Question

1) Which of the following population-related events would shift the current demand curve in a given market?

Select the two correct answers below.

Select all that apply:

a) a large corporation moves its headquarters to a city, drawing large numbers of workers to move to the area

b) demographers estimate that a city's population will increase by 10% by 2035

c) high crime rates in an urban neighborhood cause residents to move away

d) a city's population remains steady over a 20-year period

2) Economists use the term demand to refer to the amount of some good or service that

Select all that apply:

a) consumers needs or want.

b) consumers are able to pay for.

c) consumers think is cheap and a great deal.

d) all of the above

3. Government lowers the tax on steel sold in the US. The tax is levied on producers. What will happen?

Select the correct answer below:

a) The supply of steel will increase.

b) The supply of steel will decrease.

c) The demand for steel will increase.

d) The demand for steel will decrease.

Answer 1

1. A large corporation moves its headquarters to a city , drawing large number of workers move to to the area , this would shift the demand curve to the right . And high crime rate sin urban neighbourhood cause to residents to move away ,this would shift the demand curve to the left. Hence, option(A) and (C) are correct.

2. Economists use the term demand to refer to the amount of some good or service that consumers are able to pay for. Hence,option(B) is correct.

3. Government lowers the tax on steel sold in the U.S . The tax is levied on producers , therefore, the supply of steel will increase and shifts to the right. Hence,option(A) is correct.