ECN212 exam1; part 2

Which of the following events could cause an increase in the supply of ceiling fans? A.) The number of sellers of ceiling fans increases. B.) There is an increase in the price of air conditioners, and consumers regard air conditioners and ceiling fans as substitutes. C.) There is an increase in the price of the motor that powers ceiling fans. D.)All of the above are correct.

A.) The number of sellers of ceiling fans increases.

Which of the following events could shift the demand curve for gasoline to the left? A.) Public service announcements run on television encourage people to walk or ride bicycles instead of driving cars. B.) The income of gasoline buyers falls, and gasoline is an inferior good. C.) The income of gasoline buyers rises, and gasoline is a normal good. D.) The price of gasoline rises.

Public service announcements run on television encourage people to walk or ride bicycles instead of driving cars.

Which of the following would shift the supply of Packers football jerseys to the right? A.) The cost of the fabric used to make the jerseys decreases. B.) The Packers make it to the Super Bowl. C.) The cost to distribute the jerseys increases. D.) The price of the jerseys increases by $15.

The cost of the fabric used to make the jerseys decreases.

A freeze in Peru causes the price of coffee to skyrocket. Assuming coffee and tea are substitutes, which of the following will happen? A.) The quantity demanded of coffee will increase, and the quantity demanded of tea will increase. B.) The quantity demanded of coffee will increase, and the demand for tea will increase. C.) The quantity demanded of coffee will decrease, and the demand for tea will increase. D.) The demand for coffee will decrease, and the quantity demanded of tea will increase. E.) The demand for coffee will increase, and the demand for tea will increase.

The quantity demanded of coffee will decrease, and the demand for tea will increase.

Which of the following demonstrates the law of supply? A.) When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters. B.) When ketchup prices rose, ketchup sellers decreased their quantity supplied of ketchup. C.) When car production technology improved, car producers increased their supply of cars. D.) When the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts.

When ketchup prices rose, ketchup sellers decreased their quantity supplied of ketchup.

A higher price for batteries would result in a(n) A.) increase in the demand for flashlights. B.) decrease in the demand for batteries. C.) decrease in the demand for flashlights. D.) increase in the demand for batteries.

decrease in the demand for flashlights

If Kindle e-readers and Nook e-readers are substitutes, a higher price for Nooks would result in a(n) A.) increase in the demand for Kindles. B.) decrease in the demand for Kindles. C.) decrease in the demand for Nooks. D.) increase in the demand for Nooks.

increase in the demand for Kindles

If car manufacturers begin using new labor-saving technology on their assembly lines, we would not expect A.) the supply of cars to increase. B.) the firms' costs to fall. C.) individual car manufacturers to move up and to the right along their individual supply curves. D.) a smaller quantity of labor to be used.

individual car manufacturers to move up and to the right along their individual supply curves.

Suppose there is an increase in the price of steel. We would expect the supply curve for steel beams to A.) remain unchanged. B.) shift rightward. C.) shift leftward. D.) become flatter.

shift leftward

If sellers expect higher basket prices in the near future, the current A.) supply of baskets will be unaffected. B.) demand for baskets will decrease. C.) supply of baskets will decrease. D.) supply of baskets will increase.

supply of baskets will decrease.

Today's supply curve for gasoline could shift in response to a change in A.) today's price of gasoline. B.) the expected future price of gasoline. C.) the number of buyers of gasoline. D.) All of the above are correct.

the expected further price of gasoline

The supply curve for portable charcoal grills shifts A.) only when the number of sellers of portable charcoal grills changes. B.) when any determinant of the supply of portable charcoal grills changes. C.) when a determinant of the supply of portable charcoal grills other than the price of portable charcoal grills changes. D.)only when production technology changes.

when a determinant of the supply of portable charcoal grills other than the price of portable charcoal grills changes.