Econ 102 - Principles of Macroeconomics » Spring 2022 » Ch 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 shortage
B.   there will be excess demand
C.   there will be a surplus
D.   demand will exceed supply
Question #2
Massive wildfires destroy thousands of acres of oranges, what happens to the market for oranges?
A.   the demand for oranges increase and prices rise
B.   the supply of oranges decrease and prices rise
C.   the demand for oranges decrease and prices rise
D.   the supply of oranges decrease and prices fall
Question #3
At the beginning of the pandemic, millions of people became unemployed and incomes fell. Around the same time, the demand for rice increased dramatically. Rice is what type of good?
A.   A normal good
B.   A complement
C.   A substitute
D.   An inferior good
Question #4
Which of the following will cause the demand for a good to shift?
A.   changes in expectations
B.   a change in the price of the good
C.   changes in input prices
D.   a change in the number of sellers
Question #5
The price of Pepsi decreases and this causes the demand for Coca Cola to fall. This is an example of
A.   Giffen goods
B.   inferior goods
C.   substitute goods
D.   complementary goods
Question #6
When there is a change in the price of a good, there is a change in
A.   quantity demanded and quantity supplied
B.   supply
C.   neither demand nor supply
D.   demand
Question #7
A legal minimum price is a(n)
A.   price floor
B.   shortage
C.   price ceiling
D.   equilibrium price
Question #8
A YouTube celebrity advertises a certain brand of shoes. What will likely happen to the market for these particular shoes?
A.   The supply will increase
B.   The demand will increase
C.   The demand will decrease
D.   The supply will decrease

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