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One objection to a competitive and legal market for human organs for transplant is that it would:


A) Decrease the cost of organs for transplant
B) Increase the cost of organs for transplant
C) Decrease the supply of organs for transplant
D) Increase the demand for organs for transplant

Correct Answer

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If a price ceiling is set below the equilibrium price in a market:


A) Rationing will be unnecessary
B) Surpluses of the commodity will develop
C) The quantity demanded will exceed the quantity supplied
D) The quantity supplied will exceed the quantity demanded

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Which of the following would best be classified as a complement for new houses/homes?


A) Lumber or steel
B) Construction equipment
C) Mortgage loans
D) Rental apartments

Correct Answer

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A black market could arise as a result of:


A) The imposition of a legal price floor below the equilibrium price
B) The imposition of a legal price ceiling above the equilibrium price
C) The imposition of a legal price floor at the equilibrium price
D) The imposition of a legal price ceiling below the equilibrium price

Correct Answer

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If the government subsidizes the car makers in the production of cars, then the supply of steel increases.

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In cases where sellers have a fixed number of units of a product to sell, the supply curve will be horizontal.

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If the price of Pepsi decreases, other factors constant, then we'd expect to see a consequent shift of the demand curve for:


A) Coke to the left
B) Coke to the right
C) Pepsi to the left
D) Pepsi to the right

Correct Answer

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A decrease in the prices of computer chips for PCs will increase the supply of PCs.

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Which of the following statements about ticket scalping is correct?


A) On economic grounds, ticket scalping does more harm than good among those who engage in it
B) Ticket scalping occurs when the event organizers set the formal price of the tickets higher than the equilibrium price
C) The existence of a scalpers' market could mean that the event sponsors/organizers are getting lower sales revenues that what they could have gotten at equilibrium
D) Ticket scalping obviously benefits the sellers/scalpers, but is often harmful to the ones buying the tickets

Correct Answer

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Attaining "allocative efficiency" means that:


A) The law of increasing opportunity costs has reached a maximum
B) The least costly methods are being used to produce a product
C) Resources are being devoted to the production of products most desired by society
D) The gap between marginal benefits and marginal costs of the product is biggest

Correct Answer

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A government-set price floor on a product:


A) Does not interfere with the rationing function of price in a market system
B) Will drive resources away from the production of the product
C) Will attract more resources towards the production of the product
D) Is intended to benefit the buyers of the product

Correct Answer

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Which of the following will not cause a change in the demand for product A?


A) A change in the number of buyers
B) A change in the price of A
C) A decline in consumer incomes
D) A decrease in the price of close-substitute product B

Correct Answer

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Assume that the graphs show a competitive market for the product stated in the question. Assume that the graphs show a competitive market for the product stated in the question. Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations. A) Graph A B) Graph B C) Graph C D) Graph D Assume that the graphs show a competitive market for the product stated in the question. Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations. A) Graph A B) Graph B C) Graph C D) Graph D Select the graph above that best shows the change in the market specified in the following situation: In the market for gasoline, when the price of oil, which is used to produce gasoline, increases because of reduced production by major oil-producing nations.


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

Correct Answer

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A leftward shift of the supply curve for oil in the United States is most likely to result from:


A) A decrease in the fees that oil companies must pay for drilling licenses
B) An increase in the subsidy for oil exploration and drilling
C) A decrease in the world price of oil
D) An increase in the costs of exploration and drilling for oil

Correct Answer

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There is a surplus of tomatoes in the market. This implies that:


A) The current price is set above the equilibrium level
B) The price will be rising, as a result
C) Supply of tomatoes is more than the demand
D) Quantity demanded is more than quantity supplied

Correct Answer

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Refer to the above table. A surplus of 500 units will occur when the price is: A) $10 per unit B) $15 per unit C) $20 per unit D) $30 per unit Refer to the above table. A surplus of 500 units will occur when the price is:


A) $10 per unit
B) $15 per unit
C) $20 per unit
D) $30 per unit

Correct Answer

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Refer to the four graphs above. Select the graph above that best shows the changes in demand and supply in the market specified in the following situation: In the market for music CDs sold in stores, if more consumers switch to music-downloads from the Internet, and the cost of making music CDs decreases because of technological improvement in production. A) Graph A B) Graph B C) Graph C D) Graph D Refer to the four graphs above. Select the graph above that best shows the changes in demand and supply in the market specified in the following situation: In the market for music CDs sold in stores, if more consumers switch to music-downloads from the Internet, and the cost of making music CDs decreases because of technological improvement in production. A) Graph A B) Graph B C) Graph C D) Graph D Refer to the four graphs above. Select the graph above that best shows the changes in demand and supply in the market specified in the following situation: In the market for music CDs sold in stores, if more consumers switch to music-downloads from the Internet, and the cost of making music CDs decreases because of technological improvement in production.


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

Correct Answer

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If the price of gasoline increases significantly, then we'd expect the demand curve for large trucks and SUVs to:


A) Shift to the right
B) Shift to the left
C) Become upward-sloping
D) Not shift, but there will be a movement along that demand curve

Correct Answer

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Refer to the four graphs above. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: In the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed. A) Graph A B) Graph B C) Graph C D) Graph D Refer to the four graphs above. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: In the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed. A) Graph A B) Graph B C) Graph C D) Graph D Refer to the four graphs above. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: In the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed.


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

Correct Answer

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A market for a product reaches equilibrium when:


A) The actual quantity bought by buyers equals actual quantity sold by sellers
B) The price rises further after there is a surplus
C) Buyers intend to buy a quantity equal to the quantity that sellers intend to sell
D) Price falls further after there is a shortage

Correct Answer

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