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- 1. Multiple Choice
The law of demand states that if the price of CD’s rise, consumers willBuy more CDsBuy fewer CDsQuantity demanded will not change - 2. Multiple ChoiceThe law of supply states that if the price of CD’s rise, suppliers willSupply more CDsSupply fewer CDsQuantity supplied will not change
- 3. Multiple ChoiceWhich of the following is NOT a determinant of the supply of peanut butter?The price of peanutsThe wages of peanut butter factory workersThe income of peanut butter consumersExisting peanut butter making technology
- 4. Multiple ChoiceWhich of the following will cause an increase in demand for snowboards?More costly production methodsA decrease in the price of lift tickets at resorts in ColoradoA decrease in consumer incomeA decrease in the population
- 5. Multiple ChoiceWhat does a “surplus” (extra amount) of goods in a market imply?Prices are too highPrices are too lowSupply is too lowDemand is too high
- 6. Multiple ChoiceThe United States imports many cars from Japan. Suppose that the price of material(s) that Japan uses in making cars declines. What is the INITIAL (first) effect this will have on the Japanese car manufacturers?The input costs of Japanese made cars to the US will increaseThe quantity supply of Japanese made cars sold in the US will decreaseThe input costs of Japanese made cars in the US will decreaseThe quantity demand of Japanese made cars sold in the US will decrease
- 7. Multiple ChoiceAmericans revive their love of SUV’s and the newly remodeled, but still “gas guzzling” Hummer. What happens to the market for gasoline?Demand for gasoline will decreaseDemand for gasoline will increaseDemand for gasoline will stay the same
- 8. Multiple ChoiceDue to a disappointing economy, Americans are cutting back on the family vacation road trips. What happens to the market for gasoline?Demand for gasoline will decreaseDemand for gasoline will increaseDemand for gasoline will stay the same
- 9. Multiple ChoiceCosts of producing gasoline has increased due to rising energy costs. What happens to the market for gasoline?Supply for gasoline will decreaseSupply for gasoline will increaseSupply for gasoline will stay the same
- 10. Multiple ChoiceIn an attempt to increase the production of oil and gasoline, Congress and the President have given the okay to drill in the Alaskan Arctic Preserve. What happens to the market for gasoline?Supply for gasoline will decreaseSupply for gasoline will increaseSupply for gasoline will stay the same
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