Exam Questions On Economics Worksheet With Answer Key Page 7
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1013. Rice and potatoes are substitutes. If the price of rice rises and there is a bumper crop of
potatoes, in the market for potatoes one would expect the:
A) equilibrium price to rise, fall, or stay the same and equilibrium quantity to rise.
B) equilibrium price to rise and the equilibrium quantity to fall.
C) equilibrium price and quantity both to fall.
D) equilibrium price to rise and the equilibrium quantity to fall, rise, or stay the same.
14. Which of the following statements is correct?
A) A change in demand is a movement along the demand curve, and a change in
quantity demanded is a shift of the demand curve.
B) Both a change in quantity demanded and a change in demand are movements along
the demand curve, only in different directions.
C) Both a change in quantity demanded and a change in demand are shifts of the
demand curve, only in different directions.
D) A change in quantity demanded is a movement along the demand curve, and a
change in demand is a shift of the demand curve.
15. A decrease in supply is caused by:
A) a decrease in input prices.
B) an increase in the number of sellers in the market.
C) suppliers' expectations of higher prices in the future.
D) an advancement in the technology for producing the good.
16. A negative relationship between the quantity demanded and price is called the law of
________.
A) demand
B) marginality
C) efficiency
D) supply
17. The ________ tomatoes will decrease if fertilizer prices rise.
A) demand for
B) quantity demanded of
C) supply of
D) equilibrium price of
18. Consider the supply curve for cotton shirts. An increase in the price of cotton will:
A) increase the supply of cotton shirts.
B) decrease the supply of cotton shirts.
C) increase the quantity supplied of cotton shirts.
D) decrease the demand for cotton shirts.
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