Navigation » List of Schools » Glendale Community College » Economics » Econ 101 – Microeconomics » Fall 2022 » Supply and Demand Chapter 3 Quiz
Below are the questions for the exam with the choices of answers:
Question #1
A At equilibrium, market forces are no longer at work.
B Equilibrium is a tendency, a state of perpetual motion.
C At equilibrium, demand equals supply.
D At equilibrium, quantity demanded equals quantity supplied.
Question #2
A a smaller quantity of cookies will be demanded.
B the demand for cookies will rise.
C the demand for cookies will fall.
D a larger quantity of cookies will be demanded.
Question #3
A a shift in the demand curve for bicycles.
B larger output of bicycles.
C higher prices of bicycles.
D lower prices of bicycles.
Question #4
A suppliers are willing to increase production of their goods if they can receive higher prices for them.
B buyers are unaffected by sellers’ costs of production.
C buyers are willing to pay more for a scarce product.
D the price of a product is not influenced by the price buyers are willing to pay.
Question #5
A It increases.
B It does not change.
C It decreases.
D Uncertain-economic theory has no answer to this question.
Question #6
A the development of a black market.
B the limitation of the volume of transactions.
C experimental economics.
D favoritism.
Question #7
A Excess of quantity demanded over quantity supplied.
B Survival of inefficient businesses.
C Sellers offering discounts in disguised forms.
D Problem of disposal created by excess supply.
Question #8
A It decreases.
B Uncertain-economic theory has no answer to this question.
C It does not change.
D It increases.
Question #9
A would have been willing and able to buy at different prices in different periods.
B actually bought at different prices in different periods.
C actually bought at different prices during a particular period.
D would have been willing and able to buy at different prices during a particular period.
Question #10
A It decreases.
B It does not change.
C It increases.
D Uncertain-economic theory has no answer to this question.
Question #11
A price is measured on the vertical axis.
B the resulting curve has a negative slope.
C All of these are correct.
D quantity is measured on the horizontal axis.
Question #12
A plots of what quantities have been sold over the past few weeks or months.
B the same basic information as the demand curve.
C the quantity produced as a function of the price.
D who will have an opportunity to produce or purchase an item.
Question #13
A an increase in the price of heating oil
B an increase in the price of air conditioners
C a decrease in the price of electricity
D a decrease in the price of natural gas
Question #14
A a negative slope because the supply of the good rises as demand rises.
B a positive slope because price is a clear indicator of need.
C a negative slope because some consumers switch to other goods as the price of the good rises.
D a negative slope because the good has less “snob appeal” as its price falls.
E an inverse slope because as the price goes up, the good has more profitability.
Question #15
A only price and quantity matter in determining demand.
B demand is too important to be left to the economists.
C people always want a certain amount of a product.
D all other determinants of demand are held constant.
