ECON Chapter 03 Study Questions
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | a and c
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| A demand schedule is a numerical tabulation of | show 🗑
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| show | rightward shift in the demand curve.
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| show | complements.
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| show | uses the word "demand" when he should use the words "quantity demanded."
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| Which of the following is true about the relationship between price and quantity supplied? | show 🗑
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| show | a rightward shift in the supply curve.
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| Tobacco production is one of the more heavily subsidized industries in the United States. Suppose that as a result of intense lobbying from health-related concerns, Congress repeals the tobacco firms' subsidies. what will happen | show 🗑
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| At a price above the equilibrium price, there is | show 🗑
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| On a supply-and-demand diagram, equilibrium is found | show 🗑
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| On a supply-and-demand diagram, consider a price for which the horizontal distance to the supply curve exceeds the horizontal distance to the demand curve. There is a __________ at that price and the current price must be _____ the equilibrium price. | show 🗑
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| If demand increases by a lesser amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________. | show 🗑
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| Refer to Exhibit 3-1. Equilibrium price and quantity are | show 🗑
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| show | a reduction in the price of good Y.
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| If the supply of and demand for a product both decrease, then equilibrium | show 🗑
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| show | $4 and 15 units, respectively.
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| A decrease in the expected price of corn would likely do the following to the current supply and demand for corn: | show 🗑
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| Refer to Exhibit 3-6. If a decrease in income causes the demand for good X to shift from D1 to D2, then good X is | show 🗑
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| Refer to Exhibit 3-6. If an increase in the price of good Y causes the demand for good X to shift from D1 to D2, goods | show 🗑
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| show | a movement along S1 perhaps from point A to point C.
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| show | surplus; downward.
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| Refer to Exhibit 3-10. $20 is the | show 🗑
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| show | diminishing marginal utility.
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| show | DVD's and DVD players.
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| Jerry has $50,000 in his savings account and the average new car price is $23,000. Does Jerry have a demand for a new car? | show 🗑
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| show | Quantity demanded; willing and able
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| Which of the following is consistent with the law of demand? | show 🗑
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| Which of the following statements is true? | show 🗑
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| show | substitutes.
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| show | the supply of child care services will decrease, thus raising the price of child care services.
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