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If there is a technological advance that lowers the cost of producing x-ray machines then we can say that

If there is a technological advance that lowers the cost of producing x-ray machines, then we can say that:  

A. the quantity demanded for those machines will increase

B. the demand for those machines will shift right

C. the quantity supplied of those machines will go up

D. the quantity supplied of those machines will decrease

33.A price support system that raises price above the normal equilibrium will cause:  

A. a decrease in the quantity demanded

B. a shift right in supply

C. a shift left in demand

D. a decrease in the quantity supplied

34.Let demand be given by P = 20 - 3Q and supply by P = 5 + 2Q. Equilibrium quantity will be:  

A. 5

B. 3

C. 11

D. 10

35.A good that is not scarce:  

A. would have a vertical supply curve over the relevant range

B. would have a zero price

C. is not in demand

D. would have an infinite price

36.Which of the following represents a change in the quantity demanded?  

A. People buy more computers as prices fall

B. People buy more computers because of a surge in the economy

C. People buy more computers due to a change in tastes

D. People buy more computers due to a change in income

37.Which statement is true?  

A. You can have a shortage without scarcity

B. You can have scarcity without a shortage

C. The terms "shortage" and "scarcity" are identical concepts in economics

D. No scarcity will exist at a market equilibrium price

38.If a price above equilibrium is imposed on a market, welfare will increase when the price control is lifted. If a price control is below equilibrium and then is repealed and allowed to rise to equilibrium, welfare in the system will increase.  

A. The first statement is true and the second is false

B. The first statement is false and the second statement is true

C. Both statements are false

D. Both statements are true

39.(Appendix) A tax of 10 units on the seller can be shown graphically as a:  

A. leftward shift of demand

B. leftward shift of supply

C. rightward shift of supply

D. rightward shift of demand

40.(Appendix) If a 20 unit tax is placed on a seller, then:  

A. rhe seller will bear all of the tax burden

B. rhe buyer will bear all of the tax burden

C. both parties will share the tax burden equally

D. the distribution of the tax burden cannot be determined from the information given

Feb 11 2020 View more View Less

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