When used in a professional or technical sense, the law of supply and demand refers to
a.some vague influences on economic affairs.
b.the fact that prices go up when commodities are scarce.
c.the market forces that show how prices and quantities are determined.
d.the controls that regulate the amount of scarce goods that each consumer can purchase.
92. The most basic investigative tool of economics is the
a.concept of scarcity.
b.mechanism of supply and demand.
c.coordination and trade syndrome.
e.regulation of business.
93. One motive for "battling the invisible hand" is
a.unhappiness about the prices that occur in free markets.
b.envy toward those who apparently benefit from certain prices.
c.a desire to have government "correct" some problems.
d.an attempt to produce justice between buyers and sellers.
e.All of the above are correct.
94. During the American Revolution, the Pennsylvania legislature enacted price controls on essential commodities. The result of this legislation was
a.a large increase in the availability of those items, ending shortages.
b.a severe shortage of those essential commodities.
c.an increase in the price of those items, thus alleviating shortages.
d.new efforts to increase production of those commodities.
e.a minor inconvenience as persons adjusted to the new law.
95. During the American Revolution, Washington's army nearly starved to death after price controls were enacted to "help" buy food for the army at affordable prices. The Continental Congress later passed a law which
a.exhorted the public to obey the law and help supply food to the army.
b.passed tax increases to punish those who refused to sell the food.
c.revised the American Law of Supply and Demand.
d.overrode local ordinances and essentially repealed the price controls.
e.called for the repeal of other price control measures.
96. Price controls are usually enacted in response to
c.scholarly research on the effects of high prices.
d.laws enacted in other countries.
e.All of the above are correct.
97. A demand schedule is a table showing how the ____ of some product during a specified period of time changes as ____ changes, holding all other determinants of quantity demanded constant.
a.demand; the price of its complement
b.demand; the quantity supplied
c.quantity demanded; the price of its substitute
d.quantity demanded; the price of that product
98. The demand curve for a good connects points describing how much consumers
a.actually bought at different prices during a particular period.
b.actually bought at different prices in different periods.
c.would have been willing and able to buy at different prices during a particular period.
d.would have been willing and able to buy at different prices in different periods.
99. The demand curve for a typical good has
a.a negative slope because some consumers switch to other goods as the price of the good rises.
b.a negative slope because the supply of the good rises as demand rises.
c.a negative slope because the good has less "snob appeal" as its price falls.
d.an inverse slope because as the price goes up, the good has more profitability.
e.a positive slope because price is a clear indicator of need.
100. Assume the demand schedule for cookies is downward sloping. If the price of cookies falls from $1.50 to $1.25 per dozen,
a.the demand for cookies will fall.
b.the demand for cookies will rise.
c.a larger quantity of cookies will be demanded.
d.a smaller quantity of cookies will be demanded.
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