question archive (1) A change in price will lead to a change in __________ and to a change in __________, while a change in consumer preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________
(1) A change in price will lead to a change in __________ and to a change in __________, while a change in consumer preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________
Subject:EconomicsPrice: Bought3
(1)
A change in price will lead to a change in __________ and to a change in __________, while a change in consumer preferences will lead to a change in __________ and a change in the prices of relevant resources will lead to a change in __________.
Group of answer choices
quantity supplied; demand; income; supply
demand; quantity supplied; supply; quantity demanded
quantity supplied; supply; quantity supplied; demand
quantity supplied; quantity demanded; demand; supply
quantity supplied; quantity demanded; supply; demand
(2)
According to the law of demand, other things being equal, the lower the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, and the ______________ likely students will seek out an alternative to the assigned textbook.
Group of answer choices
lower; less
lower; more
higher; less
higher; more
(3)
?Other things being equal, which of the following will increase aggregate demand?
Group of answer choices
??exports rising and imports falling
?exports falling and imports rising
??exports falling faster than imports
exports rising faster than imports
(4)
Other things being equal, which of the following will most likely occur in the United States as the result of an unexpected economic slowdown in Canada and Mexico?
Group of answer choices
an increase in aggregate demand and output in the short run
an reduction in aggregate demand and output in the short run
an increase in the price level
a decrease in the natural rate of unemployment in the United States
(5)
Suppose that for a given good demand increases and supply decreases at the same time. If demand increases by a lesser amount than supply decreases, then equilibrium price __________ and equilibrium quantity __________ for that good.
Group of answer choices
rises; falls
falls; falls
rises; rises
falls; rises
(6)
A leftward shift in the demand curve for tennis balls could be caused by
Group of answer choices
a rise in the price of tennis balls.
a fall in the price of tennis rackets.
a rise in the price of tennis lessons.
an increase in income, assuming tennis balls are a normal good.
(7)
Country A and Country B initially have the same real GDP per capita. Country A experiences no economic growth, while Country B grows at a sustained rate of 4 percent. In 36 years, Country A's GDP will be approximately ____ that of Country B.
Group of answer choices
?one-fourth
?one-half
?double
?triple
(8)
On a supply-and-demand diagram, consider a price for which the horizontal distance to the demand curve exceeds the horizontal distance to the supply curve. There is a __________ at that price and the current price must be __________ the equilibrium price.
Group of answer choices
shortage; above
shortage; below
surplus; above
surplus; below
(9)
Suppose that for a given good, demand decreases and supply decreases at the same time. If supply decreases by a greater amount than demand decreases, then equilibrium price __________ and equilibrium quantity __________ for that good.
Group of answer choices
rises; rises
rises; falls
falls; rises
falls; falls
(10)
?Which of the following is false?
Group of answer choices
?The Rule of 72 says that the number of years necessary for a nation to double its output is approximately equal to 72 divided by the nation's growth rate.
?Economic growth is usually measured by the annual percent change in the real output of goods and services per capita.
?An increase in labor input necessarily increases output per capita.
?Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base.
