Econ Post Test 2024 Newest Exam Graded And
Verified
If good A is considered to be an inferior good, when incomes rise: - Correct Answer-The
demand for good A will decrease and the demand curve will shift to the left.
If the government imposes a tax on the production of a good or service, what will happen to
the equilibrium price and quantity of the good - Correct Answer-Equilibrium price will
increase and equilibrium quantity will decrease
A decrease in the price of a good would be illustrated on a supply graph as a: - Correct
Answer-Movement along the supply curve downward.
If producers expect the price of a good to rise, what will happen to the good's equilibrium
price and quantity? - Correct Answer-Equilibrium price will increase and equilibrium
quantity will decrease
If a good is considered "normal" by economists, an increase in consumers' incomes will
result in a decrease in the demand for the good. - Correct Answer-False
If two goods are complements, an increase in the price of one good will cause a decrease in
the demand for the other. - Correct Answer-True
A government-imposed price floor, above equilibrium price, in the market for a good or
service will result in: - Correct Answer-A surplus of the good or service
Verified
If good A is considered to be an inferior good, when incomes rise: - Correct Answer-The
demand for good A will decrease and the demand curve will shift to the left.
If the government imposes a tax on the production of a good or service, what will happen to
the equilibrium price and quantity of the good - Correct Answer-Equilibrium price will
increase and equilibrium quantity will decrease
A decrease in the price of a good would be illustrated on a supply graph as a: - Correct
Answer-Movement along the supply curve downward.
If producers expect the price of a good to rise, what will happen to the good's equilibrium
price and quantity? - Correct Answer-Equilibrium price will increase and equilibrium
quantity will decrease
If a good is considered "normal" by economists, an increase in consumers' incomes will
result in a decrease in the demand for the good. - Correct Answer-False
If two goods are complements, an increase in the price of one good will cause a decrease in
the demand for the other. - Correct Answer-True
A government-imposed price floor, above equilibrium price, in the market for a good or
service will result in: - Correct Answer-A surplus of the good or service
