Consider the following statement: "When the Pandemic reduced people's income, the price of restaurant meals fell." This is best represented as: O a decrease in the supply of restaurant meals an increase in the supply of restaurant meals. O a decrease in the demand for restaurant meals. and increase in the demand for restaurant meals. Question 12 4 pts Which of the following would cause an increase in the equilibrium price of a good? A new study claims consumption of this good is bad for your health. Technological advance has increased labor productivity. The cost of a key input used to produce this good has fallen. Fewer firms are producing this good.
Question 13 4 pts All else the same, an increase in demand can be expected to cause an increase in the equilibrium price of the good. True O False Question 14 4 pts The supply curve will shift to the right if there is: an increase in the population an increase in the price of the good a change in consumer preferences for the good O a decrease in the price of materials used to produce the good
Question 15 4 pts During the COVID-19 pandemic workers have lost their jobs and the unemployment rate has risen. We would therefore expect the demand for normal goods to ___ and the demand for inferior goods to ---- decrease : increase increase : decrease increase : increase decrease : decrease Question 16 4 pts Suppose people buy more of good A when the price of good B rises. These goods are normal substitutes inferior O complements
Question 17 4 pts Which statement best describes each point on the supply curve? the lowest price buyers will pay for another unit of the good. the highest price buyers will pay for another unit of the good. the highest price sellers can get from selling another unit of the good. the lowest price for which sellers can profitably sell another unit of the good. Question 18 4 pts According to the law of demand: an increase in the price of coffee will increase the quantity of coffee supplied. an increase in average income will increase the quantity of coffee demanded. a change in the price of coffee has no impact on the quantity of coffee demanded. an increase in the price of coffee will reduce the quantity of coffee demanded.
Question 19 4 pts Two goods are sold in a market: Gizmos and Widgets. When the price of Gizmos falls this causes the demand for Widgets to increase. We can conclude that Gizmos and Widgets are: O complements substitutes normal goods O inferior goods Question 20 4 pts In the market for coffee, the price has declined by 20% and at the same time the quantity sold has increased by 10%. What was the cause of these changes: an increase in supply O a decrease in supply O an increase in demand O a decrease in demand
Question 21 4 pts When there is an increase in the cost of producing a good or service this will cause the supply curve to shift up and to the left. O True False Question 22 4 pts Consider the three situations below. Does the situation being described cause a movement along the demand curve for coffee or a shift of the demand curve for coffee? Consumer income falls and people make fewer trips to coffee shops. Shift of the curve It is final exam week and students decide to drink twice as much coffee as they normally do. Shift of the curve Bad weather reduces the size of the coffee bean crop causing coffee prices to rise. Movement along the curve
Question 23 4 pts All else the same, an increase in supply can be expected to cause an increase in the equilibrium price of the good. True O False Question 24 4 pts Tortilla chips and queso are often eaten together, making them complements. Suppose there is an increase in the price of cheese, an ingredient used to make queso. We would expect the price of tortilla chips to and the price of queso to o increase : decrease increase : increase decrease : decrease decrease : increase
Question 25 4 pts A decrease in the demand for a good can be expected to cause a decrease a in the equilibrium quantity of the good produced and a decrease A in the equilibrium price of the good, all else the same.
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