Macro
QUIZ ON CONCEPTS OF DEMAND, SUPPLY AND MARKET PRICE
1.
THE LAW OF DEMAND SUGGESTS THAT AN INCREASE IN THE PRICE OF GOOD X DECREASES THE DEMAND FOR GOOD X. True False
[1 pts.]
2.
A DEMAND CURVE SHOWS THE [1 pts.] AMOUNTS OF GOODS THAT SELLERS SELL WHEN INCOME, PRICES OF RELATED GOODS, AND EXPECTATIONS CHANGE. True False
3. AN INCREASE IN THE WAGES OF COAL [1 pts.] MINERS DOES NOT CAUSE A
DECREASE IN THE SUPPLY OF COAL. True False
4. THE LAW OF SUPPLY SUGGESTS THAT THE ELIMINATION OF AN EFFECTIVE
PRICE CEILING ON APARTMENT RENTAL RATES WILL INCREASE THE NUMBER OF APARTMENTS AVAILABLE. True False IN ORDER TO OBTAIN A SUPPLY SCHEDULE, ALL RELEVANT FACTORS OTHER THAN PRICE AND QUANTITY SUPPLIED MUST BE HELD CONSTANT. True False
[1 pts.]
5.
[1 pts.]
PRICE 6. THE MARKETMARKETIS THE PRICE AT WHICH THE CLEARS ITSELF OF BOTH THE SURPLUSES AND SHORTAGES. True False What kind of good is x if price of good y drops then demand for good x
[1 pts.]
7.
[1 pts.]
increases. superior inferior normal complementary substitute What kind of good is x if an increase in [1 pts.] income of the consumers makes the demand for good x to fall. superior inferior normal complementary substitute What kind of good is x if demand for it [1 pts.] rises due to a decrease in consumer's money income. superior inferior normal complementary substitute
8.
9.
10.
What kind of good is x if demand for [1 pts.] it goes up as income also goes up. superior inferior normal complementary substitute What kind of good is x if the demand [1 pts.] for is unaffected b an increase in income. superior inferior normal complementary substitute [1 pts.]
11.
kind of is if the price 12. What y drops goodthexdemand for of good and good x also drops. superior inferior normal
complementary substitute What kind of good is x if the demand [1 pts.] for it diminishes because of a rise in the price of good y. superior inferior normal complementary substitute [1
1.
THE LAW OF DEMAND SUGGESTS THAT AN INCREASE IN THE PRICE OF GOOD X DECREASES THE DEMAND FOR GOOD X. True False
[1 pts.]
2.
A DEMAND CURVE SHOWS THE [1 pts.] AMOUNTS OF GOODS THAT SELLERS SELL WHEN INCOME, PRICES OF RELATED GOODS, AND EXPECTATIONS CHANGE. True False
3. AN INCREASE IN THE WAGES OF COAL [1 pts.] MINERS DOES NOT CAUSE A
DECREASE IN THE SUPPLY OF COAL. True False
4. THE LAW OF SUPPLY SUGGESTS THAT THE ELIMINATION OF AN EFFECTIVE
PRICE CEILING ON APARTMENT RENTAL RATES WILL INCREASE THE NUMBER OF APARTMENTS AVAILABLE. True False IN ORDER TO OBTAIN A SUPPLY SCHEDULE, ALL RELEVANT FACTORS OTHER THAN PRICE AND QUANTITY SUPPLIED MUST BE HELD CONSTANT. True False
[1 pts.]
5.
[1 pts.]
PRICE 6. THE MARKETMARKETIS THE PRICE AT WHICH THE CLEARS ITSELF OF BOTH THE SURPLUSES AND SHORTAGES. True False What kind of good is x if price of good y drops then demand for good x
[1 pts.]
7.
[1 pts.]
increases. superior inferior normal complementary substitute What kind of good is x if an increase in [1 pts.] income of the consumers makes the demand for good x to fall. superior inferior normal complementary substitute What kind of good is x if demand for it [1 pts.] rises due to a decrease in consumer's money income. superior inferior normal complementary substitute
8.
9.
10.
What kind of good is x if demand for [1 pts.] it goes up as income also goes up. superior inferior normal complementary substitute What kind of good is x if the demand [1 pts.] for is unaffected b an increase in income. superior inferior normal complementary substitute [1 pts.]
11.
kind of is if the price 12. What y drops goodthexdemand for of good and good x also drops. superior inferior normal
complementary substitute What kind of good is x if the demand [1 pts.] for it diminishes because of a rise in the price of good y. superior inferior normal complementary substitute [1