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.   An inferior good
B.   A normal good
C.   A complement
D.   A substitute
Question #3
Which of the following will cause the demand for a good to shift?
A.   a change in the number of sellers
B.   changes in input prices
C.   a change in the price of the good
D.   changes in expectations

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