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246901The price elasticity of supply at a point is:

246902The percentage change in quantity supplied that results from a 1 percent change in price is known as the:

246903You have found data that indicates that the income elasticity of demand for generic (unbranded) shampoo is -0.7. You should conclude that generic shampoo:

246904Suppose you believe that plaid flannel shirts are an inferior good, and want to test this with economic data. You expect to find that the income elasticity for plaid flannel shirts is:

246905If the income elasticity for a particular good is negative, then:

246906A change in consumers’ incomes causes a change in:

246907If your income elasticity of demand for hot dogs is negative, then:

246908In surveying their alumni, State U’s economics department discovered that ramen noodle consumption declined once students graduated and found jobs. One conclusion the survey team might draw from this result is that:

246909During recessions, when some workers lose their jobs and have lower incomes, sales of durable goods (goods with a life expectancy of 3 years or more) decline. Apparently, durable goods are:

246910If most consumer goods and services are _, then most income elasticities are _.

246911Suppose that if the price of plane tickets increased, more people would choose to travel by train. If this happened, you would know that:

246912If the cross-price elasticity of demand between two goods is -1.2, then the two goods are:

246913If the cross-price elasticity of demand between blueberries and yogurt is negative, then the two goods are:

246914The cross-price elasticity of demand between bread and potatoes is estimated to be 0.5. This implies bread and potatoes are:

246915If the demand for salad dressing increases when the price of lettuce decreases, the cross-price elasticity of demand between salad dressing and lettuce will be _ because these two goods are _.

246916If the cross-price elasticity of demand between lettuce and salad dressing is negative, then when the price of lettuce rises, the demand for salad dressing will __.

246917The cross-price elasticity of demand between two goods that are substitutes can never be:

246918If cross-price elasticity of demand between two goods is positive, the two goods are:

246919If two products are substitutes, then the:

246920The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:

246921At a price of $20 each, the demand for t-shirts from a group’s fundraising activity is unit elastic. Thus, the group’s total revenue from selling t-shirts __ at a price of $20 each.

246922Suppose that Chris had been charging $1.00 per pound for potatoes. When Chris lowered the price to $0.90 per pound, his total revenue fell. When Chris raised the price to $1.10, total revenue also fell. Which of the following could explain this?

246923Suppose that total expenditures for coffee reach a maximum at a price of $5 per pound. At this price, the demand for coffee is:

246924Refer to the table below. Based on their comparative advantage, Martha should specialize in _ while Julia should specialize in _.

246925Refer to the table above. __ has the comparative advantage in making pies and ____ the comparative advantage in making cakes.

246926If Jane can produce 3 pairs of shoes per hour, while Bob can produce 2, then __ has a(n) ____ advantage in producing shoes.

246927If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ______ in the production of that good.

246928If a nation can produce a more computers per year than any other nation, that nation has a(n) ______ advantage in the production of computers.

246929Refer to the figure above. Assume that column A and column B are the initial demand and supply curves. At a price of $50, the market would experience:

246930Refer to the figure above. Assume that column A and column B are the initial demand and supply curves. At a price of $30, the market would experience:

246931Refer to the table above. Relative to column C, it appears that column D represents __.

246932Refer to the table above. Relative to column A, it appears that column B represents __.

246933Refer to the figure above. A decrease in supply is represented by shifting from:

246934Refer to the figure above. An increase in supply is represented by shifting from:

246935Refer to the figure above. A decrease in demand is represented by shifting from:

246936Refer to the figure above. An increase in demand is represented by shifting from:

246937Refer to the figure above. Suppose the coffee lobby convinced the legislature to impose a price control requiring that coffee prices must be at least $2.50, and that the original demand curve and original supply curve were applicable. The most likely resu

246938Refer to the figure above. In this market, if all buyers’ reservation prices for a cup of coffee increased by $1.00；A.the equilibrium price would not change.

246939Refer to the figure above. What might cause Supply to shift from the Original Supply to the New Supply?

246940Refer to the figure above. What might cause Demand to shift from the Original Demand to the New Demand?

246941Refer to the figure above. In the original market equilibrium:

246942Refer to the figure above. If the price of the plastic used to make action figures rises, supply will:

246943Refer to the figure above. Suppose that retailers learn that a new Shrek movie will be released next month. That news is likely to cause:

246944What might cause a supply function to shift to the left today?

246945Suppose that the technology used to manufacture laptops has improved. The likely result would be:

246946As the price of flour (an input into the cookie production process) increases, firms that produce cookies will:

246947Which of the following would cause an increase in quantity supplied of wheat?

246948As the price of cookies increases, firms that produce cookies will:

246949A decrease in the demand for bananas with no concurrent change in the supply of bananas will result in a __ equilibrium price and a(n equilibrium quantity.

246950Refer to the figure above. Moving from demand curve D1 to demand curve D2 could be caused by a(n):

246951Refer to the figure above. Moving from demand curve D2 to demand curve D1 could be caused by a(n):

246952Refer to the figure above. Moving from demand curve D1 to demand curve D2 illustrates a(n):

246953Suppose that two recent studies conclude that increased fiber in the diet does not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:

246954Assume consumers eat either rice or pasta for dinner every night. If the price of rice increases, in the pasta market one would expect to see:

246955Suppose that a disease that affects people who consume beef has been discovered in the United States. One likely result is:

246956Refer to the figure above. Demand for coffee last Monday is shown in bold and labeled D(Monday). On Tuesday, the news featured a story explaining that the coffee crop has been contaminated with disease-causing bacteria. The following week:

246957Refer to the figure above. Demand for coffee last Monday is shown in bold and labeled D(Monday). On Tuesday, the news featured a story about a storm that wiped out the entire coffee crop in Brazil. On Wednesday:

246958Suppose one observes that when the price of peanut butter increases, the demand for jelly increases. One must conclude that:

246959At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n):

246960For two goods X and Y to be classified as substitutes, it must be the case that:

246961Suppose that the price of doughnuts decreases and that doughnut-holes are a by-product of producing doughnuts. One would expect:

246962Suppose one could either rent a car or take a train to travel to Chicago from Washington, D.C. If the price of train tickets increases:

246963Suppose the price of gasoline increases and that sport utility vehicles get poor gas mileage compared to other available cars. One would expect:

246964As consumers’ incomes decrease, the demand curve for bologna sandwiches shifts to the right. Therefore bologna sandwiches are:

246965As consumers’ incomes increase, the demand for ground beef decreases. Ground beef is called a(n):

246966If the demand for computers shifts to the right as consumers’ incomes rise, computers are

246967A decrease in the price of pizza will cause a(n):

246968Whether or not a good can be classified as a complement depends on whether；A.no substitutes exist.

246969If the price of computers increases and the demand for monitors decreases as a result, then:

246970If the demand for steak increases as income increases, this means that steak is a(n):

246971What might cause a demand function to shift to the right?

246972In the market for office workers:

246973In the market for coffee, for many consumers:

246974If the demand for a good decreases as income decreases, it is a(n):

246975An increase in the quantity demanded of tea occurs whenever:

246976”As the price of personal computers continues to fall, demand increases.” This headline is inaccurate because:

246977A movement along a demand curve from one price-quantity combination to another is called:

246978According to the textbook, government price controls fail because:

246979In a market where government has set the maximum price below the equilibrium price, one might expect:

246980A regulated maximum price that is above the equilibrium price:

246981Suppose one knows two facts: first, the market for prescription drugs experiences chronic shortages and second, government sets the price for prescription drugs. One can conclude that the:

246982Minimum wage laws are an example of:

246983Which of the following is NOT a characteristic of governmental rent controls?

246984The tendency of markets to automatically gravitate toward equilibrium is an application of which core principle?

246985Refer to the figure above. Now suppose that the government imposes a price ceiling of $40. What is the most likely result?

246986Refer to the figure above. Suppose all the sellers in this market started out charging a price of $45 per unit. What is the most likely result?

246987Refer to the figure above. At a price of $20:

246988Refer to the figure above. When this market is in equilibrium:

246989Suppose you notice that more and more people are driving gas-guzzling cars. Since you drive an economy car, their increased demand for gas:

246990You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:

246991When a market is not in equilibrium:

246992Which of following is NOT true of an equilibrium price?

246993In a free market, if the price of a good is above the equilibrium price, then；A.suppliers, dissatisfied with growing inventories, will raise the price.

246994In a free market, if the price of a good is below the equilibrium price, then；A.suppliers, dissatisfied with growing inventories, will lower the price.

246995When the price of a good is below its equilibrium value:

246996Why does your grocery store sell day-old bakery goods but not day-old canned goods?

246997You notice that your grocery store always has day-old bakery products at a reduced price. Why might that be?

246998Refer to the figure above. If the price is $4 today, and if there are no other changes in this market, one would expect the price in the future to be:

246999Refer to the figure above. At a price of $3, the market will experience _ in the amount of _ units.

247000Refer to the figure above. At a price of $9, the market will experience _ in the amount of _ units.

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