QUESTION 1

A black market is a market in which

		goods are sold at outlet prices.
		sales taxes are effectively doubled.
		sales take place exclusively at outlet prices.
		goods are traded at prices above their legal maximum prices.

1 points

QUESTION 2

A change in the ceteris paribusconditions for supply will lead to a

		change in how consumers view the quality of the good.
		change in quantity supplied.
		change in quantity supplied and a change in supply.
		change in supply.

1 points

QUESTION 3

A direct or positive relationship between price and quantity supplied is

		a demand curve.
		a change in demand.
		the market clearing price.
		a supply curve.

1 points

QUESTION 4

A movement along a supply curve is induced by a change in

		input prices.
		taxes and subsidies.
		the product's own price.
		price expectations.

1 points

QUESTION 5

A per-unit government tax on producers of a good tends to

		cause an upward movement along the supply curve.
		not have any effect on the good's supply.
		increase the supply of the good.
		reduce the supply of the good.

1 points

QUESTION 6

A price ceiling is

		the lowest price a buyer can pay for a good without having to report the purchase to the government.
		the lowest price a seller can charge for a good without losing all her customers.
		a legal minimum price that can be charged for a particular good or service.
		a legal maximum price that can be charged for a particular good or service.

1 points

QUESTION 7

A subsidy to wheat farmers will

		increase the supply of wheat.
		decrease the quantity of wheat supplied.
		leave both the supply and demand of wheat unchanged.
		increase the quantity of wheat demanded.

1 points

QUESTION 8

A technological improvement in the production of tablets would

		decrease the supply of tablets.
		decrease the demand for tablets.
		increase the demand for tablets.
		increase the supply of tablets.

1 points

1 points

QUESTION 10

\fPrice per Quantity Demanded Quantity Supplied Constant- of Constant-Quality of Constant-Quality Quality Unit Units per Year Units per Year $1.00 1,000 200 2.00 800 400 3.00 600 600 4.00 400 800 5.00 200 1,000\fPrice per Quantity of Quantity of Constant X Demanded X Supplied Quality of X per Time Period per Time Period $10 150 20 120 40 90 ONAGO 60 60 80 30 100 0