Question :
101) Suppose a medical study reveals new benefits to consuming : 1239018
101) Suppose a medical study reveals new benefits to consuming beef and at the same time a bumper corn crop reduces the cost of feeding steers. The equilibrium quantity of beef will
A) decrease.
B) perhaps increase, decrease, or stay the same, but more information is needed to determine which it does.
C) stay the same.
D) increase.
E) definitely either stay the same or decrease.
102) Candy makers accurately anticipate the increase in demand for candy for Halloween so that the supply of candy and demand for candy increase the same amount. As a result, the price of candy ________ and the quantity of candy ________.
A) rises; does not change
B) falls; increases
C) does not change; increases
D) does not change; does not change
E) rises; increases
103) Suppose improvements in technology cause the supply of natural gas to increase and at the same time the demand for natural gas increases. What are we sure of?
A) Both equilibrium price and quantity increase.
B) Equilibrium price increases.
C) Equilibrium price decreases.
D) Equilibrium quantity increases.
E) Equilibrium quantity decreases.
104) The graph illustrates the market for British pounds, the currency of the United Kingdom. As the number of buyers of pounds increases and the number of sellers of pounds increases, the equilibrium price of a pound
A) will rise.
B) will fall
C) will remain the same.
D) might rise, fall, or remain the same depending on whether the effect on buyers is larger than, less than, or the same as the effect on sellers.
E) None of the above answers is correct.
105) The graph illustrates the market for computers. If the number of buyers of computers increases and technology advances, you predict that the
A) equilibrium quantity of computers will increase.
B) equilibrium quantity of computers will decrease.
C) equilibrium price of a computer will rise.
D) equilibrium price of a computer will fall.
E) equilibrium quantity of computers might increase, decrease, or not change.
106) Which of the following definitely results in a product’s equilibrium price rising?
A) an increase in both demand and supply
B) a decrease in both demand and supply
C) an increase in demand combined with a decrease in supply
D) a decrease in demand combined with an increase in supply
E) an increase in the supply combined with no change in the demand
107) During 2008 the supply of gasoline decreased while at the same time the demand for gasoline increased. If the magnitude of the increase in demand was greater than the magnitude of the decrease in supply, then the equilibrium price of gasoline ________ and the equilibrium quantity ________.
A) increased; increased
B) increased; decreased
C) increased; did not change
D) decreased; did not change
E) did not change; increased
108) When demand increases and supply decreases by the same amount, the equilibrium quantity ________ and the equilibrium price ________.
A) decreases; rises
B) decreases; falls
C) decreases; does not change
D) decreases; might rise, fall, or not change
E) does not change; might rise, fall, or not change
109) The graph illustrates the market for British pounds, the currency of the United Kingdom. As the number of buyers of pounds decreases and the number of sellers of pounds increases, the equilibrium price of a pound
A) will rise.
B) will fall.
C) will remain the same.
D) might rise, fall, or remain the same but more information is needed.
E) will rise if the magnitude of the effect on the buyers is larger than the magnitude of the effect on the sellers.
110) An increase in the equilibrium price and a decrease in the equilibrium quantity can be the result of
A) a decrease in demand.
B) an increase in supply.
C) a decrease in supply.
D) an increase in demand.
E) None of the above is correct.
