Which of the Following Are Likely to Be Complements in Production Beef Leather

Use this list of Determinants of Demand & Supply to fill in the...

Use this list of Determinants of Demand & Supply to fill in the fifth blank of each of the supply and demand question on the quiz. Enter the number rather than writing out the determinant.

1) Change in consumer tastes and preferences

2) Chance in consumers' incomes

3) Change in Number of Consumers

 * ) Change in the Price of a Related Goods

        4) A change in the price of a product that the consumer considers to be a substitute

        5) A change in the price of a product that the consumer considers to be a complement

6) The Consumers  Expect the Price of the Product to Change in the Near Future

Determinants of Supply

7) Technological change

* ) Change in Cost of Production

        8) prices of resources

        9) business taxes

10) Change in Number of Producers

 * ) Change in Prices of Related Goods

        11) A change in the price of a product that firms consider to be a substitute

        12) A change in the price of a jointly produced good (see lecture note on this subject in Module II).

13)  The Firms expect the Price of the Product is Expectated to Change in the Near Future

There are ten of these problems, each with five answers. Each answer is worth 1 point, so please think each supply and demand problem out thoroughly. Only one curve shifts per problem.  If, say, demand is + or -, supply will be 0. Or, if supply is + or -, demand will be 0. In reality, of course, both are constantly changing, but in our model, only one curve shifts at a time. All other questions are worth 3 points each.

QUESTION 1

Which of the following statements is true?

A.) An increase in the supply of an item will cause the price of that item to go up.

B.) An increase in the demand for an item will cause the price of that item to go up.

C.) When the price of an item goes up, the supply of that item will go down.

D.) When the price of an item goes up, the demand for that item will go down.

QUESTION 2

Which of the following statements is false ?

A.) When the price of an item goes down, the quantity supplied will go down, but the supply will not change.

B.) There is a direct (positive) relationship between price and supply.

C.) There is a direct (possitive) relationship between price and quantity supplied.

D.) A change in the supply of an item will cause a change in its price, but a change in the price of an item will not cause a change in its supply.

QUESTION 3

Which of the following statements is true ?

A.)A price floor set above the equilibrium price, in a particular market, will have no effect on that market.

B.)A price ceiling set above the equilibrium price, in a particular market, will cause a surplus.

C.)A price ceiling set below the equilibrium price in a particular market will cause a shortage.

D.)A price floor set below the equilibrium price in a particular market will cause a shortage.

QUESTION 4

Which of the following is true ?

A.) A price ceiling on gasoline, set below its current equilibrium price, would assure that everyone would be able to buy gasoline at an affordable price.

B.) Rent control is an example of a price floor.

C.) A price ceiling on some item, set below its equilibrium price, creates rationing problems.

D.) A price floor for a resource, such as the minimum wage, set above its equilibrium price, would increase the demand for that resource.

QUESTION 5

In the factor market, as shown in the circular flow diagram on page 38 in the textbook, the household does the supplying and the firm does the demanding.

A.)  True

B.)  False

QUESTION 6

A decrease in the price of an item, say a widget, will cause:

A.) The demand for an item to ris

B.) The quantity  demanded to rise.

C.) The supply of an item to rise.

D.) The demand for an item to fall.

QUESTION 7

Which of the following is not  a determinant of demand?

A.) Household's income and wealth.

B.) Consumers' expectations about their income, wealth and/or the price of the item

C.) Changes in the price of a related good

D.) The price of the item

QUESTION 8

Which of the following would cause the supply curve for widgets to shift to the left?

A.) An increase in the price of zercs, a jointly produced good.

B.) A decrease in the price of widgets

C.) An increase in the price of widgets

D.) An increase in the cost of producing widgets

QUESTION 9

Which of the following is not  correct? A price ceiling set below the equilibrium price of an item, say a zerc, could result:

A.) A shortage of zercs

B.) A surplus of zercs

C.) A black market where zercs are sold for a price higher than the price ceiling

D.) Queuing for favoritism to replace the price mechanism as a rationing device

QUESTION 10

An argument that some economists make against the minimum wage is that:

A.) If it is too high, it will cause fewer workers to be demanded.

B.) It will decrease production costs and ultimately make the price of the product they produce too low.

C.) It will cause too many workers to be demanded.

D.) All of the above are valid arguments against the minimum wage.

QUESTION 11

A good example of a price floor is rent control .

A.) True

B.) False

QUESTION 12

Suppose you were shopping and saw a widget you'd like to buy - but there was no price tag. After some consideration, you determined that you'd spend as much as $25 to buy the widget. When you inquired about the price to a sales clerk, he said the price was $7. The difference between the two values is known as:

A.) Producer surplus

B.) Consumer surplus

C.) Deadweight loss

D.) None of the above

QUESTION 13

The society as a whole is better off when:

A.) The sum of producer and consumer surplus has been maximized

B.) The sum of producer and consumer surplus is zero.

C.) Producer surplus has been maximized and consumer surplus has been minimized

D.) Consumer surplus has been mazimized and producer surplus has been minimized.

QUESTION 14

In this and the remainder of the questions on this test, only one curve shifts per problem. What would happen in the beef market if the government issued a report that red meat can increase the risk of heart attacks?

1. Demand  ______ ( + , - , 0 )
2. Supply ______ ( + , - , 0 )
3. Equilibrium Price _____  ( + , - , 0 )
4. Equilibrium Quantity Exchanged _____ ( + , - , 0 )
5. Determinant:  ___ (1-13)

QUESTION 15

What would happen in the beef market  if the price of chicken goes down (beef and chicken are considered substitutes by the consumer)?

1. Demand ____ ( + , - , 0 )
2. Supply _____  ( + , - , 0 )
3. Equilibrium Price  ___  ( + , - , 0 )
4. Equilibrium Quantity Exchanged   ____ ( + , - , 0 )
5. Determinant _____ (1-13)

QUESTION 16

What would happen in the beef market if there was an increase in the price of grain that was used to feed the beef?

1. Demand ____ ( + , - , 0 )
2. Supply  _____  ( + , - , 0 )
3. Equilibrium Price   ____ ( + , - , 0 )
4. Equilibrium Quantity Exchanged ____   ( + , - , 0 )
5. Determinant  ____ (1-13)

QUESTION 17

What would happen in the beef market if there was a technological innovation that allowed slaughter houses to become more efficient and process cattle faster.

1. Demand ____ ( + , - , 0 )
2. Supply  ____  ( + , - , 0 )
3. Equilibrium Price   ____ ( + , - , 0 )
4. Equilibrium Quantity Exchanged  ____  ( + , - , 0 )
5. Determinant  ____(1-13)

QUESTION 18

What would happen in the beef market (now) if consumers expected the price of beef to rise dramatically in six months?

1. Demand ____ ( + , - , 0 )
2. Supply  ____  ( + , - , 0 )
3. Equilibrium Price   ____ ( + , - , 0 )
4. Equilibrium Quantity Exchanged  ____  ( + , - , 0 )
5. Determinant ____ (1-13)

QUESTION 19

What would happen in the American  beef market if the Chinese government has decided to feed its people (1.4 billion) American beef?

1. Demand  ____ ( + , - , 0 )
2. Supply _____   ( + , - , 0 )
3. Equilibrium Price   ____ ( + , - , 0 )
4. Equilibrium Quantity Exchanged   ____ ( + , - , 0 )
5. Determinant ____ (1-13)

QUESTION 20

What would happen in the beef market if the government raises taxes on cattle ranchers?

1. Demand ____ ( + , - , 0 )
2. Supply   ____ ( + , - , 0 )
3. Equilibrium Price  ____  ( + , - , 0 )
4. Equilibrium Quantity Exchanged   ___ ( + , - , 0 )
5. Determinant ___ (1-13)

QUESTION 21

What would happen in the beef market if the government reduces income taxes on households?

1. Demand ___ ( + , - , 0 )
2. Supply  ___  ( + , - , 0 )
3. Equilibrium Price  ____  ( + , - , 0 )
4. Equilibrium Quantity Exchanged  ____  ( + , - , 0 )
5. Determinant ____ (1-13)

QUESTION 22

What would happen in the beef market if the vegetarian movement became more popular in America?

1. Demand ____ ( + , - , 0 )
2. Supply  ____  ( + , - , 0 )
3. Equilibrium Price   ____ ( + , - , 0 )
4. Equilibrium Quantity Exchanged  ___  ( + , - , 0 )
5. Determinant ____ (1-13)

QUESTION 23

Think this one through carefully. What would happen in the beef  market if it became more stylish, and very popular, to wear clothing, carry luggage and purchase furniture made of leather? Keep in mind the explanation ofJoint Goods in the ASSIGNMENTS section.

1. Demand ____ ( + , - , 0 )
2. Supply   ___ ( + , - , 0 )
3. Equilibrium Price  ____  ( + , - , 0 )
4. Equilibrium Quantity Exchanged  ____  ( + , - , 0 )
5. Determinant ____ (1-13)

Answer & Explanation

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