Quiz 5

A  total expenditures generally fall.

B  quantity supplied generally falls

C  quantity demanded generally falls

D  total expenditures generally rise

A  Supply has shifted to the left. Price has risen somewhat, but not enough to equilibrate supply and demand.

B  Supply has shifted. Price has fallen somewhat but not enough to equilibrate supply and demand

C  Demand has shifted to the right and price has risen to equilibrate supply and demand?

D  Demand has shifted to the right. Price has risen somewhat, increasing quantity supplied, but not enough to equal quantity demanded.

A  rightward shift in supply and demand

B  rightward shift in demand and a leftward shift in supply

C  leftward shift in demand keeping supply constant

D  leftward shift in supply keeping demand constant

A  upward and the price will increase by $5

B  upward and the price will increase by less than $5

C  downward and the price will decrease by less than $5

D  downward and the price will decrease by $5

A  A reduction in tariffs of tomatoes from Central American, shifting supply right.

B  A news report stating that a pesticide used on tomatoes might cause cancer, shifting the demand to the right

C  Advertising for catsup increases demand for catsup, shifting the demand curve to the left

D  Hurricanes during the late summer damages the Florida crop, shifting supply left

A  a price ceiling on rent lower than the equilibrium price

B  too high incomes in New York City

C  a price floor on rent higher than equilibrium price

D  a lack of a rationing mechanism to distribute existing apartments

A  leftward shift in demand and supply

B  rightward shift in supply and demand.

C  rightward shift in supply, keeping demand constant

D  rightward shift in demand, keeping supply constant.

A  price rose initially, then fell (failing to regain its former losses); quantity rose, then fell

B  price rose initially, then fell (failing to regain its former losses); quantity fell and then rose.

C  price fell initially, then rose (failing to return to its former low level); quantity fell and then rose

D  price fell initially, then rose (failing to return to its former low level); quantity rose and then fell.

A  less desirable.

B  be in excess demand

C  hard to find

D  easy to find

A  The cigar market is in equilibrium

B  Price is too low, demand exceeds supply

C  Price is too low, quantity demanded exceeds quantity supplied

D  A shift in suppply has equilibriated supply and demand

A  the demand for steel shifts to the left and raises its market price.

B  the supply of steel shifts to the right and lowers its market price

C  the demand for steel shifts to the left and lowers its market price

D  The supply of the imported steel shifts to the left and raises its market price

A  Supply shifted to the left, price rose, and demand shifted to the left

B  Demand shifted to the left, price fell and quantity supplied fell

C  Supply shifted to the left, price rose, and quantity demanded fell

D  Demand shifted to the left, price fell, and supply fell