Quiz 5

A  total expenditures generally rise

B  quantity supplied generally falls

C  total expenditures generally fall.

D  quantity demanded generally falls

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

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

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

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

A  leftward shift in demand keeping supply constant

B  rightward shift in supply and demand

C  leftward shift in supply keeping demand constant

D  rightward shift in demand and a leftward shift in supply

A  upward and the price will increase by $5

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

C  downward and the price will decrease by $5

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

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

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

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

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

A  a price ceiling on rent lower than the equilibrium price

B  a lack of a rationing mechanism to distribute existing apartments

C  a price floor on rent higher than equilibrium price

D  too high incomes in New York City

A  rightward shift in demand, keeping supply constant.

B  rightward shift in supply, keeping demand constant

C  leftward shift in demand and supply

D  rightward shift in supply and demand.

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 rose and then fell.

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

A  hard to find

B  easy to find

C  be in excess demand

D  less desirable.

A  Price is too low, quantity demanded exceeds quantity supplied

B  Price is too low, demand exceeds supply

C  A shift in suppply has equilibriated supply and demand

D  The cigar market is in equilibrium

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

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

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

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

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

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

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

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