APU ECO101 Week 2 Quiz (Chapter 3)

Question 1 of 10
10.0
Points
A shift of a demand curve to the right, all other things
unchanged, will:
A.increase equilibrium price and
quantity.
B.decrease
equilibrium price and quantity.
C.decrease
quantity and increase price.
D.increase
quantity and decrease price.
Question 2 of 10
10.0
Points
If the current price is above the equilibrium price, we
would expect:
A.quantity
demanded to exceed quantity supplied.
B.upward
pressure on price.
C.quantity supplied to exceed
quantity demanded.
D.no
change in the market price.
Question 3 of 10
10.0
Points
Demand is defined as:
A.an
amount that is purchased at a specific price, given supply.
B.a
schedule that establishes the price of a good.
C.a schedule that shows how much
will be purchased at various prices during a particular period, all other
things unchanged.
D.the
amount that will be bought at a specific price.
Question 4 of 10
10.0
Points
The primary difference between a change in demand and a
change in the quantity demanded is:
A.a
change in demand is a movement along the demand curve, and a change in quantity
demanded is a shift in the demand curve.
B.a change in quantity demanded
is a movement along the demand curve, and a change in demand is a shift in the
demand curve.
C.both
a change in quantity demanded and a change in demand are shifts in the demand
curve, only in different directions.
D.both
a change in quantity demanded and a change in demand are movements along the
demand curve, only in different directions.
Question 5 of 10
10.0
Points
A negative relationship between the quantity demanded and
price is called the law of ______.
A.demand
B.diminishing
marginal returns
C.market
clearing
D.supply

Question 6 of 10
10.0
Points
The relationship between the quantity of a good or service
sellers are willing and able to offer for sale and the independent variables
that determine quantity is:
A.supply.
B.demand.

C.equilibrium.

D.disequilibrium.

Question 7 of 10
10.0
Points
A price below the equilibrium price will:
A.result in pressure for price to
rise.
B.result
in a surplus.
C.never
be the case.
D.result
in pressure for price to fall.
Question 8 of 10
10.0
Points
It is true that the equilibrium quantity will always go up
if supply:
A.and demand both increase.
B.increases
and demand decreases.
C.and
demand both decrease.
D.decreases
and demand remains unchanged.
Question 9 of 10
10.0
Points
The intersection of the supply and demand curves indicates:
A.the equilibrium solution in the
market.
B.a
surplus that will cause the price to fall.
C.a
shortage that will cause the price to rise.
D.the
quantity demanded exceeds the quantity supplied.
Question 10 of 10
10.0
Points
A decrease in supply means:
A.a shift to the left of the
entire supply curve.
B.moving
downward (to the left) along the supply curve with lower prices.
C.less
will be demanded at every price.
D.more
will be supplied at every price.