ECN 6100/ ECN 6100 WINTER 2016 CH. 1-7

Jun 6th, 2016
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Question ECN 6100 Winter 2016 Ch. 1-7 Multiple Choice (5 points per question) Identify the choice that best completes the statement or answers the question. 1. A normative economic statement: a. is a model used to collect data. b. is a statement of fact. c. is a statement of what ought to be, not what is. d. indicates what will occur if certain assumptions are true. 2. If everyone expects the price of almonds to rise in the near future, what will happen to the market for almonds? a. People will buy the same amount now. b. People will buy less now, causing a decrease in demand. c. The amount bought and sold today will increase. d. The supply will increase today. e. The amount bought and sold today will decrease. 3. Which of the following may cause a change in demand (shift to a new demand schedule) for a product? a. A change in the profitability of producing another product b. A decrease in the cost of producing the product c. A change in consumer incomes d. A change in the price of the p

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ECN 6100 Winter 2016 Ch. 1-7QuestionECN 6100 Winter 2016 Ch. 1-7Multiple Choice (5 points per question)Identify the choice that best completes the statement or answers the question.1. A normative economic statement:a. is a model used to collect data.b. is a statement of fact.c. is a statement of what ought to be, not what is.d. indicates what will occur if certain assumptions are true.2. If everyone expects the price of almonds to rise in the near future, what will happen to themarket for almonds?a. People will buy the same amount now.b. People will buy less now, causing a decrease in demand.c. The amount bought and sold today will increase.d. The supply will increase today.e. The amount bought and sold today will decrease.3. Which of the following may cause a change in demand (shift to a new demand schedule) for aproduct?a. A change in the profitability of producing another productb. A decrease in the cost of producing the productc. A change in consumer incomesd. A change in the price of the producte. A change in the plans of producersTable 2.3Table 2.3Price per LoafQuantity DemandedQuantity Supplied$5$4$3$2$130486684102102846648304. Beginning with equilibrium in Table 2.3, an increase in price of $1 woulda. cause a shortage of 36.b. cause a surplus of 36.c. cause a shortage of 72.d. cause a surplus of 72.e. lead to an increase in demand.5. An equilibrium in a market results when the marketa. produces a surplus.b. p

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