Eco: Question Preview (ID: 19772)

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The cost of microchips for computers is raised. How does the supply graph change and what non-price factor is shown?
a) Cost of inputs; Shift right
b) Change in other goods prices; Shift right
c) Cost of inputs; Shift left
d) Change in other goods prices; Shift left

The government increases minimum wage to $10 an hour. Which demand non-price factor is represented and how is the graph changed?
a) Number of buyers; Shift right
b) Consumer income; Shift right
c) Number of buyers; Shifts left
d) Consumer income; Shift left

An advertisement is released stating cell phones can cause cancer. What non-price demand factor is represented and how is the demand graph changed?
a) Advertising; Left
b) News report; Left
c) News report; Right
d) Advertising; Right

A new machine is added to the assembly line. How does this change the supply graph and which supply non-price factor is represented?
a) Shift left; Change in technology
b) Shift right; Complement goods
c) Shift left; Complement goods
d) Shift right; Change in technology

The place where QD and QS are equal is...?
a) Demand schedule
b) Demand Equilibrium
c) Supply Equilibrium
d) Market Equilibrium

Demand is ____ related to price while supply is ____ related to price.
a) Directly, Directly
b) Inversely, Directly
c) Directly, Inversely
d) Inversely, Inversely

When QS is greater than QD this causes a?
a) Surplus
b) Shortage
c) Equilibrium
d) Price change

A chart that lists QD at each and every price is?
a) Demand margin
b) Demand chart
c) Demand curve
d) Demand scheduled

If goods are a necessity, if they are hard to find substitutes for, or if they are difficult to delay the purchase they are?
a) Elastic
b) Compliments
c) Inelastic
d) Substitute

Sprite and 7-up; Mr. Pib and Dr. pepper are examples of what type of goods
a) Substitutes goods; elastic
b) Compliment goods; inelastic
c) Compliments goods; elastic
d) Substitute goods; inelastic

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