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ECON 202 SESSION 2 QUIZ Question 1 Correct Flag question Question text For questions 1-3, choose the letter of the diagram in figure 2.1 that best describes the type of shift that would occur in each situation for the U.S. farming market, ceteris paribus. Figure 2.1 OPEC raises oil prices, which causes a significant increase in the cost of fuel for tractors and other farm vehicles. Select one: A. A B. B C. C D. D Question 2 Correct Flag question Question text The weather is particularly favorable for crops throughout the United States for the entire year. Select one: A. A B. B C. C D. D Question 3 Correct Flag question Question text The level of income increases for all consumers. (Assume the crops grown are normal goods) Select one: A. A B. B C. C D. D Question 4 Correct Flag question Question text Figure 2.2(use to answer questions 4-6) What best describes the movement from point E1 to point E3? Select one: A. An increase in overall supply B. A fall in quantity supplied C. An increase in overall demand D. An increase in quantity demanded Question 5 Incorrect Flag question Question text After the shift of the demand curve, what does point E1 represent? Select one: A. Quantity demanded B. Equilibrium supplied C. Equilibrium demanded D. Quantity supplied Question 6 Correct Flag question Question text The new equilibrium quantity is approximately: Select one: A. 20 B. 39 C. 85 D. 120 Question 7 Correct Flag question Question text The price of tomatoes at a local market will fall because of the following event: Select one: A. A hailstorm that destroys one half of the tomatoes just ready for harvest B. A news report of one medical study suggesting tomatoes cure certain illnesses C. A summer of prime tomato-growing weather resulting in a large harvest of tomatoes D. A strike by farm workers resulting in higher wages for harvesting tomatoes Question 8 Correct Flag question Question text Four students from your economics class are sitting in a local restaurant discussing the market for coffee. Below are quotes from each of the four students. All of the following quotes are logically correct except one. Which quote indicates incorrect economic analysis? Select one: A. Nick: “If Brazil is hit hard by such a severe freeze that half of its crop is wiped out, then the price of coffee will probably rise.” B. Brenda: “If the price of caffeinated soft drinks such as Mountain Dew went down, then consumer demand for coffee would go down since they’re substitutes for each other.” C. Jorge: “If the demand for coffee were to increase, then I would expect the price to rise, which would then cause the demand to fall back down to its original position.” D. Tanisha: “If coffee drinkers expect the price of coffee to rise next month, then current demand will go up and lead to a price increase this month.” Question 9 Correct Flag question Question text In the fall of 1999, Ivy College began charging for the right to park on campus. As a result, many parking spaces went unused. The decline in parking on campus suggests that: Select one: A. The demand curve for parking spaces shifted to the left B. The quantity demanded of campus parking spaces decreased C. The supply of parking spaces decreased D. Campus parking spaces are an inferior good Question 10 Incorrect Flag question Question text Which of the following will increase the demand for gasoline? Select one: A. A decrease in consumer income B. A decrease in the price of gasoline C. An increase in the supply of gasoline D. A decrease in the price of automobiles

ECON/202 ECON202 ECON 202 SESSION 2 QUIZ

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