Other Economics Answers

use the demand and supply as your lesson topic, formulate three lesson objectives displaying the Revised Bloom Taxonomy cognitive levels 1 to 3

Discuss an area or point of view that should be the focus of the analysis of non-renewable

(exhaustible) resources.

A. rate of extraction.

B. generational gap (g)

C. per capita gdp

D. weather forecast ability

This question is based on the following diagram of the market for ground beef.

Consider the market for ground beef is initially in equilibrium at Point J. Assume that ground beef is an inferior good. Which of the following could explain a movement to a new equilibrium at Point M?

A. a decrease in buyers' incomes combined with a decrease in the number of acres owned by cattle ranches

B. a decrease in the price of hotdogs combined with an increase in the price for labour

C. a change in tastes away from hamburgers combined with an increase in the price for cattle feed

D. an increase in buyers' incomes combined with a cost-saving technological improvement

If the demand for motor vehicles decreases due to a drop in consumer income and at the same time increases in factor prices cause the supply of motor vehicles to decrease, the prices of motor vehicles will

•  A. increase.
•  B. remain the same.
•  C. be impossible to determine from the information given.
•  D. decrease.

A technological advancement for Good A will shift the _________ curve of Good A to the _________, leading to a(n) ___________in the equilibrium price.

•  A. supply; left; increase
•  B. supply; right; decrease
•  C. demand; left; decrease
•  D. demand; right; increase

• If you assume the price of passenger airplanes rises significantly, what will happen to the demand curve of jet fuel? A. It will not change.
•  B. It will shift leftward.
•  C. It will shift rightward.
•  D. It will become steeper.

Use the diagram below to answer the question.

The diagram depicts a decrease in the demand for pies on a campus. If at the same time there was a rent increase for food outlets on campus, then in comparison with the original equilibrium E, there would be

•  A. a decrease in equilibrium quantity but a price increase.
•  B. an increase in equilibrium price and quantity.
•  C. a decrease in equilibrium quantity but an indeterminate effect on price.
•  D. an increase in equilibrium quantity but a price decrease.

• Which one of the following statements is incorrect? A. The impact of a simultaneous decrease in demand and supply on the equilibrium quantity is impossible to predict.
•  B. A simultaneous increase in demand and supply have an uncertain impact on price.
•  C. An increase in supply tends to result in a lower price.
•  D. A simultaneous increase in demand and supply tends to result in a higher equilibrium quantity in the market.

This question is based on the following information for ice cream: If the equilibrium price for ice cream decreases and the equilibrium quantity increases we conclude that a possible cause of this is that

•  A. the demand has increased.
•  B. the demand has decreased.
•  C. the supply has increased.
•  D. the supply has decreased.

• Airline tickets and luggage are complements if A. the demand for luggage and airline tickets rise and fall together.
•  B. the supply of luggage increases when the price of airline tickets rises.
•  C. the demand curves of both goods shift when their respective supply curves shift.
•  D. the demand for luggage increases when the price of airline tickets falls.