in the quantity of oil supplied but NOT in the supply of oil is shown by a movement from A) point a to point c. B) point a to point d () point a to point b. D) point a to point c. 79) In the figure above, which movement could be caused by an increase in the wages of oil workers? A) point a to point d B) point a to point b C) point a to point c D) point a to point e 80) In the figure above, which movement could be caused by the development of a new, more efficient refining technology? A) point a to point e B) point a to point c () point a to point b D) point a to point d69) An increase in the number of fast-food restaurants A) increases the demand for substitutes for fast-food meals. B) raises the price of fast-food meals. C) increases the supply of fast-food meals. DJ increases the demand for fast-food meals. 70) Over the past decade technological improvements that have lowered the cost of producing an automobile have increased A) the demand but not the supply of automobiles. B) both the supply and the demand for automobiles. () the supply but not the demand for automobiles. DJ neither the supply nor the demand for automobiles. 71) Which of the following will shift the supply curve for good X leftward? A) a situation in which quantity demanded exceeds quantity supplied B) an increase in the cost of the machinery used to produce X () a decrease in the wages of workers employed to produce X DJ a technological improvement in the production of X 72) Which of the following does NOT shift the supply curve? A) an increase in the price of the good B) a fall in the price of a substitute in production () a decrease in the wages of labor used in production of the good DJ a technological advance 73) If the price of a good changes but everything else influencing suppliers' planned sales remains constant, there is a A) rotation of the initial supply curve around the initial price. B) new supply curve that is to the right of the initial supply curve. () new supply curve that is to the left of the initial supply curve. DJ movement along the supply curve. 74) A decrease in the quantity supplied is represented by a A) rightward shift in the supply curve. B) movement down the supply curve. () leftward shift in the supply curve. D) movement up the supply curve. 75) Which of the following causes an increase in the quantity supplied of good X but NOT in the supply of good X? A) an increase in the price of X B) an increase in the price of good Y, a complement in the production of X C) an improvement in the technology for producing X D) a reduction in the price of resources used to produce X61) Because of increasing marginal cost, most supply curves A) are horizontal. B) have a negative slope. () are vertical. D) have a positive slope. 62) A supply curve shows the relation between the quantity of a good supplied and A) the price of the good. Usually a supply curve has negative slope. B) income. Usually a supply curve has positive slope. () income. Usually a supply curve has negative slope. DJ the price of the good. Usually a supply curve has positive slope. 63) A supply curve differs from a supply schedule because a supply curve A) is a graph and the supply schedule is a table. B) holds the number of suppliers constant, whereas the supply schedule allows the number to vary. C) holds resource prices constant, whereas the supply schedule allows them to vary. D) represents one firm, whereas the supply schedule represents all firms in the market. 64) Which of the following is NOT held constant while moving along a supply curve? A) prices of resources used in production B) expected future prices C) the number of sellers D) the price of the good itself 65) If a producer can use resources to produce either good A or good B, then A and Bare A) substitutes in consumption. B) complements in consumption. () complements in production. D) substitutes in production. 66) Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the A) demand curve for good B rightward. B) demand curve for good B leftward. C) supply curve of good B rightward. D) supply curve of good B leftward. 67) Blank tapes and prerecorded tapes are substitutes in production. An increase in the price of a blank tape will cause A) a decrease in the supply of prerecorded tapes B) an increase in the quantity supplied of prerecorded tapes but not in the supply. C) a decrease in the quantity supplied of prerecorded tapes but not in the supply. D) an increase in the supply of prerecorded tapes 68) Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A A) increases the demand for good B. B) decreases the demand for good B. C) increases the supply of good B. DJ decreases the supply of good B.The Market for Wapanzo Beans Quantity Demanded Price Quantity Supplied (millions of pounds (dollars per (millions of pounds per year pound per year Case Case Case Case Case Case 1 2 3 A B C 15 10 3 12 8 6 9 6 6 3 8 12 10 15 104) Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be A) $3 per pound. B) $4 per pound. () $2 per pound. D) $1 per pound. 105) Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the equilibrium quantity of wapanzo beans will be A) 8 million pounds. B) 4 million pounds. C) 6 million pounds. D) 2 million pounds. 106) Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is a drought in the wapanzo bean growing region then supply will and demand will Al stay at case B; become case 3 B) stay at case B; become case 1 () become case A; become case 1 DJ become case A; stay at case 2 107) Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If there is exceptionally good growing weather in the wapanzo bean growing region then supply will and demand will Al stay at case B; become case 1 B) become case C; stay at case 2 () become case C; become case 3 D) become case C; become case 1 108) Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer then supply will and demand will Al stay at case B; become case 1 B) become case C; stay at case 2 () become case A; become case 1 D) become case C; become case 1 109) When the demand for a good decreases, its equilibrium price and equilibrium quantity A) rises; decreases B) falls; decreases () falls; increases D) rises; increases