quiz 3
Chapter 3 Quiz
Your response has been submitted successfully.
Points Awarded 13
Points Missed 17
Percentage
43%
1.
What happens in the market for wheat when dry winter weather causes a poor harvest?
A.
The supply of wheat decreases and the demand remains unchanged.
B.
The demand for wheat increases and the supply decreases.
C.
The demand for wheat increases and the supply remains unchanged.
D.
The demand for wheat decreases and the supply increases.
Incorrect! The supply curve will shift to the left along a stable demand curve. Section: Shifts of the Supply Curve
Points Earned:
0/1
Correct Answer:
A
Your Response:
B
2.
If air travel to Hawaii becomes less expensive, what is likely to happen in the market for hotel rooms in Hawaii?
A.
The demand curve for hotel rooms will shift to the left.
B.
The supply curve for hotel rooms will shift to the left.
C.
The supply curve for hotel rooms will shift to the right.
D.
The demand curve for hotel rooms will shift to the right.
Incorrect! The decline in airfares will cause more people to travel to Hawaii, and this is turn will increase the demand for hotel rooms. Section: Shifts of the Demand Curve
Points Earned:
0/1
Correct Answer:
D
Your Response:
A
3.
A shift of the demand curve for thin-crust pizza would not be caused by a change in:
A. the price of thin-crust pizza.
B.
the popularity of thin-crust pizza.
C.
the price of thick-crust pizza.
D.
buyers' incomes.
Incorrect
Points Earned:
0/1
Correct Answer:
A
Your Response:
C
4.
Which of the following could account for the fact that ice cream prices have recently increased and that consumption of ice cream has declined?
A.
The demand for ice cream has decreased.
B.
The demand for ice cream has increased.
C.
The supply of ice cream has decreased.
D.
The supply of ice cream has increased.
Correct! Only a leftward shift of the supply curve can cause the equilibrium variables
Your response has been submitted successfully.
Points Awarded 13
Points Missed 17
Percentage
43%
1.
What happens in the market for wheat when dry winter weather causes a poor harvest?
A.
The supply of wheat decreases and the demand remains unchanged.
B.
The demand for wheat increases and the supply decreases.
C.
The demand for wheat increases and the supply remains unchanged.
D.
The demand for wheat decreases and the supply increases.
Incorrect! The supply curve will shift to the left along a stable demand curve. Section: Shifts of the Supply Curve
Points Earned:
0/1
Correct Answer:
A
Your Response:
B
2.
If air travel to Hawaii becomes less expensive, what is likely to happen in the market for hotel rooms in Hawaii?
A.
The demand curve for hotel rooms will shift to the left.
B.
The supply curve for hotel rooms will shift to the left.
C.
The supply curve for hotel rooms will shift to the right.
D.
The demand curve for hotel rooms will shift to the right.
Incorrect! The decline in airfares will cause more people to travel to Hawaii, and this is turn will increase the demand for hotel rooms. Section: Shifts of the Demand Curve
Points Earned:
0/1
Correct Answer:
D
Your Response:
A
3.
A shift of the demand curve for thin-crust pizza would not be caused by a change in:
A. the price of thin-crust pizza.
B.
the popularity of thin-crust pizza.
C.
the price of thick-crust pizza.
D.
buyers' incomes.
Incorrect
Points Earned:
0/1
Correct Answer:
A
Your Response:
C
4.
Which of the following could account for the fact that ice cream prices have recently increased and that consumption of ice cream has declined?
A.
The demand for ice cream has decreased.
B.
The demand for ice cream has increased.
C.
The supply of ice cream has decreased.
D.
The supply of ice cream has increased.
Correct! Only a leftward shift of the supply curve can cause the equilibrium variables