Economics Chapter 3 Supply and Demand Practice Quiz

Economics Chapter 3 Supply and Demand Practice Quiz

Q1. In economics, the demand for a good refers to the amount of the good that people:

  • would like to have if the good were free.
  • will buy at various prices.
  • need to achieve a minimum standard of living.
  • will buy at alternative income levels.

Q2. Refer to Figure 3-1. Using the graph above and beginning on D1, a shift to D2 would indicate a(n):

figure_3-1

  • increase in quantity demanded.
  • decrease in quantity demanded.
  • increase in demand.
  • decrease in demand.

Q3. Refer to Figure 3-3. A change from Point A to Point B represents a(n):

figure_3-3

  • increase in supply.
  • decrease in supply.
  • increase in quantity supplied.
  • decrease in quantity supplied.

Q4. If an increase in the price of Good X causes a decrease in the demand for Good Y, we can conclude that:

  • the price of Good Y will increase.
  • Goods X and Y are normal goods.
  • Goods X and Y are substitute goods.
  • Goods X and Y are complement goods.

Q5. According to the table and graph above, if the price fell from $4 to $3 what will be the new quantity demanded if the demand curve remains linear after the shift of the demand curve to the left? 30 (with margin: 0) and 0 (with margin: 0)Figure 3.3

Q6. Referring to the graph above which price would result in a surplus of 20 million pounds of coffee per month? (Enter a numerical answer only with no “$” symbol) 8 (with margin: 0) and 0 (with margin: 0)

Figure 3.14

Q7. According to panel (C), where would the equilibrium quantity settle after the demand and supply curves move from D1 to D2 and S1 to S2? 25 (with margin: 0) and 0 (with margin: 0)

Figure 3.19

Q8. According to the graphs above, which of the panels represent the case where the price of a complementary good has increased?

Figure 3.25

  • Panel A
  • Panel B
  • Panel C
  • Panel D

Q9. Which of the following could explain the shift of the supply curve depicted above from S1 to S2?

Figure 4.3

  • A decline in the number of consumers purchasing this product.
  • A rise in the price of a substitute good.
  • Firms exiting the industry.
  • A fall in the cost of production.

Q10. Assume that the table above represents the market for apartments. What would be the excess demand for apartments if the government imposed a price ceiling of $800? (Only provide a numerical answer with no comma) 0 (with margin: 0)

Table 4.1B

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