Answer the following microeconomics questions

Question 1

When the price of wine decreases, the quantity of wine demanded:

1 point

Stays the same

Increases

We can't say

Decreases

2.

Question 2

Along a given demand curve, an increase in price of the product will

1 point

increase the quantity demanded.

decrease the quantity demanded.

increase the demand.

decrease the demand.

3.

Question 3

When the price of wine decreases, the demand curve for wine:

1 point

Shifts to the right

Shifts to the left

Stays the same

Rotates outward

Rotates inward

4.

Question 4

A decrease in the price of gasoline will _________ the demand for cars, a complement of gasoline.

1 point

We can't say

Decrease

Not change

Increase

5.

Question 5

If there is a widely held expectation that prices of cotton will be higher next year, then

1 point

the demand for cotton will increase today.

the demand for cotton will shift to the left today.

the demand for cotton will decrease today.

there will be no change in the current demand.

6.

Question 6

An increase in the price of butter will cause the demand for margarine, a substitute for butter, to:

1 point

We can't say

Not change

Shift to the left

Shift to the right

7.

Question 7

When the price of oranges increases, the quantity of oranges supplied:

1 point

Stays the same

Decreases

Increases

We can't say

8.

Question 8

When the price of bananas decreases, the supply curve for bananas:

1 point

Shifts to the right

Rotates inward

Shifts to the left

Stays the same

Rotates outward

9.

Question 9

An increase in the price of milk, an input in the production of cheese, will _________ the supply of cheese.

1 point

Increase

Not change

Decrease

We can't say

10.

Question 10

If there is a surplus of wheat on the market,

1 point

the price of wheat will rise.

the price of wheat will fall.

then we know that the price is below equilibrium.

then some potential consumers looking to buy wheat will not be able to find any to purchase.

11.

Question 11

At any moment the equilibrium price in the market for tablet computers will be determined by the ________ .

1 point

Sellers of tablet computers

Buyers of tablet computers

The government

Buyers and the sellers of tablet computers

12.

Question 12

An increase in buyers' income in the market for radios will _______ the market price and ________ the market quantity of radios, a normal good.

1 point

Increase; increase

Decrease; increase

None of the other choices is correct.

Decrease; decrease

Increase; decrease

13.

Question 13

An increase in the price of corn, an input in the production of ethanol, will _________ the market price and ________ the market quantity of ethanol.

1 point

Increase; increase

Decrease; increase

Increase; decrease

None of the other choices is correct.

Decrease; decrease

14.

Question 14

Say the following 2 events occur at the same time: 1) an increase in the price of steel, an input in the production of cars; 2) a decrease in the price of gasoline, a complement of cars. The following 2 events would lead to a(n) _________ in the market price and a(n) __________ in the market quantity of cars.

1 point

decrease; indefinite change

indefinite change; indefinite change

indefinite change; decrease

increase; indefinite change

indefinite change; increase