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QUESTION 1 An increase in professors' salaries increases the supply of college education.True B.
QUESTION 1
- An increase in professors' salaries increases the supply of college education.
- A.True
- B.False
9 points
QUESTION 2- If the price of labor increases, employers will hire more labor because it is more valuable.
- A.True
- B.False
9 points
QUESTION 3- If supply increases, then quantity demanded decreases.
- A.True
- B.False
9 points
QUESTION 4- As the price of milk increases, producers are normally willing to supply greater quantities. This response is known as the law of
- A.supply
- B.demand
- C.averages
- D.variable proportions
- E.increasing costs
9 points
QUESTION 5- Suppose sales of a product depend directly on economic growth. If producers of that product expect an economic recession in the near future, there is likely to be
- A.a rightward shift of the supply curve.
- B.a movement to the left along the supply curve.
- C.a leftward shift of the supply curve.
- D.a movement to the right along the supply curve.
- E.None of these.
9 points
QUESTION 6- If suppliers expect an increase in price, they will reduce the current supply of a good.
- A.True
- B.False
9 points
QUESTION 7- A paper mill discovers that burning old tires is a far cheaper way to get power than using coal, and they quickly adopt the new technology. We can assume which of the following will happen in the market for paper?
- A.The demand for paper will increase.
- B.The supply of paper will increase.
- C.The demand for paper will decrease.
- D.The supply for paper will decrease.
9 points
QUESTION 8- An increase in a product supply curve might be caused by
- A.some firms entering an industry.
- B.an increase in the price of an input (resource).
- C.an increase in the price of the product.
- D.a decrease in consumer incomes.
- E.some firms leaving an industry.
9 points
QUESTION 9- Assume that Ford Motor Company engineers achieve a revolutionary technological advance in the production process of automobiles. Which of the following events would you expect to occur?
- A.A movement up along an existing supply curve for Ford automobiles
- B.A movement down along an existing supply curve for Ford automobiles
- C.A shift inward of the supply curve for Ford automobiles
- D.A shift outward of the supply curve for Ford automobiles
- E.No change in supply
9 points
QUESTION 10- Assume the supply curve of sirloin steak is upward sloping. If the price increases from $4.25 to $8.60 per pound,
- A.the supply of sirloin steak will rise.
- B.a greater quantity of sirloin steak will be supplied.
- C.a small quantity of sirloin steak will be supplied.
- D.the demand for sirloin steak will decrease.
- E.the supply of sirloin steak will decrease.
9 points
QUESTION 11- Studies show that the supply curve for oranges has shifted. Which of the following could not explain the shift of the supply curve?
- A.Weather conditions have changed.
- B.The price of fertilizer has changed.
- C.The wage paid to orange pickers has changed.
- D.The price of oranges has changed.
- E.The demand for grapefruit has changed.
9 points
QUESTION 12Supply 1Supply 2Supply 3Price per CD
603012$5
502594
402063
301532
201001
- According to the table above, if the supply schedules 1, 2, and 3 are the market supply schedules for DVDs in three different time periods, what could explain the change from the Supply 1 schedule to the Supply 2 schedule?
- A.A decrease in the price
- B.An increase in the price
- C.A change in consumer tastes
- D.A change in consumer income
- E.An increased cost of DVD supplies
9 points
QUESTION 13- The supply curve is a __________ line that reflects the _______ relationship between price and quantity supplied.
- A.downward-sloping; inverse
- B.upward-sloping; inverse
- C.downward-sloping; direct
- D.upward-sloping; direct
9 points
QUESTION 14- A reduction in the wage rate for farm workers will cause the supply of agricultural products to:
- A.rise.
- B.fall.
- C.remain unchanged.
- D.change in an unpredictable manner.
- The amount of one good or service that must be forgone to obtain an additional unit of another good is known as the
- A.marginal benefit.
- B.marginal opportunity cost.
- C.comparative advantage.
- D.marginal expansion condition.
- E.tradeoff quotient.