Question

Question 3

1. Three of the four events described below might reasonably be expected to increase or decrease the demand for beef. Which event would not shift the demand curve for beef?

   	a.	A change in people's tastes in regard to beef
   	b.	A fall in the price of beef
   	c.	An increase in people's income
   	d.	An effective advertising campaign that claims that eating beef causes poor health

2.5 points

Question 4

1. ​ Which of the following statements is/are true about voluntary trade?

   1. Trade moves goods from people who value them less to people who value them more.
   2. Trade lowers costs because it allows firms to use large-scale production methods.
   3. Trade allows people to specialize in what they do best.

   	a.	II only
   	b.	I only
   	c.	I and II
   	d.	I, II, and III

2.5 points

Question 5

1. If Frie Cheverolet dealership sells Jan Clark a new automobile for $30,000, the economic way of thinking indicates that

   	a.	Mr. Frie will gain from the transaction, while Ms. Clark will lose.
   	b.	the well-being of both Mr. Frie and Ms. Clark will be unchanged.
   	c.	Ms. Clark will gain from the transaction, while Mr. Frie will lose.
   	d.	both Mr. Frie and Ms. Clark will gain.

2.5 points

Question 6

1. A country should import a good or a service

   	a.	if other countries can provide the imported item cheaper than it could be produced domestically.
   	b.	only if the imported item cannot be produced domestically.
   	c.	only if the current rate of unemployment is low.
   	d.	as little as possible. It is always better to export as much as possible and import as little as possible.

2.5 points

Question 7

1. The invisible hand principle suggests that

   	a.	market prices direct individuals to produce more goods.
   	b.	individuals pursuing their own interests detract from the economic well-being of society.
   	c.	there should be stronger governmental initiatives to ensure cooperation for the betterment of society.
   	d.	market forces tend to channel the actions of self-interested individuals into activities that promote the general betterment of society.

2.5 points

Question 8

1. Which of the following would lead to an increase in the demand for rental apartments in your area?

   	a.	A reduction in the rental price of apartments.
   	b.	A sharp increase in the number of out-of-town students attending the local college.
   	c.	An increase in the cost of the materials used to construct apartment units.
   	d.	An increase in unemployment and reduction in the income of people in your area.

2.5 points

Question 9

1. According to the law of supply,

   	a.	producers are willing to supply larger amounts of a good as its price increases.
   	b.	a direct relationship exists between the price of a good and the amount buyers choose to buy.
   	c.	an inverse relationship exists between the price of a good and the amount buyers wish to buy.
   	d.	an inverse relationship exists between the price of a good and the amount producers supply.

2.5 points

Question 10

1. ​ When rent controls fix the price of rental housing below the market equilibrium, imbalances will result because

   	a.	​q uantity demanded exceeds quantity supplied but price cannot rise to remove the shortage.
   	b.	​q uantity supplied exceeds quantity demanded but price cannot fall to remove the surplus.
   	c.	​q uantity demanded exceeds quantity supplied but price cannot fall to remove the surplus.
   	d.	​q uantity supplied exceeds quantity demanded but price cannot rise to remove the shortage.

Answer 1

Answer 3.

Option b is correct.

Answer 4.

Option d is correct. all 3 statements are true

Answer 6.

Option a is correct.if importing is cheaper

Answer 7.

Option d is correct.

Answer 9.

Option a is correct.

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