Liberty University ECON 213 Quiz 3 Complete Solutions Correct Answers Key
Complete solutions for quiz 3.
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Liberty University ECON 213 Quiz 3 Complete Solutions Correct Answers Key
Two different versions
Question 1 In agriculture, a “bumper crop” refers to a particularly productive harvest. If there is a
bumper crop for wheat at the same time that more people become allergic to wheat and all else
is 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 New
York and travel south to Florida or Arizona. What would you expect to happen to the equilibrium
price and quantity of items most used by the elderly in northern New York?
Question 4 If the price of Gatorade increases, the
Question 5 The change in equilibrium shown in the accompanying figure would be explained by
a(n):
Question 6 Oil is a main component in the manufacture of plastic bags. If the price of oil were to
increase, the price of plastics bags would:
Question 7 Refer to the accompanying figure. What event would cause the supply curve to shift
out?
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 equilibrium
price and equilibrium quantity of shoes if income increases and the cost of labor to produce
shoes increases?
Question 11 Which of the following scenarios would explain the change in equilibrium shown in
the accompanying figure?
Question 12 If the price of rubber were to increase by 20% over the fiscal year and if all else were
held constant, what would you expect to happen to the supply curve of tires that are sold
separately from automobiles?
Two different versions
Question 1 In agriculture, a “bumper crop” refers to a particularly productive harvest. If there is a
bumper crop for wheat at the same time that more people become allergic to wheat and all else
is 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 New
York and travel south to Florida or Arizona. What would you expect to happen to the equilibrium
price and quantity of items most used by the elderly in northern New York?
Question 4 If the price of Gatorade increases, the
Question 5 The change in equilibrium shown in the accompanying figure would be explained by
a(n):
Question 6 Oil is a main component in the manufacture of plastic bags. If the price of oil were to
increase, the price of plastics bags would:
Question 7 Refer to the accompanying figure. What event would cause the supply curve to shift
out?
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 equilibrium
price and equilibrium quantity of shoes if income increases and the cost of labor to produce
shoes increases?
Question 11 Which of the following scenarios would explain the change in equilibrium shown in
the accompanying figure?
Question 12 If the price of rubber were to increase by 20% over the fiscal year and if all else were
held constant, what would you expect to happen to the supply curve of tires that are sold
separately from automobiles?
Question 13 The demand curve for a good will shift to the right if, holding all else constant,
Question 14 If the number of buyers in a market increases from 50 to 100, you would expect the
equilibrium price to _________ and the equilibrium quantity to _________, holding all else constant.
Question 15 The equilibrium price of teddy bears is $5. A study comes out that says owning a
teddy bear causes you to earn a lower salary. If all other factors are held constant, which of the
following scenarios could happen?
Question 16 A monopoly:
Question 17 Kim attends the farmer’s market in her hometown of Bakersfield every Sunday. She
notices that all of the oranges sold by the many different farmers at the market have roughly the
same price, as do most other products that are alike. Which statement best explains why the
prices are so similar?
Question 18 The law of supply states that, all other things being equal,
Question 19 When the number of firms in a market decreases,
Question 20 Firm A notices that Firm B is making a profit by producing footballs. There is nothing
stopping Firm A from entering the football market, so it does. Holding all else constant, the
number of firms in the market will:
Question 1 In the first few months of 2012, the price of gasoline increased by approximately 15%.
Because of this increase, we would expect the _________ curve in the market for hybrid cars to
_________.
Question 2 When the number of firms in a market decreases,
Question 3 A shortage occurs whenever:
Question 4 Companies use advertising to shift consumer demand. Which of the following demand
shifters do you think advertisers most often rely on?
Question 14 If the number of buyers in a market increases from 50 to 100, you would expect the
equilibrium price to _________ and the equilibrium quantity to _________, holding all else constant.
Question 15 The equilibrium price of teddy bears is $5. A study comes out that says owning a
teddy bear causes you to earn a lower salary. If all other factors are held constant, which of the
following scenarios could happen?
Question 16 A monopoly:
Question 17 Kim attends the farmer’s market in her hometown of Bakersfield every Sunday. She
notices that all of the oranges sold by the many different farmers at the market have roughly the
same price, as do most other products that are alike. Which statement best explains why the
prices are so similar?
Question 18 The law of supply states that, all other things being equal,
Question 19 When the number of firms in a market decreases,
Question 20 Firm A notices that Firm B is making a profit by producing footballs. There is nothing
stopping Firm A from entering the football market, so it does. Holding all else constant, the
number of firms in the market will:
Question 1 In the first few months of 2012, the price of gasoline increased by approximately 15%.
Because of this increase, we would expect the _________ curve in the market for hybrid cars to
_________.
Question 2 When the number of firms in a market decreases,
Question 3 A shortage occurs whenever:
Question 4 Companies use advertising to shift consumer demand. Which of the following demand
shifters do you think advertisers most often rely on?
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Document Details
University
Liberty University
Subject
Economics