Help with economics test please

1 Which of the following functions could be considered as an example of relationship between the quantity demanded Q and market price p? (2 Points) \"T Q=2p-6 \"T Q=100/p Q=pA2 I/_'\\ ' Q=P"1/3 l/\"\\ " no true answer All of the following will shift the demand curve for peanut butter EXCEPT (2 Points) an increase in the price of bread an increase in family incomes the introduction of a new machine that shells and crushes peanuts more rapidly effective advertising campaign for peanut butter /'\\ decline in birth rates Which of the following would not increase the demand (shift the curve to the right) for beer? (2 Points) A new health authorities study concludes that beer cures colds and skin disorders A price war results in beer selling for $0.5/bottle Bars begin giving away spicy snacks to their customers The price of a substitute, hard liquor, rises. There is an increase in the drinking-age population. 4. Supply curves represent D47) (2 Points) A (A) willingness to sell l/'\\ ' ,' (B) physical stocks. l/'\\ ' ,j- (C) inventories. A '1 (D) willingness to buy. (E) total production. ' The supply curve for a good or service shows the sellers' (2 Points) A (A) target price. A (B) minimum acceptable price. A (C) maximum acceptable price /_'\\ (D) average acceptable price. /_'\\ 5' (E) inventories of nished products. An increase in the price of beef provides information which ['47) (2 Points) A (A) tells consumers to buy more beef. /_'\\ i' (B) tells consumers to buy less pork. A (C) tells producers to produce more beef. A (D) provides no information because prices in a market system are managed by planning boards. (E) tells government to introduce new taxes. (C) (A) PRICE Supply Supply : QUANTITY (D) 03) PRICE gummy PRICE Supply :Suwly QUANITI Y QUANTITY 7. If a one-ofakind Etruscan vase is offered for sale at an auction, which, if any, of the following correctly shows the supply curve for the vase? (2 Points) " E It is impossible to determine the shape of the supply curve from the given information. A college student made the following statement to a friend at a college sporting event: "This football stadium is a good example of how unrealistic economics is: my economics professor claims that according to a so-called 'Law of Supply', supply varies directly with price, yet anybody can look around and see that the supply is xed at 80,000 seats, no matter what the price is!" What was wrong with his statement? (2 Points) '- (A) This is simply an exception to the Law of Supply; it doesn't mean that it isn't relevant for most cases. '- (B) Supply isn't xed at 80,000 seats; it is quantity supplied that is xed. . (C) Supply isn't the same thing as the physical stock of a good or service that is available; rather, supply is ' willingness to sell. Supply doesn't vary directly with price, it is quantity supplied that varies with price. .- 3. (D) Both c and b are correct. '- (E) His statement is true