introduce microeconomic

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Question description

13. Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of fertilizers?

a.

Wheat supply will increase.

b.

Wheat prices will rise.

c.

Wheat demand will increase.

d.

Wheat demand will decrease.

14. What will happen in the oil market if suppliers become more optimistic?

a.

Oil supply will increase.

b.

Oil prices will rise.

c.

Oil supply will decrease.

d.

Oil demand will decrease.

15. What will happen in the gasoline market if oil prices rise?

a.

Gas supply will increase.

b.

Gas prices will fall.

c.

Gas demand will decrease.

d.

Gas prices will rise.

16. What will happen in the syrup market if honey prices rise?

a.

Prices will fall.

b.

Demand will increase.

c.

Supply will decrease.

d.

Indeterminable.

17. What will happen in the tomato market if a freeze destroys a significant share of market supply?

a.

Prices will fall.

b.

Demand will increase.

c.

Supply will decrease.

d.

Indeterminable.

18. What will happen in the cell phone market as technology improvements bring costs down?

a.

Prices will rise.

b.

Demand will increase.

c.

Supply will decrease.

d.

Quantity-demanded will increase.

19. Which of the following could cause the supply of carrots to decrease?

a.

Consumers' incomes decrease.

b.

There is a technological advance in carrot production.

c.

Fertilizer costs increase.

d.

The number of farmers growing carrots increases.

20. Which of the following could cause the demand of cds to decrease?

a.

Consumers' incomes decrease.

b.

Supply of cds increases

c.

Factor costs increase.

d.

The number of cd suppliers decreases.

21. If supply of apples decreases and demand for apples increases, then the equilibrium

a.

price will decrease and quantity will increase

b.

price will increase and quantity will decrease

c.

price will increase and quantity could increase, decrease, or remain the same

d.

price could increase, decrease, or remain the same and quantity will increase

22. If supply of computers increases and demand for computers increases, then the equilibrium

a.

price will decrease and quantity will increase

b.

price will increase and quantity will decrease

c.

price will increase and quantity could increase, decrease, or remain the same

d.

price could increase, decrease, or remain the same and quantity will increase

23. If supply of cars decreases and demand for cars decreases, then the equilibrium

a.

price will decrease and quantity will increase

b.

price will increase and quantity will decrease

c.

price will increase and quantity could increase, decrease, or remain the same

d.

price could increase, decrease, or remain the same and quantity will decrease


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