Macro Exam 2 Study Questions And Answers Verified
100% Correct
a. the market is in equilibrium at a price of $5.00
Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market
and the market quantity demanded is 500 cases when the price is $5.00, which of
the following statements is correct?
a. The market is in equilibrium at a price of $5.00.
b. There is a surplus of 100 cases at a price of $5.00.
c. There is a shortage of 100 cases at a price of $5.00.
d. There is a shortage of 50 cases at a price of $5.00.
a. Point A to Point B
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for chocolate chip cookies of an improved high-speed mixer
that allows bakers to produce cookies in less time? a. Point A to Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
d. Point A to Point D
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for swimming lessons of an increase in the incomes of
parents with school-aged children? a. Point A to Point B
,b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
c. Point C to Point D
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for convertible automobiles of an increase in the price of
steel?
a. Point A to Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
b. surplus of 25 units would exist, and price would tend to fall
37. Refer to Table 4-11. If the price were $8, a
a. shortage of 20 units would exist, and price would tend to rise.
b. surplus of 25 units would exist, and price would tend to fall.
c. shortage of 25 units would exist, and price would tend to rise.
d. surplus of 45 units would exist, and price would tend to fall.
d. surplus to exist and the market price of roses to decrease
,38. Suppose roses are currently selling for $40 per dozen, but the equilibrium
price of roses is $30 per dozen. We would expect a
a. shortage to exist and the market price of roses to increase.
b. shortage to exist and the market price of roses to decrease.
c. surplus to exist and the market price of roses to increase.
d. surplus to exist and the market price of roses to decrease.
a. price will fall, and the effect on quantity is ambiguous
39. What will happen to the equilibrium price and quantity of traditional camera
film if traditional cameras become more expensive, digital cameras become
cheaper, the cost of the resources needed to manufacture traditional film falls,
and more firms decide to manufacture traditional film?
a. Price will fall, and the effect on quantity is ambiguous.
b. Price will rise, and the effect on quantity is ambiguous.
c. Quantity will fall, and the effect on price is ambiguous.
d. Quantity will rise, and the effect on price is ambiguous.
c. shortage of 400 units
Refer to Figure 4-18. At a price of $15, there would be a a.
surplus of 400 units.
b. shortage of 200 units.
c. shortage of 400 units.
d. shortage of 600 units.
d. D
Refer to Table 4-9. Which combination would produce a decrease in equilibrium
quantity and an indeterminate change in equilibrium price? a. A
b. B
c. C
, d. D
b. a surplus of 300 tickets
Refer to Table 4-12. If both members and non-members are allowed to purchase
tickets to this year's celebrity golf tournament and the country club sets the ticket
price at $30, then there will be a. a shortage of 300 tickets.
b. a surplus of 300 tickets.
c. 600 tickets sold.
d. 600 tickets unsold.
b. Point C to Point B
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for golf balls of an increase in green fees? a. Point A to
Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
d. a decrease in quantity demanded and a decrease in supply
Refer to Figure 4-27. Panel (d) shows which of the following? a.
a decrease in demand and a decrease in quantity supplied
100% Correct
a. the market is in equilibrium at a price of $5.00
Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market
and the market quantity demanded is 500 cases when the price is $5.00, which of
the following statements is correct?
a. The market is in equilibrium at a price of $5.00.
b. There is a surplus of 100 cases at a price of $5.00.
c. There is a shortage of 100 cases at a price of $5.00.
d. There is a shortage of 50 cases at a price of $5.00.
a. Point A to Point B
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for chocolate chip cookies of an improved high-speed mixer
that allows bakers to produce cookies in less time? a. Point A to Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
d. Point A to Point D
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for swimming lessons of an increase in the incomes of
parents with school-aged children? a. Point A to Point B
,b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
c. Point C to Point D
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for convertible automobiles of an increase in the price of
steel?
a. Point A to Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
b. surplus of 25 units would exist, and price would tend to fall
37. Refer to Table 4-11. If the price were $8, a
a. shortage of 20 units would exist, and price would tend to rise.
b. surplus of 25 units would exist, and price would tend to fall.
c. shortage of 25 units would exist, and price would tend to rise.
d. surplus of 45 units would exist, and price would tend to fall.
d. surplus to exist and the market price of roses to decrease
,38. Suppose roses are currently selling for $40 per dozen, but the equilibrium
price of roses is $30 per dozen. We would expect a
a. shortage to exist and the market price of roses to increase.
b. shortage to exist and the market price of roses to decrease.
c. surplus to exist and the market price of roses to increase.
d. surplus to exist and the market price of roses to decrease.
a. price will fall, and the effect on quantity is ambiguous
39. What will happen to the equilibrium price and quantity of traditional camera
film if traditional cameras become more expensive, digital cameras become
cheaper, the cost of the resources needed to manufacture traditional film falls,
and more firms decide to manufacture traditional film?
a. Price will fall, and the effect on quantity is ambiguous.
b. Price will rise, and the effect on quantity is ambiguous.
c. Quantity will fall, and the effect on price is ambiguous.
d. Quantity will rise, and the effect on price is ambiguous.
c. shortage of 400 units
Refer to Figure 4-18. At a price of $15, there would be a a.
surplus of 400 units.
b. shortage of 200 units.
c. shortage of 400 units.
d. shortage of 600 units.
d. D
Refer to Table 4-9. Which combination would produce a decrease in equilibrium
quantity and an indeterminate change in equilibrium price? a. A
b. B
c. C
, d. D
b. a surplus of 300 tickets
Refer to Table 4-12. If both members and non-members are allowed to purchase
tickets to this year's celebrity golf tournament and the country club sets the ticket
price at $30, then there will be a. a shortage of 300 tickets.
b. a surplus of 300 tickets.
c. 600 tickets sold.
d. 600 tickets unsold.
b. Point C to Point B
Refer to Figure 4-26. Which of the following movements would illustrate the
effect in the market for golf balls of an increase in green fees? a. Point A to
Point B
b. Point C to Point B
c. Point C to Point D
d. Point A to Point D
d. a decrease in quantity demanded and a decrease in supply
Refer to Figure 4-27. Panel (d) shows which of the following? a.
a decrease in demand and a decrease in quantity supplied
