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Chapter 7 Quiz

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1.
1 point
In a market economy, all consumers individually and collectively have a great influence on the price of all goods and services.
2.
1 point
With supply, a direct relationship exists between the price and quantity supplied.
3.
1 point
Rising prices signal producers to produce more and consumers to purchase less.
4.
1 point
If income decreases, demand would also decrease, causing the demand curve to shift to the left.
5.
1 point
If the government imposes more taxes, the supply curve for products will shift to the right.
6.
1 point
With the law of supply, a smaller quantity will generally be supplied at lower prices than at higher prices.
7.
1 point
The term that economists use for satisfaction is purchasing power.
8.
1 point
Let's say the price of butter increases. The demand for margarine would increase causing the demand curve to shift to the right for butter.
9.
1 point
In the real world, demand and supply operate together. As the price of a good goes down, the quantity demanded rises and the quantity supplied falls.
10.
1 point
The relationship between the quantity demanded and price is said to be "inverse."
11.
1 point
As more video rental stores pop up, the supply cruve for video rentals will shift to the left.
12.
1 point
If taxes increase, supply will decrease.
13.
1 point
Price floors, more common than price ceilings, prevent prices from dropping too low.
14.
1 point
If inputs become cheapter, supply will decrease.
15.
1 point
Improvements in technoogy will increase supply.
16.
1 point
City officials may set a "price floor" on what landlords can charge for rent.
17.
1 point
A shortage causes prices to rise, signaling producers to produce more and consumers to produce less.
18.
1 point
The demand curve slopes upward.
19.
1 point
If you really have no preference in soda, the demand of Pepsi would typically be elastic.
20.
1 point
As more firms enter an industry, greater quantities are supplied at every price, and the supply curve shifts to the left.
21.
1 point
Demand for insulin for diabetics would be inelastic.
22.
1 point
Taxes is a major determinant of demand.
23.
1 point
If a small change in price causes a large change in quantity demanded, the demand for that good is said to be inelastic.
24.
1 point
The law of demand is geared towards consumers, not producers.
25.
1 point
As the price rises for a good, the quantity supplied generally falls.
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