1. A market is any place where goods and services are bought and sold. Factor market...
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1. A market is any place where goods and services are bought and sold. Factor market is a market in which land, labor, capital, and/or entrepreneurship are exchanged. However, finished goods and services are exchanged in the: A) Producer market. B) Consumer market. C) Securities market. Product market. 2. From an economic standpoint, In order to demand a product, a consumer must: A) Be both willing and able to purchase the product. C) Only be willing to purchase the product. B) Only be able to purchase the product. D) Have the product in their possession. 3. Ceteris paribus, according to the law of demand, as price increases: A) Demand increases. C) Demand decreases. B), The quantity demanded of a good increases. DThe quantity demanded of a good decreases 4. Which of the following will cause a left shift of the demand curve for new cars? A)An increase in consumer incomes. B) An increase in the price of gasoline. Consumer expectations that the price of new cars will be more expensive in a year. D) An increase in the cost of and less improvement in the quality of public transportation. 5. The market supply of a particular good is the sum of the quantities of the good that all producers are willing and able to sell while the market demand for a particular good: A) Indicates that sellers will produce more of the good at lower prices, ceteris paribus. B) Indicates that consumers will purchase more of the good at higher prices, ceteris paribus. Is the sum of the individual demands for the good. D) All of the above. 6.Ceteris paribus, according to the law of supply, if the price of lawn mowing increases from $50 per lawn to $55 per lawn, then the: A) Supply of lawn mowing will decrease. C) Supply of lawn mowing will increase. B) Quantity supplied of lawn mowing will decrease. D) Quantity supplied of lawn mowing will increase. 7. Which of the following will NOT cause a rightward shift of the supply curve for flat-screen TVs? A) A decrease in the labor costs associated with the production of flat-screen TVs. ✓ B) Expecting higher price of flat-screen TVs next year relative to this year. C) An improvement in the technology used to produce flat-screen TVs. D) All of the above. 8. Which of the following will cause a left shift of the supply curve for houses? Producer expectations that the price of houses will remain low for next year. B) Consumer expectations that the price of houses will remain low for next year. C) A decrease in consumer incomes. D) An increase in the cost of construction materials. 1. A market is any place where goods and services are bought and sold. Factor market is a market in which land, labor, capital, and/or entrepreneurship are exchanged. However, finished goods and services are exchanged in the: A) Producer market. B) Consumer market. C) Securities market. Product market. 2. From an economic standpoint, In order to demand a product, a consumer must: A) Be both willing and able to purchase the product. C) Only be willing to purchase the product. B) Only be able to purchase the product. D) Have the product in their possession. 3. Ceteris paribus, according to the law of demand, as price increases: A) Demand increases. C) Demand decreases. B), The quantity demanded of a good increases. DThe quantity demanded of a good decreases 4. Which of the following will cause a left shift of the demand curve for new cars? A)An increase in consumer incomes. B) An increase in the price of gasoline. Consumer expectations that the price of new cars will be more expensive in a year. D) An increase in the cost of and less improvement in the quality of public transportation. 5. The market supply of a particular good is the sum of the quantities of the good that all producers are willing and able to sell while the market demand for a particular good: A) Indicates that sellers will produce more of the good at lower prices, ceteris paribus. B) Indicates that consumers will purchase more of the good at higher prices, ceteris paribus. Is the sum of the individual demands for the good. D) All of the above. 6.Ceteris paribus, according to the law of supply, if the price of lawn mowing increases from $50 per lawn to $55 per lawn, then the: A) Supply of lawn mowing will decrease. C) Supply of lawn mowing will increase. B) Quantity supplied of lawn mowing will decrease. D) Quantity supplied of lawn mowing will increase. 7. Which of the following will NOT cause a rightward shift of the supply curve for flat-screen TVs? A) A decrease in the labor costs associated with the production of flat-screen TVs. ✓ B) Expecting higher price of flat-screen TVs next year relative to this year. C) An improvement in the technology used to produce flat-screen TVs. D) All of the above. 8. Which of the following will cause a left shift of the supply curve for houses? Producer expectations that the price of houses will remain low for next year. B) Consumer expectations that the price of houses will remain low for next year. C) A decrease in consumer incomes. D) An increase in the cost of construction materials.
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Related Book For
Macroeconomics
ISBN: 9780132109994
1st Edition
Authors: Glenn Hubbard, Anthony Patrick O'Brien, Matthew P Rafferty
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