Home / Questions / Refer to Exhibit 3-14. At a price of $10, there is a ____________ unit ____________ of g
Refer to Exhibit 3-14. At a price of $10, there is a ____________ unit ____________ of good X.
a.340; surplus
b.230; shortage
c.60; surplus
d.340; shortage
e.270; shortage
184.Refer to Exhibit 3-14. At a price of $11, there is a ____________ unit ____________ of good X.
a.290; shortage
b.215; shortage
c.40; surplus
d.290; surplus
e.230; shortage
185.Refer to Exhibit 3-14. At a price of $12, there is a ____________ unit ____________ of good X.
a.195; shortage
b.230; shortage
c.195; surplus
d.230; surplus
e.180; shortage
186.Refer to Exhibit 3-14. At a price of $13, there is a ____________ unit ____________ of good X.
a.140; shortage
b.160; shortage
c.140; surplus
d.20; surplus
e.100; surplus
187.Refer to Exhibit 3-14. At a price of $15, there is a ____________ unit ____________ of good X.
a.40; shortage
b.90; surplus
c.40; surplus
d.20; shortage
e.20; surplus
188.Which of the following is an example of a service?
a.medical care
b.dental care
c.a psychology lecture
d.a television set
e.a, b and c
189.Equilibrium and disequilibrium
a.are real world states.
b.are mental constructs used by economists.
c.foreshadow what is about to happen in a market.
d.a and b
e.a, b and c
190.A change in price will lead to a change in __________ and to a change in __________, while a change in government subsidies will lead to a change in __________ and a change in the number of buyers will lead to a change in __________.
a.quantity demanded; quantity supplied; supply; demand
b.demand; quantity supplied; supply; quantity demanded
c.quantity demanded; supply; quantity supplied; demand
d.quantity supplied; quantity demanded; demand; supply
e.quantity demanded; demand; quantity supplied; supply
191.If a market is in disequilibrium, economists would predict that the product’s price would __________ to reach equilibrium when the quantity demanded is __________ than the quantity supplied.
a.rise; greater
b.fall; less
c.fall; greater
d.rise; less
e.a and b
Exhibit 3-17
Price of Good XQuantity
SuppliedQuantity
Demanded
$20400260
19360290
18310310
17230350
16130400
15 70450
192.Refer to Exhibit 3-17. At a price of $20, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________. This would push the price __________ the equilibrium price.
a.greater; fall; toward
b.greater; rise; toward
c.less; fall; toward
d.less; rise; away from
e.less; fall; away from
193.Refer to Exhibit 3-17. At a price of $16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________. This would push the price __________ the equilibrium price.
a.greater; fall; toward
b.greater; rise; toward
c.less; fall; toward
d.less; rise; away from
e.greater; rise; away from
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