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

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