you have more products than reactants at equilibrium
you have more reactants than products at equilibrium
you have small concentrations of all chemicals
you have large concentrations of all chemicals
Q.4.
If a system at equilibrium "shifts right"
more products are made, reducing reactant concentrations
more reactants are made, reducing product concentrations
the reaction speeds up
the reaction slows down
Q.5.
An equilibrium constant, Keq is defined as
product concentrations - reactant concentrations
reactant concentrations - product concentrations
[reactant] / [product]
[product] / [reactant]
Q.6.
What best refers to the situation when the price of a good or service changes?
there is a movement along a stable demand curve.
demand shifts in the opposite direction.
demand shifts in the same direction.
supply shifts in the opposite direction.
Q.7.
What does the Latin phrase Ceteris paribus literally mean?
"other things being equal."
"after this therefore because of this."
"to respond slowly to a change in price."
"There's no such thing as a free lunch."
Q.8.
Other things equal, when the price of a good rises, the quantity supplied of the good also rises. What best refers to this situation?
The law of increasing costs.
The law of diminishing returns.
The law of supply.
The law of demand
Q.9.
Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available?
The arena forgot to print enough tickets.
The supply of tickets was greater than the demand.
The arena charged too much money for each ticket.
The demand for tickets was greater than the supply.
Q.10.
New technology advances the rate at which furniture can be assembled. Why does this change the supply?
There is a change in cost of production.
The number of producers changes.
The expectations of consumers changes.
The output rate declines.
Q.11.
Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change?
Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers
Q.12.
Which of the following best refers to the market equilibrium price?
Surpluses depress the number of goods supplied.
Shortages and surpluses will have no effect on the market.
The government will not intervene in the market.
The quantity demanded is the same as the quantity supplied.
Q.13.
Which statement expresses a central idea of how the laws of supply and demand work?
The government sets the prices for goods and services.
Prices are determined by the interaction of producers and consumers.
Consumers alone determine the prices for goods and services.
Technology dictates the prices charged for goods and services.
Q.14.
Which situation is most likely to lead to the lowest prices?
There is only one producer making the good.
Businesses secretly agree to share their profits.
Competition between businesses is prohibited.
Several producers compete to sell goods to the public.
Q.15.
When companies compete in a market economy, what is usually the result?
Consumers are able to buy goods for the best available price.
People pay much higher prices for goods.
There are frequent shortages of goods on the market.
Producers refuse to sell some of their products.
Q.16.
If the price of a substitute to good X increases, then
The demand for good X will increase.
The market price of good X will decrease.
The demand for good X will decrease.
The demand for good X will not change.
Q.17.
Suppose you like banana cream pie made with vanilla pudding. Assuming all other things are constant, you notice that the price of bananas is higher. How would your demand for vanilla pudding be affected by this?
It would increase.
It would decrease.
It would be unaffected.
There is insufficient information given to answer the question.
Q.18.
What will happen in the rice market if buyers are expecting higher prices in the near future?
The demand for rice will increase.
The demand for rice will decrease.
The demand for rice will be unaffected.
The supply of rice will increase.
Q.19.
It is an implicit agreement between the buyers and the sellers
Equilibrium
Surplus
Shortage
Waste
Q.20.
Which of the following happens when the Qs is greater than the Qd?
Equilibrium
Surplus
Shortage
Consumer surplus
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