Question :
51) The above figure illustrates the market for corn. If : 1238389
51) The above figure illustrates the market for corn. If point “a” represents the original equilibrium and point “b” the new equilibrium, which of the following could have caused the change?
A) a decrease in the number of corn growers
B) a decrease the price of wheat, a substitute in production for corn
C) an increase in the cost of the seed used to grow the corn
D) a decrease in buyers’ incomes if corn is an inferior good
E) an increased belief among buyers that corn is healthy
52) In the figure above, if point “a” represents the original equilibrium and point “b” the new equilibrium, then
A) there has been an increase in supply.
B) there has been an increase in demand.
C) there has been a change in the quantity supplied and no change in supply.
D) Both answers B and C are correct.
E) Both answers A and B are correct.
53) Autoworkers negotiate a wage increase. How does this change affect the supply curve of cars?
A) It shifts the supply curve leftward.
B) It shifts the supply curve rightward.
C) It does not shift the supply curve or create a movement along it.
D) The supply curve will shift but there is not enough information to tell if the change shifts the supply curve rightward, leftward, or not at all.
E) It creates a movement downward along the supply curve.
54) If the supply of iPods increases, then
i.the supply curve for iPods has shifted rightward.
ii.the price of iPods has decreased.
iii.there will be a movement upward along the iPod supply curve.
A) i only
B) i, ii and iii
C) i and ii
D) ii and iii
E) i and iii
55) Which of the following leads to an increase in the quantity supplied but not an increase in supply?
A) a decrease in the costs of production
B) an increase in the product’s price
C) an advance in the technology used to produce the good
D) an increase in the price of another product that the suppliers can produce
E) an increase in the number of firms producing the good or service
56) The price of salsa rises. How does the increase in the price of salsa affect the supply of salsa?
A) The supply of salsa increases.
B) The supply of salsa decreases.
C) There is no change to either the supply of salsa or the quantity of salsa supplied.
D) There is no change to the supply of salsa, but the quantity of salsa supplied increases.
E) There is no change to the supply of salsa, but the quantity of salsa supplied decreases.
57) If a higher price for wheat decreases the quantity of corn being produced, which of the following describes what has occurred?
A) The supply of wheat increased, and the supply of corn decreased.
B) The quantity of wheat supplied increased, and quantity of corn supplied decreased.
C) The supply of wheat increased, and the quantity of corn supplied decreased
D) The quantity of wheat supplied increased, and the supply of corn decreased.
E) The supply of wheat decreased, and the supply of corn decreased.
58) “Other things remaining the same, if the price of a good rises, the quantity supplied of that good increases.” This sentence describes a
A) shift of a supply curve.
B) shift of the price curve.
C) movement along a supply curve.
D) movement along the price curve.
E) movement along the quantity curve.
59) The quantity supplied of a good, service, or resource is ________ during a specified period and at a specified price.
A) the amount that people are able to sell
B) the amount that people are willing to sell
C) the amount that people are able and willing to sell
D) the amount that people are willing and able to buy
E) the amount sold
60) The quantity supplied of a good is
A) the same thing as the quantity demanded at each price.
B) the amount that the people are willing and able to sell during a given time period at a specified price.
C) equal to the difference between the quantity available and the quantity desired by all consumers and producers.
D) the amount the firm will sell when it can sell all it wants.
E) always larger than the quantity demanded at each price.
