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- 1. Multiple Choice
Which of the following would NOT change the demand for a oranges?
A credible study reports oranges are not edible.
The price of apples, a substitute for oranges, increases
Consumers are anticipating a bad orange harvest in the future
A new technology increases the production of oranges greatly.
- 2. Multiple Choice
Which of the following would NOT decrease the supply of cars in the U.S.
A tariff on steel
The cost of labor for car factories is increased
Car manufacturers expect the price of cars to decrease in the future
Many car manufacturers leave the industry
- 3. Multiple Choice
Which of the following is NOT an approach to finding the elasticity of demand from
?Find the slope of the line from point A to B
Find the % change in Qd and divide it by the % change in price
Multiply the (price/quantity) by the (change in quantity/change in price)
- 4. Multiple Choice
Which of the following statements demonstrates that good X is a complement to good Y?
Good X is a normal good.
Good Y is an inferior good.
The cross price elasticity of good X to Y is negative.
The cross price elasticity of good X to Y is positive.
- 5. Multiple Choice
Which of the following will decrease the quantity demanded of a good.
An effective price ceiling
A decrease in the production costs of a good
An effective price floor
An positive change in consumer preference toward the good
- 6. Multiple Choice
How does domestic consumer surplus for a good change when its price decreases upon being opened to free international trade.
domestic CS increases
domestic CS decreases
domestic CS does not change
- 7. Multiple Choice
Which of the following were actions taken by Herbert Hoover at the beginning of the Great Depression?
Passage of the Smoot-Hawley Tariff
Massive increase in federal spending
Reciprocal Trade Agreements Act
Suspension of the gold standard
- 8. Multiple Choice
How does a decrease in supply change the equilibrium of a market.
decrease in equilibrium price
increase in equilibrium quantity
no change in equilibrium quantity
increase in equilibrium price
- 9. Multiple Choice
What did Milton Friedman believe was the primary cause of the Great Depression?
Foreign trade policy
Stock market crash
Federal Reserve monetary policy
The Dust Bowl
- 10. Multiple Choice
What economist believed the best response to the Great Depression was increasing government spending?
Paul Volcker
John Maynard Keynes
F.A. Hayek
Alan Greenspan
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