PHUONG Bao Ton Nu Thu

Dashboard  PE-S118DH43ISB-3  Problem set  PS2

Started on Tuesday, 16 January 2018, 12:54 PM

State Finished
Completed on Tuesday, 16 January 2018, 2:18 PM
Time taken 1 hour 23 mins
Grade 52.0 out of 55.0 (95%)

Question 1 1. Price controls are usually enacted

Correct
Select one:
Mark 1.0 out of
a. a. as a means of raising revenue for public purposes.
1.0
b. b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.

c. c. when policymakers detect inefficiencies in a market.

d. d. All of the above are correct.

correct
The correct answer is: b. when policymakers believe that the market price of a good or service is unfair to buyers or sellers.

Question 2 2. The negative relationship between price and quantity demanded

Correct
Select one:
Mark 1.0 out of
a. a. applies to most goods in the economy.
1.0
b. b. is represented by a downward-sloping demand curve.

c. c. is referred to as the law of demand.

d. d. All of the above are correct.

correct
The correct answer is: d. All of the above are correct.

Question 3 3. When, in a particular market, the law of demand and the law of supply both apply, the imposition of a binding price ceiling in that
Correct market causes quantity demanded to be

Mark 1.0 out of Select one:

1.0
a. a. greater than quantity supplied.

b. b. less than quantity supplied.

c. c. equal to quantity supplied.

d. d. Any of the above is possible.

correct
The correct answer is: a. greater than quantity supplied.
Question 4

Correct

Mark 1.0 out of

1.0

4. Refer to Figure 4-8. In this market, equilibrium price and quantity, respectively, are

Select one:
a. a. $14 and 70.

b. b. $12 and 40.

c. c. $10 and 50.

d. d. $8 and 50.

correct
The correct answer is: c. $10 and 50.

Question 5 5. Refer to Figure 4-8. If price in this market is currently $14, there would be a
Correct
Select one:
Mark 1.0 out of
a. a. shortage of 20 units and the law of demand predicts that the price will rise from $14 to a higher price.
1.0
b. b. excess supply of 20 units and the law of supply and demand predicts that the price will fall from $14 to a lower price.

c. c. shortage of 40 units and the law of supply predicts that the price will fall from $14 to a lower price.

d. d. surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower price.

correct
The correct answer is: d. surplus of 40 units and the law of supply and demand predicts that the price will fall from $14 to a lower
price.

Question 6 6. Refer to Figure 4-8. If there is currently a shortage of 30 units of the good, then
Incorrect
Select one:
Mark 0.0 out of
a. a. the law of demand predicts that the price will rise by $5 to eliminate the shortage.
1.0
b. b. the law of supply predicts that the price will rise by $5 to eliminate the shortage.

c. c. the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage.

d. d. the law of supply and demand predicts that the price will fall from its current level by an indeterminate amount, exacerbating
the shortage.

incorrect
The correct answer is: c. the law of supply and demand predicts that the price will rise by $3 to eliminate the shortage.
Question 7 7.Ford Motor Company announces that it will offer $3,000 rebates on new Mustangs starting next month. As a result of this
Correct information, today's demand curve for Mustangs

Mark 1.0 out of Select one:

1.0
a. a.shifts to the right.

b. b.shifts to the left.

c. c.shifts either to the right or to the left, but we cannot determine the direction of the shift from the given information.

d. d.will not shift; rather, the demand curve for Mustangs will shift to the right next month.

correct
The correct answer is: b.shifts to the left.

Question 8 8. Holding the nonprice determinants of supply constant, a change in price would
Correct
Select one:
Mark 1.0 out of
a. a.result in either a decrease in supply or an increase in supply.
1.0
b. b.result in a movement along a stationary supply curve.

c. c.result in a shift of demand.

d. d.have no effect on the quantity supplied.

correct
The correct answer is: b.result in a movement along a stationary supply curve.

Question 9

Correct

Mark 1.0 out of

1.0

9. Refer to Figure 6-8. The effective price that buyers pay after the tax is imposed is

Select one:
a. a. $8.

b. b. $6.

c. c. $5.

d. d. $3.

correct
The correct answer is: a. $8.
 Question 10 10. Refer to Figure 6-8. The tax size is
Correct
Select one:
Mark 1.0 out of
a. a. $8.
1.0
b. b. $6.

c. c. $5.

d. d. $3.

correct
The correct answer is: d. $3.

Support
17 Pham Ngoc Thach, district 3,
International School of Business HCMC
 Phone: 0914 061 652
 E-mail: tam.nguyen@isb.edu.vn

Copyright © 2016 - International School of Business.Powered by Moodle