What is the best description of a normal good? Demand increases when population increases. Demand decreases when income increases. O Demand decreases when population increases. Demand increases when income increases. Question 2 4 pts Consumers can choose between gas powered cars and electric cars. Suppose the price of gas increases by 25%. We can expect the price of electric cars to: it is impossible to say remain unchanged decrease increase
Question 3 4 pts A new study suggests that eating wild salmon reduces your chances of developing heart disease. At the same time, the government adopts a new regulation that increases the cost of catching wild salmon. Based on these changes we would expect the equilibrium quantity of wild salmon sold to decrease O remain unchanged it is impossible to say increase Question 4 4 pts Which of the following does not directly influence the demand for a good? average consumer income the size of the population consumer preferences o the cost of producing the good
Question 5 4 pts During the Pandemic, people in some countries were not allowed to leave the house unless it was to buy essential goods such as food. This caused the price of gas to due to a shift of the curve. increase : supply decrease : demand decrease : supply o increase : demand Question 6 4 pts When firms charge a price that is above the market equilibrium price then there will be a shortage of the good in the market. O True O False
Question 7 4 pts A decrease in supply is represented by O a leftward shift of the supply curve. an upwared movement along the supply curve. O a rightward shift of the supply curve. O a downward movement along the supply curve. Question 8 4 pts All else the same, a decrease in the supply of a good can be expected to cause an increase in the equilibrium price of the good and an increase in the equilibrium quantity of the good bought and sold, all else the same.
Question 9 4 pts A story in the news predicts the price of gas will increase next week. This is most likely to cause today's supply of gas to increase. today's demand for gas to decrease. O today's demand for gas to increase. next week's demand for gas to increase. Question 10 4 pts Suppose that at the current price of a good, the quantity demanded is 44 units and the quantity supplied is 40 units. We can expect: o the price of the good to increase. the supply of the good to decrease. the demand for the good to increase. the price of the good to decrease.
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