Econ 102 - Principles of Macroeconomics » Winter 2021 » Chapter 3 Reading Quiz

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Question #1
If the price of a good is above the equilibrium price,
A.   demand will exceed supply
B.   there will be a shortage
C.   there will be a surplus
D.   there will be excess demand
Question #2
At the beginning of the pandemic, millions of people became unemployed. Around the same time, the demand for rice increased dramatically. Rice is what type of good?
A.   A substitute
B.   A normal good
C.   An inferior good
D.   A complement
Question #3
Which of the following will cause the demand for a good to shift?
A.   a change in the price of the good
B.   changes in input prices
C.   changes in expectations
D.   a change in the number of sellers

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