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Home  arrow Student Resources  arrow Chapter 4: Extensions of Demand and Supply Analysis  arrow Quizzes  arrow Quiz 1

Quiz 1



This activity contains 10 questions.

Question 1.
Which of the following is not true about the rationing function of prices?

 
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Question 2.
Match what happens to the market price and the equilibrium quantity when the demand or supply curve shifts. Assume that the market is in equilibrium before the change occurs.




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A matching question presents 6 answer choices and 6 items. The answer choices are lettered A through F. The items are numbered 2.1 through 2.6. Screen readers will read the answer choices first. Then each item will be presented along with a select menu for choosing an answer choice. Using the pull-down menus, match each item in the left column to the corresponding item in the right column.
A Market price is indeterminate; decrease in equilibrium quantity.
B Increase in market price; decrease in equilibrium quantity.
C Increase in market price; increase in equilibrium quantity.
D Decrease in market price; equilibrium quantity is indeterminate.
E Decrease in market price; decrease in equilibrium quantity.
F Decrease in market price; increase in equilibrium quantity.
 
 
 
 
 
 
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Question 3.
What is the economic effect of price floors?


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Question 4.
The market system:

 
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Question 5.
All of the following are a government imposed quantity restriction except

 
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Question 6.
What is the economic effect of price ceilings?


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Question 7.
Suppose that you are analyzing the market for wheat. The price of corn, a substitute good, has decreased. Which of the following would best describe the market reaction to this event?


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Question 8.
In a dynamic market, both demand and supply shift. Price decreases and quantity decreases. A possible cause is that


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Question 9.
Black markets usually arise when there are:

 
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Question 10.
Import quotas are an example of:

 
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