Question

13 If the price of gasoline increases and car dealers experience a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:

Select one:

a. substitutes.

b. unrelated goods.

c. inferior goods.

d. complements.

Question 14

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14 Specifically, a change in the quantity supplied is referring to:

Select one:

a. A movement along a given supply curve resulting from a change in price

b. A shift in the supply curve either up or down

c. A change in the minimum price sellers are willing to sell for resulting from a change in a determinant of supply (like input prices, technology, or taxes)

d. A shift in the supply curve either left or right

Question 15

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15 Which of the following would be classified as an intermediate good.

Select one:

a. The fabric purchased by a jean manufacturer to make their pants.

b. The wood purchased by a homeowner to build his own deck.

c. The book purchased by a student for their economics class.

d. The bottling machine purchased by Coca Cola to use in one of the bottling plants.

Question 16

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16 The single best indicator of a recession is:

Select one:

a. negative nominal GDP growth.

b. increasing unemployment.

c. falling prices.

d. negative real GDP growth.

Question 17

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17 A leftward shift of a product supply curve might be caused by:

Select one:

a. a decline in the prices of needed inputs.

b. some firms leaving an industry.

c. an improvement in the relevant technique of production.

d. an increase in consumer incomes.

Question 18

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18 The law of supply predicts that when price increases, holding all else constant, the quantity supplied by firms increases.

Select one:

True

False

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Answer 1

13) If the price of gasoline increases and car dealers experience a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:

Select one:

d. complements.

14) Specifically, a change in the quantity supplied is referring to:

Select one:

a. A movement along a given supply curve resulting from a change in price

15) Which of the following would be classified as an intermediate good.

Select one:

a. The fabric purchased by a jean manufacturer to make their pants.

16) The single best indicator of a recession is:

d. negative real GDP growth.

17) A leftward shift of a product supply curve might be caused by :

b) some firms leaving an industry.

18) Statement is true