Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
Ch 3 Individual Markets: Demand and Supply
Review for ch 3 McConnell and Brue 15 ed.

  
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1.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
2.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
3.  If price falls, there will be an increase in demand.
A.
B.
4.  When two products are substitute goods, the price of one and the demand for the other will tend to move in the same direction.
A.
B.
5.  If the supply of a product increases and the demand decreases, the equilibrium price and quantity will increase.
A.
B.
6.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
7.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
8.  A change in the quantity demanded means that there has been a change in demand.
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B.
9.  The rationing function of prices is the elimination of shortages and surpluses.
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B.
10.  If two goods are complementary, an increase in the price of one will tend to increase the demand  for the other.
A.
B.
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