ECON 2302 Week 1 Quiz

ECON 2302 Week 1 Quiz | Assignment Help | Central Texas College

Question 1

               

                The forces that make market economies work are                                  

                                a.

work and leisure.

                b.

politics and religion.

                c.

taxes and government spending.

                 d.

supply and demand.

                                               

 

Question 2

               

                Figure 4-17                                         

                                                                               

 

Question 3

               

                Assume the market for tennis balls is perfectly competitive. When one tennis ball producer exits the market,                                      

                               

                a.

there is no longer a market for tennis balls.

                 b.

the price of tennis balls does not change.

                c.

the price of tennis balls decreases.

                d.

the price of tennis balls increases.

                                               

 

 

 

Question 5

               

                A competitive market is one in which there                                               

                               

                a.

are many sellers, and each seller has the ability to set the price of his product.

                b.

are many sellers, and they compete with one another in such a way that some sellers are always being forced out of the market.

                c.

is only one seller, but there are many buyers.

                 d.

are so many buyers and so many sellers that each has a negligible impact on the price of the product.

 

 

 

 

                                               

 

Question 6

               

Figure 4-20                                         

                                                                               

 

 

Question 7

               

                Figure 4-22                                         

                                                                               

 

 

 

 

Question 8

               

                A rightward shift of a demand curve is called a(n)                                  

                               

                 a.

increase in demand.

                b.

decrease in quantity demanded.

                c.

decrease in demand.

                d.

increase in quantity demanded.

                                               

 

•              Question 9

               

                A decrease in demand is represented by a                                  

                               

                a.

movement upward and to the left along a demand curve.

                b.

movement downward and to the right along a demand curve.

                 c.

leftward shift of a demand curve.

                d.

rightward shift of a demand curve.

                                               

•              Question 10

               

                A decrease in the price of a good will                                          

                               

                a.

decrease demand.

                b.

increase demand.

                 c.

increase quantity demanded.

                d.

decrease quantity demanded.