30 Mar Liberty University ECON 213 Quiz 3Question 12 out
Liberty University ECON 213 Quiz 3Question 12 out of 2 pointsAssume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If all else is held constant, we would expect that:Question 22 out of 2 pointsSome studies have shown that eating chocolate before a test can increase brain activity, thereby causing students to score higher on exams. When these findings were announced, the price and quantity sold of chocolate increased in college towns. One reason for this could have been that the:Question 32 out of 2 pointsAccording to the accompanying figure, if the price is $10, there is a:Question 42 out of 2 pointsWhat would happen to the equilibrium price and quantity of shirts if the price of cotton decreases and all else is held constant?Question 50 out of 2 pointsRefer to the table below. The equilibrium price and quantity in this market is:Question 62 out of 2 pointsWhen the demand curve shifts to the right and the supply curve is held constant,Question 72 out of 2 pointsWhich of the following scenarios would explain the change in equilibrium shown in the accompanying figure?Question 82 out of 2 pointsAn improvement in technology:Question 92 out of 2 pointsThe price of good X increases by 25%, causing the quantity consumed of good Y to decrease by 10%. If everything else is held constant in the economy, we can say with certainty that good X and good Y are:Question 102 out of 2 pointsTaxes cause the equilibrium price of a good to:Question 112 out of 2 pointsWhich of the following would cause a normal good’s demand curve to shift to the left?Question 122 out of 2 pointsRefer to the accompanying figure. What event would cause the supply curve to shift out?Question 130 out of 2 pointsWhen supply shifts right and demand shifts left, the:Question 142 out of 2 pointsThe law of supply states that, all other things being equal,Question 152 out of 2 pointsIf the cost of flour increases from $3 to $5 a bag, you could predict the supply curve for bagels to:
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