MCQ Questions
Q.1.
Figure 3-1 shows the shifts in the demand curve for a good. Using the graph and beginning on D1, a shift to D2 would indicate a(n):
  • 0%
    increase in demand
  • 0%
    increase in quantity demanded.
  • 0%
    an increase in demand.
  • 0%
    decrease in supply
Q.2.
When the demand and supply of grapes both increase at the same time, then the:
  • 0%
    the price will tend to rise.
  • 0%
    rightward shift in the demand curve
  • 0%
    The supply curve for the good will shift to the right.
  • 0%
    quantity of grapes bought and sold will rise.
Q.3.
Which of the following would cause the demand curve for DVDs to shift to the right?
  • 0%
    At equilibrium, quantity demanded equals quantity supplied
  • 0%
    A change in quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
  • 0%
    Many sellers offer identical products in a competitive market.
  • 0%
    A decrease in the price of DVD players
Q.4.
A technological improvement that lowers production costs for Good A will:
  • 0%
    shift the supply curve for A to the right
  • 0%
    rightward shift in the demand curve
  • 0%
    quantity of grapes bought and sold will rise.
  • 0%
    A decrease in the price of DVD players
Q.5.
Figure 3-3 shows shifts in the supply curve of a good. A change from Point A to Point E represents a(n):
  • 0%
    decrease in supply
  • 0%
    an increase in demand.
  • 0%
    increase in demand
  • 0%
    increase in quantity demanded.
Q.6.
An increase in quantity demanded:
  • 0%
    is illustrated by a movement downward and to the right along a demand curve.
  • 0%
    increase quantity demanded of the good.
  • 0%
    True
  • 0%
    False
Q.7.
Which of the following is true of a competitive market?
  • 0%
    At equilibrium, quantity demanded equals quantity supplied
  • 0%
    A decrease in the price of DVD players
  • 0%
    Many sellers offer identical products in a competitive market.
  • 0%
    The supply curve for the good will shift to the right.
Q.8.
Which of the following is a difference between a change in quantity supplied and a change in supply?
  • 0%
    Many sellers offer identical products in a competitive market.
  • 0%
    A change in quantity supplied is caused by a change in a good's own, current price, while a change in supply is caused by a change in some other variable, such as input prices, prices of related goods, expectations, or taxes.
  • 0%
    At equilibrium, quantity demanded equals quantity supplied
  • 0%
    A decrease in the price of DVD players
Q.9.
Figure 3-2 shows the shifts in the demand curve for a good. A change from Point A to Point C represents a(n):
  • 0%
    A decrease in the price of DVD players
  • 0%
    increase in quantity demanded.
  • 0%
    decrease in supply
  • 0%
    increase in demand
Q.10.
The supply curve for a good will shift to the left if:
  • 0%
    shift the supply curve for A to the right
  • 0%
    the price will tend to rise.
  • 0%
    the input price for the good increases.
  • 0%
    rightward shift in the demand curve