Question :
21) The United Auto Workers bargained for higher wages and : 1239002
21) The United Auto Workers bargained for higher wages and more benefits for autoworkers. As a result of the higher wages and increased benefits,
i.the quantity of new automobiles supplied decreases.
ii.the supply of new automobiles decreases.
iii.the supply of new automobiles increases.
A) only i
B) only ii
C) only iii
D) both i and ii
E) Neither i, ii, nor iii is correct.
22) If the automobile workers’ union successfully negotiates a wage increase for its members, how does the wage hike affect the supply of automobiles?
A) The supply increases.
B) The supply decreases.
C) The quantity supplied increases.
D) The quantity supplied decreases.
E) Both answers B and D are correct.
23) Plywood is used in the construction of houses. If the price of plywood rises, what happens to the supply of houses?
A) The supply increases so that the supply curve shifts rightward.
B) The supply decreases so that the supply curve shifts leftward.
C) The quantity supplied increases, but there is no shift in the supply curve.
D) The quantity supplied decreases, but there is no shift in the supply curve.
E) The quantity supplied decreases, and the supply curve shifts leftward.
24) It is expected that the price of a bushel of wheat will increase in one month. This belief will result in
A) an increase in the current supply of wheat.
B) a decrease in the current supply of wheat.
C) a decrease in the future supply of wheat.
D) no change in the current or future supply of wheat.
E) an increase in the current quantity supplied of wheat.
25) If the number of companies producing memory chips increases, then the
A) supply of memory chips does not change.
B) supply of memory chips increases.
C) supply of memory chips decreases.
D) quantity of memory chips supplied increases.
E) demand for memory chips increases.
26) An increase in the number of fast-food restaurants
A) raises the price of fast-food meals.
B) increases the demand for fast-food meals.
C) increases the supply of fast-food meals.
D) increases the demand for substitutes for fast-food meals.
E) increases both the demand and supply of fast-food meals.
27) An increase in the number of pineapple growers results in
A) an increase in the quantity of pineapples supplied and no shift in the supply curve of pineapples.
B) an increase in the supply of pineapples and a rightward shift in the supply curve of pineapples.
C) an increase in the supply of pineapples and a leftward shift in the supply curve of pineapples.
D) no change in the supply of pineapples and a movement along the supply curve of pineapples.
E) None of the above answers is correct.
28) If the number of sellers decreases, then the supply curve ________ and the supply ________.
A) shifts rightward; increases
B) shifts rightward; decreases
C) shifts leftward; increases
D) shifts leftward; decreases
E) does not shift; does not change, but there is a decrease in the quantity supplied
29) Which of the following results in an increase in the supply of a good or service?
A) a fall in the price of the good or service
B) a smaller number of sellers producing the good or service
C) an increase in foreign imports of the good or service
D) higher taxes imposed upon producers of the good or service
E) a rise in the price of the good or service
30) Researchers have found a hybrid of corn that is cheaper to grow. This technological breakthrough
A) increases the demand for corn.
B) increases the supply of corn.
C) decreases the supply of corn.
D) Both answers A and C are correct.
E) Both answers A and B are correct.
