1. Which of the following demonstrates the law of demand?
a. Angela buys less gas for her car at $3.00 per gallon than at $3.50 per gallon.
b. Brenda buys more shirts at $25 each since she got a $1 per hour raise at work.
c. Natasha buys fewer Snickers at $0.85 each since the price of Kit Kats fell to $0.70 each.
d. Darlene sells more shirts since the price of shirts rose.
e. Eleanor buys more bran muffins at $1.50 each than at $2.00 each.
2. Assume that Columbia has a comparative advantage in coffee and Mexico has a comparative advantage in peppers. If the two countries specialize and trade according to comparative advantage:
a. Columbia will specialize in coffee production and export coffee.
b. more of each good can be consumed in both countries.
c. individuals in Columbia that produce peppers will be hurt because they will lose jobs.
d. All of the above
e. B and C, only
3. Which of the following statements is (are) correct?
(x) Ceteris paribus, the market price of a good will rise if demand increases.
(y) Ceteris paribus, the market price of a good will decrease if supply increases.
(z) Ceteris paribus, the market price of a good must increase if demand increases and supply decreases.
A. (x), (y) and (z)
B. (x) and (y) only
C. (x) and (z) only
D. (y) and (z) only
E. (z) only
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