ECO 202 ECO202 Quiz 7 Answers / Principles of Macroeconomics
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ECO 202 Principles of Macroeconomics Quiz 7 Answers (UNC Greensboro)
A “spot” market is defined as a market that ...
Which one of the following transactions best meets the classical view of a market?
Which one following will NOT result in a shift in the supply curve for clothing?
Which one of the following will result in movement along the supply curve for clothing?
Which one following will NOT result in a shift in the demand curve for automobile tires?
Suppose that the price of peanut butter increases. What would we expect to happen in the market for jelly (a complement for peanut butter)?
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume a technology is invented which decreases the production costs for wind turbines. Which point is most likely to be the new equilibrium for wind turbines?
The question below refers to the following supply and demand diagram for wind turbines.
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume that a new tax on fossil fuels motivates consumers to purchase electricity generated by wind turbines. Which point is most likely to be the new equilibrium for wind turbines?
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume that oil prices decline significantly, which reduces the demand for wind energy. Which point is most likely to be the new equilibrium for wind turbines?
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume that an energy tax on fossil fuels increases the demand for electricity generated using wind turbines, and at the same time the government announces it will offer a tax break for wind turbine producers. Which point is most likely to be the new equilibrium for wind turbines?
Suppose there is a decrease in the supply of lumber. What would we expect to happen to the equilibrium price and quantity of lumber?
Suppose there is a decrease in the demand for hats. What would we expect to happen to the equilibrium price and quantity of hats?
Suppose we notice that the equilibrium price of computers has fallen and the equilibrium quantity of computers sold has increased. Which one of the following a potential explanation?
Suppose the demand for gasoline increases AND the supply of gasoline decreases. Which of the following is NOT a possible outcome of these changes in the market for gasoline?
Which one of the following goods would be expected to have the least elastic demand curve?
Suppose that when the price of corn rises by 20%, farmers are willing to supply 10% more corn to the market. What would be the price elasticity of supply in this instance?
The price elasticity of supply is calculated as ...
The costs to a supplier of changing listed prices are called ...
The buying and selling of assets on the expectation of profiting from price changes is known as ...
Which one of the following statements is FALSE?
A spot market is defined as any market where both buyers and sellers state the prices at which they are willing to make transactions.
A shift in a supply curve for a good occurs whenever the price of the good changes.
Suppose the price of gasoline increases. We would expect that this will result in a shift in the demand curve for automobiles.
According to the text, a surplus occurs whenever the quantity that sellers wish to sell exceeds the quantity people are willing to buy.
If the supply of drinking water decreases we would expect the equilibrium price and quantity of drinking water to both decrease.
Suppose we notice that the equilibrium price and quantity of restaurant meals have both increased. A possible explanation for this is that the supply of restaurant meals has increased.
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume that a significant decrease in the price of oil reduces consumers’ demand for wind energy. The new equilibrium will most likely be at Point C in the graph.
In the above supply and demand diagram for wind turbines, the initial supply curve is S0, the initial demand curve is D0, and the initial equilibrium is E0. Then assume that the government decides to increase solar energy tax breaks while reducing the tax breaks available to wind turbine manufacturers. The new equilibrium will most likely be at Point D in the graph.
If the demand for a good is price inelastic, this means that a small increase in price will cause a large decrease in the quantity demanded.
Suppose that the price elasticity of demand for pizza is 1.5. If the price of pizza goes up 15%, we would then expect the demand for pizza to decrease by 10%.
An example of a menu cost would be the cost of paying for optional equipment on a new automobile.
A quantity adjustment by suppliers could lead to increased unemployment.
Speculation is the buying or selling of assets with the expectation of profits as a result of price changes.
The significant decline of stock prices in the United States in the early 2000s is an example of the bursting of a speculative bubble.
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