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Econ multiple choice questions




Question;1.) Consider the demand for cigarettes. Two policies to reduce the;number of cigarettes smoked each year are being considered: an advertising;campaign to discourage smoking by showing graphic images of cancerous lungs;and a tax on each pack of cigarettes bought (which effectively raises the price;of a pack of cigarettes). The advertising campaign would cause a ________ the;demand curve, the tax would cause a ______ the demand curve.;a.) Shift of, movement;along;b.) Shift of, shift of;c.) Movement along, movement;along;d.) Movement along, shift;of;2.);The price of tomatoes at;a local market will fall because of the following event;a.) A hailstorm that destroys half of the tomatoes just ready;for harvest;b.) A news report of one medical study suggesting tomatoes cure;certain illnesses;c.) A summer of prime tomato-growing weather resulting in a;large harvest of tomatoes;d.) A;strike by farm workers resulting in higher wages for harvesting tomatoes;3.);If the price of a ticket;is $50, there will be;a.) A surplus of 5 tickets;b.) A surplus of 15 tickets;c.) A shortage of 10 tickets;d.) A shortage of 15 tickets;e.) No shortage or surplus;4.);If tickets are free (that;is, the price is $0), there will be;a.) A surplus of 100 tickets;b.) A shortage of 40 tickets;c.) A surplus of 40 tickets;d.) A shortage of 50 tickets;e.) A shortage of 100 tickets;5.);Consider the market for;SUVs (sport utility vehicles). Which answer best describes what can happen to;the equilibrium quantity of SUVs if average family income goes up and the wage;for workers at SUV plants also goes up? Assume that this is a normal good.;a.) The equilibrium quantity of SUVs goes up.;b.) The equilibrium quantity of SUVs goes down.;c.) The;equilibrium quantity of SUVs can go up, go down, or stay the same.;6.);If he offers to pay $8;how many students will be interested in participating?;a.) 5;b.) 10;c.) 30;d.) 20;e.) 40;7.) If;the professor offers to pay $12, how many students will he get?;a.) 7;b.) 50;c.) 40;d.) 35;e.) 4


Paper#55909 | Written in 18-Jul-2015

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