03 Jun Question 1. If hurricanes destroy a large percentage of or
Question
1. If hurricanes destroy a large percentage of orange trees in Florida, the equilibrium price
of oranges in California will ________________ because Florida and California oranges
are _________________ and have a ________________ cross elasticity of demand.
a) rise, substitutes, positive
b) rise, substitutes, negative
c) fall, substitutes, positive
d) fall, complements, negative
2. Which of the following items is likely to have the most price elastic demand?
a) breakfast cereal
b) table salt
c) Kelloggs Corn Flakes
d) gasoline
3. If the cost of water used to irrigate orange groves in California increases, the __________
curve of California oranges ___________________. This leads to _________________
in the equilibrium price for California oranges and ____________ in the equilibrium
quantity sold.
a) demand, shifts to the right, an increase, an increase
b) supply, shifts to the left, an increase, a decrease
c) supply, shifts to the right, a decrease, an increase
d) demand, shifts to the left, an increase, a decrease
e) supply, shifts to the left, a decrease, an increase
4. When average consumer income increases from $40,000 to $44,000 in Mapleville, the
quantity demanded of widgets went from 10 to 9 units per capita, even though the price
of widgets and other products did not change. The income elasticity of demand for
widgets (using the midpoint method) is: (DO NOT USE SYMBOLS OTHER THAN A
DECIMAL POINT OR NEGATIVE SIGN IN YOUR ANSWER. IF YOU USE A
NEGATIVE SIGN, DO NOT LEAVE A SPACE BETWEEN IT AND THE NUMBER.)
Answer: —————–5. Last month Jones Hat Company sold 100 hats at $10 each. This month it raised the
price of hats to $11 and sold 101 hats. This result indicates
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