Liberty University ECON 213 Quiz 3 Complete Solutions Correct Answers Key

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Liberty University ECON 213Quiz 3 Complete Solutions Correct Answers KeyTwo different versionsQuestion 1 In agriculture, a “bumper crop” refers to a particularly productive harvest. If there is abumper crop for wheat at the same time that more people become allergic to wheat and all elseis held constant, what will happen to the equilibrium price and quantity for wheat?Question 2 Something is a normal good if the demand for the good:Question 3 During the winter months, many elderly persons leave their homes in northern NewYork and travel south to Florida or Arizona. What would you expect to happen to the equilibriumprice and quantity of items most used by the elderly in northern New York?Question 4 If the price of Gatorade increases, theQuestion 5 The change in equilibrium shown in the accompanying figure would be explained bya(n):Question 6 Oil is a main component in the manufacture of plastic bags. If the price of oil were toincrease, the price of plastics bags would:Question 7 Refer to the accompanying figure. What event would cause the supply curve to shiftout?Question 8 Changes in population can:Question 9 Refer to the table below: Assume that the market for iPods has only two consumers:Chuck and Ryan. According the table above, if the price of an iPod is $85, the market will demand:Question 10 Shoes are considered to be a normal good. What would happen to the equilibriumprice and equilibrium quantity of shoes if income increases and the cost of labor to produceshoes increases?Question 11 Which of the following scenarios would explain the change in equilibrium shown inthe accompanying figure?Question 12 If the price of rubber were to increase by 20% over the fiscal year and if all else wereheld constant,whatwould youexpect to happento the supply curve oftires thatare soldseparately from automobiles?

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