03 Jun Question 1.) Consider the demand for cigarettes. Two polici
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
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