Quiz 3

A  a direct relation between price and supply

B  an inverse relation between price and the quantity supplied

C  a direct relation between price and the quantity supplied

D  an inverse relation between price and supply

A  down, the quantity demanded goes down.

B  down, the quantity demanded stays the same

C  up, the quantity demanded also goes up.

D  up, the quantity demanded goes down.

A  quantity of natural gas exports produced to increase

B  demand for natural gas eports to shift to the right.

C  supply of natural gas exports to shift to the left

D  supply of natural gas exports to shift to the right.

A  quantity supplied of steel will increase

B  quantity supplied of steel will decrease

C  supply of steel will increase

D  supply of steel will decrease

A  substituting chicken for beef

B  increasing purchases of beef and chicken

C  reducing purchases of beef and chicken.

D  substituting beef for chicken

A  decrease the demand for gasoline

B  increase the demand for gasoline

C  increase the demand for diesel cars

D  decrease the demand for diesel cars.

A  Demand for cargo transportation shifts to the left causing a decline in supply and equilibrium quantity and price.

B  Supply of cargo transportation shifts to the right causing an increase in quantity demanded and decline in equilibrium price

C  Supply of cargo transportation shifts to the right causing an increase in demand and equilibrium quantity and a decrease in equilibrium price

D  Demand for cargo transportation shifts to the left causing a decline in quantity supplied and price

A  decrease, resulting in a surplus which will be eliminated as price rises.

B  increase, resulting in a shortage which will be eliminated as price falls

C  decrease, resulting in a surplus which will be eliminated as price falls

D  increase, resulting in a shortage which will be eliminated as price rises

A  the supply curve right

B  the demand curve left

C  the supply curve left

D  the demand curve right.

A  lower price but raise quantity

B  raise price but lower quantity

C  lower price and lower quantity

D  raise price and raise quantity

A  A change in tastes and preferences

B  A change in the price of the good

C  A change in income

D  A change in the price of a substitute good

A  there is no relationship between price and quantity supplied

B  quantity supplied increases when price increases

C  the law of supply is invalid

D  quantity supplied increases when price decreases