iWriteGigs

Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

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Manush’s story shows the importance of using powerful keywords to his resume in landing the job he wanted.

Wk 1 Practice Ch 3, Demand, Supply, and Market Equilibrium

Navigation   » List of Schools  »  University of Phoenix  »  Economics  »  Eco 535 – Digital Economy  »  Winter 2022  »  Wk 1 Practice Ch 3, Demand, Supply, and Market Equilibrium

Need help with your exam preparation?

Below are the questions for the exam with the choices of answers:

Question #3
A  an increase in equilibrium price and quantity
B  an indeterminate change in equilibrium price and indeterminate change in equilibrium quantity
C  an indeterminate change in equilibrium price and an increase in equilibrium quantity
D  a decrease in equilibrium price and an indeterminate change in equilibrium quantity
Question #5
A  Prices are too low for consumers. Prices are too low for firms.
B  Prices are too low for consumers. Prices are too high for firms.
C  Prices are too low for firms. Prices are too high for consumers.
D  Prices are too high for consumers. Prices are too high for firms.
Question #6
A  The change in equilibrium price is indeterminate and equilibrium quantity falls.
B  Equilibrium price rises and the change in equilibrium quantity is indeterminate.
C  The change in equilibrium price is indeterminate and equilibrium quantity rises.
D  Equilibrium price falls and the change in equilibrium quantity is indeterminate.
Question #7
A  increase; decrease
B  decrease; increase
C  decrease; decrease
D  increase; increase
Question #8
A  productive
B  price
C  allocative
D  cost
E  expenditure
Question #9
A  A decrease in the supply of a good
B  A rightward shift of the supply curve of a good
C  An increase in the supply of a good
D  An unchanged supply of a good
Question #10
A  a decline
B  an increase
C  no change
D  a decline followed by an increase
Question #11
A  the rationing function of prices
B  perfect pricing
C  equilibrium allocation
D  equilibrium price
Question #14
A  shift of the supply curve; movement along the supply curve
B  movement along the supply curve; shift of the supply curve
C  shift of the demand curve; shift of the supply curve
Question #15
A  selling, but not buying, decisions are consistent
B  buying and selling decisions are consistent
C  buying, but not selling, decisions are consistent
D  buying and selling decisions are inconsistent
Question #16
A  The surplus price
B  The equilibrium quantity
C  The equilibrium price
D  The inferior price
Question #18
A  Product price, Number of sellers, Consumer expectations
B  Producer expectations, Technology, Number of sellers
C  Product price, Producer expectations, Consumer expectations
Question #21
A  The interaction of buyers and sellers
B  Quantity demanded
C  Quantity supplied
D  Input prices
E  The number of sellers in a market
Question #24
A  Taxes and subsidies, Consumer expectations, Resource prices
B  Consumer expectations, Resource prices
C  Taxes and subsidies, Technology, Resource prices
Question #25
A  price
B  cost
C  product
D  quantity
Question #27
A  Price
B  Cost
C  Tastes and preferences
D  Positive technological changes
Question #28
A  demanded; price
B  price; demanded
C  price; supplied
D  supplied; price
Question #29
A  price and quantity demanded
B  price and quantity supplied
C  cost and price
D  product and quantity supplied
Question #30
A  inverse
B  direct
C  exponential
D  negative
Question #32
A  equilibrium
B  demand
C  supply
Question #33
A  Prices of related goods, Corporate taxes and subsidies, Consumer expectations, Number of buyers, Resource prices
B  Corporate taxes and subsidies, Consumer expectations, Number of buyers, Resource prices
C  Consumer tastes, Consumer expectations, Number of buyers, Consumer income, Prices of related goods
D  Corporate taxes and subsidies, Consumer expectations, Number of buyers, Resource prices, Consumer income
Question #34
A  An increase in income and the good is inferior
B  An increase in the price of a complementary good
C  An increase in the number of sellers
D  An increase in the number of buyers
Question #35
A  price of substitutes in production
B  the prices of related goods
C  consumer tastes
D  consumer expectations
E  consumers’ incomes
Question #36
A  a downward sloping curve
B  a vertical line
C  an upward sloping curve
D  a horizontal line
Question #37
A  As price decreases, quantity demanded decreases. As price increases, quantity demanded increases.
B  As price increases, quantity demanded decreases. As price decreases, quantity demanded increases.
C  As price decreases, quantity demanded decreases. As price increases, quantity demanded increases.
Question #38
A  The buyer side of any market
B  The producer side of any market
C  The seller side of any market
D  Both the buyer and seller sides of any market
Question #39
A  A large number of buyers and sellers. A surplus of a narrow range of products
B  A large number of buyers but a small number of sellers. A surplus of a narrow range of products
C  A large number of buyers but a small number of sellers. Standardized products
D  Standardized products. A large number of buyers and sellers.
Question #40
A  rotation of; shift of
B  rotation of; movement along
C  movement along; shift of
D  shift of; movement along
Question #41
A  inverse relationship between price and quantity demanded for a product
B  positive relationship between price and quantity supplied for a product
C  inverse relationship between price and quantity supplied for a product
D  positive relationship between price and quantity demanded for a product
Question #42
A  False
B  True
Question #44
A  produced at various possible prices
B  given away at only one price
C  subsidized at various possible prices
D  consumed at various possible prices
Question #45
A  Government regulators, Price, Demand, Quantity
B  Supply, Price, Demand, Quantity
C  Supply, Government regulators, Price, Demand
D  Supply, Price, Government regulators
Question #46
A  movement along; movement along
B  movement along; shift of
C  shift of; movement along
D  shift of; shift of