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Week 4 Online Quiz

Michaela Juric-Donlan 10 questions

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Questions in this quiz (10)

  1. 1Which of the following shifts the supply curve for oranges?
    1. AAn increase in income for all orange consumers if oranges are a normal good.
    2. BDisastrous weather that destroys about half of this year's orange crop.
    3. CAn increase in the number of orange consumers.
    4. DA newly discovered increase in the nutritional value of oranges.
    5. EAn increase in the price of bananas, a substitute in consumption for oranges.
  2. 2Which of the following increases the demand for a good or service?
    1. AA rise in the price of the good or service.
    2. BA fall in the price of the good or service.
    3. CA rise in the price of a substitute good or service.
    4. DA rise in the price of a complement.
    5. EA smaller number of consumers wanting to buy the good or service.
  3. 3There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand we must
    1. Agive up because there is no way to find the market demand.
    2. Baverage the price each buyer is willing to pay for each given quantity.
    3. Cadd the quantities that each buyer will purchase at every price.
    4. Dmultiply the price times quantity for each buyer and then add the resulting products together.
    5. Eadd the prices that each buyer will pay at every quantity.
  4. 4Consumers eat salsa with corn chips. The price of salsa rises. How does the increase in the price of salsa affect the demand for corn chips?
    1. AIt decreases the demand for corn chips.
    2. BIt will decrease the demand for corn chips only if corn chips are a normal good.
    3. CIt has no effect on the demand for corn chips.
    4. DIt increases the demand for corn chips.
    5. EIt could increase, decrease or have no effect on the demand for corn chips, but more information is needed to determine the impact.
  5. 5Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decreases, the fall in price
    1. Aincreases the demand for Mountain Water.
    2. Bshifts the demand curve for Natural Water leftward.
    3. Cincreases the price of Natural Water.
    4. Dshifts the demand curve for Natural Water rightward.
    5. EMore information is needed to determine if the demand curve for Natural Water shifts rightward or leftward.
  6. 6In the figure above, a price of $15 per dozen roses results inImage for question 6
    1. Aa surplus.
    2. Bequilibrium.
    3. Cdownward pressure on the price of roses.
    4. Da shortage.
    5. Ean eventual leftward shift of the demand curve and/or rightward shift of the supply curve.
  7. 7Using the data in the table above, at the price of $80 a phone,Image for question 7
    1. Aa surplus of 25,000 cellular phones occurs.
    2. Ba shortage of 25,000 cellular phones occurs.
    3. Cthe market is in equilibrium.
    4. Da shortage of 55,000 cellular phones occurs.
    5. Ea surplus of 80,000 cellular phones occurs.
  8. 8Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular phone isImage for question 8
    1. A40,000 and $20
    2. B50,000 and $100
    3. C60,000 and $50
    4. D100,000 and $20
    5. E80,000 and $80
  9. 9Pizza is a normal good. Which figure above shows the effect of a decrease in consumers' incomes?Image for question 9
    1. AFigure C
    2. BFigure D
    3. CFigure B
    4. DFigure A
  10. 10Which figure above shows the effect of a decrease in the number of pizza sellers?Image for question 10
    1. AFigure B
    2. BFigure C
    3. CFigure A
    4. DFigure D
    5. EBoth Figures A and C

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Week 4 online quiz
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