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Use the following to answer questions : Use the following to answer questions :   -(Table: The Demand for Chocolate-Covered Peanuts)  Look at the table The Demand for Chocolate-Covered Peanuts. Barbara demands 20 bags of chocolate-covered peanuts when the price of each bag is: A) $0.90. B) $0.80. C) $0.70. D) $0.60. -(Table: The Demand for Chocolate-Covered Peanuts) Look at the table The Demand for Chocolate-Covered Peanuts. Barbara demands 20 bags of chocolate-covered peanuts when the price of each bag is:


A) $0.90.
B) $0.80.
C) $0.70.
D) $0.60.

E) A) and B)
F) A) and C)

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The market for corn is in equilibrium. Which of the following is most likely to INCREASE the equilibrium price of corn?


A) a bountiful harvest
B) increasing production of corn-based ethanol
C) decreasing household incomes, with corn being a normal good
D) a decrease in the price of wheat, a substitute in consumption

E) None of the above
F) A) and B)

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Use the following to answer questions : Use the following to answer questions :   -(Table: Competitive Market for Good Z)  Look at the table Competitive Market for Good Z. A surplus of the good will occur at a price of A) $0. B) $5. C) $10. D) $15. -(Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. A surplus of the good will occur at a price of


A) $0.
B) $5.
C) $10.
D) $15.

E) B) and C)
F) None of the above

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Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____.


A) fall; rise
B) fall, rise, or stay the same; decrease
C) decrease; fall, rise, or stay the same
D) fall; fall

E) None of the above
F) C) and D)

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Milk is an important ingredient in the production of ice cream. If the price of milk increases, then one would expect, holding all other things constant:


A) the supply curve for ice cream to shift left.
B) the supply curve for ice cream to shift right.
C) no change in the supply curve for ice cream.
D) a movement along the supply curve for ice cream curve, resulting in more ice cream supplied.

E) A) and B)
F) None of the above

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Use the following to answer questions: Figure: Shifts in Demand and Supply Use the following to answer questions: Figure: Shifts in Demand and Supply   -(Figure: Shifts in Demand and Supply)  Look at the figure Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose a fall frost destroys one-third of the nation's orange crop. Which panel BEST describes how this will affect the market for oranges? A) panel A B) panel B C) panel C D) panel D -(Figure: Shifts in Demand and Supply) Look at the figure Shifts in Demand and Supply. The figure shows how supply and demand might shift in response to specific events. Suppose a fall frost destroys one-third of the nation's orange crop. Which panel BEST describes how this will affect the market for oranges?


A) panel A
B) panel B
C) panel C
D) panel D

E) All of the above
F) C) and D)

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Which of the following is likely to cause a rightward shift in the demand for home-delivered pizza?


A) a lower price of pizza
B) a lower price of fast-food hamburgers
C) a higher price of pepperoni
D) a larger population

E) A) and B)
F) C) and D)

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Use the following to answer questions: Figure: Supply, Demand, and Equilibrium Use the following to answer questions: Figure: Supply, Demand, and Equilibrium   -(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium. In the figure, there will be excess demand for the good at a price of P<sub>3</sub>. -(Figure: Supply, Demand, and Equilibrium) Look at the figure Supply, Demand, and Equilibrium. In the figure, there will be excess demand for the good at a price of P3.

A) True
B) False

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Use the following to answer questions : Figure: The DVD Rental Market Use the following to answer questions : Figure: The DVD Rental Market   -(Figure: The DVD Rental Market)  Look at the figure The DVD Rental Market. At a rental price of $6, there will be: A) equilibrium in the rental market for DVDs. B) a decrease in demand. C) an excess supply of 20 DVD rentals. D) an excess demand of 20 DVD rentals. -(Figure: The DVD Rental Market) Look at the figure The DVD Rental Market. At a rental price of $6, there will be:


A) equilibrium in the rental market for DVDs.
B) a decrease in demand.
C) an excess supply of 20 DVD rentals.
D) an excess demand of 20 DVD rentals.

E) A) and D)
F) All of the above

Correct Answer

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Suppose the supply curve for soap bubbles has a slope of +1 and intersects the vertical axis at a price of $2 per bottle. Interpret the meaning of both the y-intercept and the slope.

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The y-intercept at $2 tells us that no s...

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Use the following to answer questions : Figure: Shifts in Demand and Supply II Use the following to answer questions : Figure: Shifts in Demand and Supply II   -(Figure: Shifts in Demand and Supply II)  Look at the figure Shifts in Demand and Supply II. The figure shows how supply and demand might shift in response to specific events. Suppose the birthrate decreases. Which panel BEST describes how this will affect the market for diapers? A) panel A B) panel B C) panel C D) panel D -(Figure: Shifts in Demand and Supply II) Look at the figure Shifts in Demand and Supply II. The figure shows how supply and demand might shift in response to specific events. Suppose the birthrate decreases. Which panel BEST describes how this will affect the market for diapers?


A) panel A
B) panel B
C) panel C
D) panel D

E) A) and B)
F) A) and C)

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The market price of airline flights increased recently. Some economists suggest that the price increased because jet fuel is much more expensive than before. As a result, they believe that in the market for flights:


A) supply increased.
B) supply decreased.
C) demand increased.
D) demand decreased.

E) A) and D)
F) A) and C)

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Use the following to answer questions: Figure: The Supply of DVD Rentals Use the following to answer questions: Figure: The Supply of DVD Rentals   -(Figure: The Supply of DVD Rentals)  Look at the figure The Supply of DVD Rentals. A decrease in the price of DVD rentals would result in a change illustrated by the move from: A) n to o in panel A. B) p to q in panel B. C) s to t in panel C. D) u to v in panel D. -(Figure: The Supply of DVD Rentals) Look at the figure The Supply of DVD Rentals. A decrease in the price of DVD rentals would result in a change illustrated by the move from:


A) n to o in panel A.
B) p to q in panel B.
C) s to t in panel C.
D) u to v in panel D.

E) None of the above
F) A) and C)

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Which of the following describes two goods that are most likely substitutes in consumption?


A) loaves of bread and sticks of butter
B) loaves of bread and toasters
C) loaves of bread and hamburger buns
D) loaves of bread and gasoline

E) All of the above
F) A) and D)

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Markets that are characterized by many buyers and many sellers are:


A) inefficient.
B) competitive.
C) foreign.
D) monopolies.

E) All of the above
F) A) and D)

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Use the following to answer questions : Figure: The DVD Rental Market Use the following to answer questions : Figure: The DVD Rental Market   -(Figure: The DVD Rental Market)  Look at the figure The DVD Rental Market. At a rental price of $3, there will be: A) equilibrium in the rental market for DVDs. B) an increase in demand. C) an excess supply of 40 DVD rentals. D) an excess demand of 40 DVD rentals. -(Figure: The DVD Rental Market) Look at the figure The DVD Rental Market. At a rental price of $3, there will be:


A) equilibrium in the rental market for DVDs.
B) an increase in demand.
C) an excess supply of 40 DVD rentals.
D) an excess demand of 40 DVD rentals.

E) None of the above
F) A) and B)

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Use the following to answer questions : Figure: Supply and Demand in the Orange Juice Market Use the following to answer questions : Figure: Supply and Demand in the Orange Juice Market   -(Figure: Supply and Demand in the Orange Juice Market)  Look at the figure Supply and Demand in the Orange Juice Market. The market is currently in equilibrium at point C. Suppose a hurricane hits Florida, where oranges are grown. What will be the most likely new equilibrium point in the orange juice market? A) A B) B C) D D) E -(Figure: Supply and Demand in the Orange Juice Market) Look at the figure Supply and Demand in the Orange Juice Market. The market is currently in equilibrium at point C. Suppose a hurricane hits Florida, where oranges are grown. What will be the most likely new equilibrium point in the orange juice market?


A) A
B) B
C) D
D) E

E) A) and B)
F) A) and C)

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The supply curve for apartments in Oregon reflects how many apartments landlords are willing and able to offer for rent at a specific price.

A) True
B) False

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Use the following to answer questions : Figure: Four Markets for DVDs Use the following to answer questions : Figure: Four Markets for DVDs   -(Figure: Four Markets for DVDs)  Look at the figure Four Markets for DVDs. Which of the graphs shows what may happen if D<sub>1</sub> or S<sub>1</sub> is the original curve and D<sub>2</sub> or S<sub>2</sub> is the new curve and if some of the stores that rent DVDs close? A) A B) B C) C D) D -(Figure: Four Markets for DVDs) Look at the figure Four Markets for DVDs. Which of the graphs shows what may happen if D1 or S1 is the original curve and D2 or S2 is the new curve and if some of the stores that rent DVDs close?


A) A
B) B
C) C
D) D

E) All of the above
F) None of the above

Correct Answer

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Use the following to answer questions : Use the following to answer questions :   -(Table: The Demand for Chocolate-Covered Peanuts)  Look at the table The Demand for Chocolate-Covered Peanuts. If George, Barbara, and Dan are the only three buyers in the market and the price of a bag of chocolate-covered peanuts is $0.80, the total market quantity demanded is _____ bags per month. A) 70 B) 80 C) 105 D) 280 -(Table: The Demand for Chocolate-Covered Peanuts) Look at the table The Demand for Chocolate-Covered Peanuts. If George, Barbara, and Dan are the only three buyers in the market and the price of a bag of chocolate-covered peanuts is $0.80, the total market quantity demanded is _____ bags per month.


A) 70
B) 80
C) 105
D) 280

E) A) and B)
F) A) and C)

Correct Answer

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