Eco561 Chap 1 Quiz

Topics: Supply and demand, Economics terminology, Economics Pages: 2 (367 words) Published: August 29, 2010
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100% Correct of 8 Scored items: 8 Correct: 100% 0 Incorrect: 0%

Site Title: Economics UOP custom CW Book UOP-custom course for Economics Title: Book Case Author: Location Chapter 1 > Lecture Exam Questions on Site: Date/Time August 6, 2010 at 6:50 PM (EDT) Submitted: More information about scoring


According to the law of demand: As prices rise, ceteris paribus Your quantity demanded decreases. Answer:


In response to news reports that taking aspirins daily can reduce an individual's risk of a heart attack, there will most likely be Your an increase in the demand for aspirins. Answer:

The number of pizzas this restaurant sells per week increases from 500 to 700. This could be caused by

Your an increase in the price of the pizza. Answer:


Which of the following is consistent with the law of supply? Your As the price of calculators rises, the quantity supplied of Answer: calculators increases, ceteris paribus


Suppose that video game cartridges are a normal good. If the income of video game players increases, you predict that in the market for videotapes Your both equilibrium price and quantity will increase. Answer:


Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris Paribus, Your the price of both apples and oranges will increase. Answer:


An excess demand for a product serves as a signal that Your more resources should be allocated to producing this product. Answer:


At the same time that part of the lettuce crop was destroyed consumer income also decreased. Ceteris...
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