Mircoeconomics 2302 – assessment quiz 3

Assessment: Lesson 3 Quiz
 
Question 1 (6063111): Supply is provided by ____________ and demand is created by consumers.
 
Correct answer(s):  government
households
producers
Federal Reserve
________________________________________
Question 2 (6063122): When price decreases the quantity demanded by consumers __________ if all other influences remain the same.
Correct answer(s):  increases
decreases
stays the same
all the above
________________________________________
Question 3 (6063142): If consumers think that prices would go down in the future, they will __________ their present demand.
Correct answer(s):  decrease
not change
increase
none of the above
________________________________________
Question 4 (6063136): If people decide to purchase less at every price level, __________ (shift left) will result.
Correct answer(s):  an increase in quantity demanded
a decrease in quantity demanded
an increase in demand
decrease in demand
________________________________________
Question 5 (6063120): “Demand” is a series of prices and the related quantities that consumers are willing and able to buy at a particular _____________.
Correct answer(s):  north east corner of the street
moment in time
government outlet
Federal Reserve meeting
________________________________________
Question 6 (6063125): The result of a change in Quantity Demanded as ________ change is shown by a movement along the demand line.
Correct answer(s):  tastes or preferences (utility patterns)
income
expections
prices
________________________________________
Question 7 (6063114): When a consumer purchases a product, a(n) _________ is created for this item to be re-stocked by the merchant.
Correct answer(s):  demand
supply
equilibrium
surplus
________________________________________
Question 8 (6063145): __________ is the only variable which will increase the amount brought to the market (quantity supplied) if all other variables remain the same.
Correct answer(s):  Technology
A decrease in resource costs
An increase in the price of the product
A decrease in the price of the product
________________________________________
Question 9 (6063138): When two goods are complementary goods, a change in the price of one will cause a change in the demand for the other in the ________ direction.
Correct answer(s):  opposite
same
upward
downward
________________________________________
Question 10 (6063147): An illustration of an increase in the supply schedule is shown below with a change from S1 to S2.
 
This shift could be caused by ___________________.
 
Correct answer(s):  an increase in resource costs
an increase technology
an increase in price of the product
an increase in taxes on the producers
________________________________________
Question 11 (6063124): As a person continues to consume more of an item, ________  s/he will get less additional satisfaction (utility).
Correct answer(s):  on the third unit
on the fourth unit
on the fifth unit
at some point
________________________________________
Question 12 (6063132): In the table below, for every price that the D#1 increases, the Quantity Demanded indicates _______ more sales than the original demand schedule D.
 
Correct answer(s):  2
3
4
5
________________________________________
Question 13 (6063157): The market clearing price where the quantity demanded by consumers equals the ____________ by producers.
Correct answer(s):  quantity supplied
supply
either a. or b.
all the above
________________________________________
Question 14 (6063153): An increase in the price of the product will change the supply line (shift ________).
Correct answer(s):  upward
left
right
none of the above
________________________________________
Question 15 (6063154): If increased taxes are imposed on producers, ___________ products will be provided in the market at each price (shift left).
Correct answer(s):  fewer
more
the same amount of
none of the above

 

Premium Custom Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.