04 Jun Question Gasoline prices in the United States d
Question
Gasoline prices in the United States decreased significantly between 2008 and 2009. A decrease in the price of gasoline, holding other things constant, will cause which of the following to occur?
Increase the demand for gasoline.
Decrease the demand for gasoline.
Increase the quantity of gasoline demanded.
Decrease the quantity of gasoline demanded.
Question 2. Question :
Which of the following will cause an outward (rightward) shift in the supply curve?
A reduction in the price of the good
An increase in the price of labor input
An increase in the number of consumers
Technological progress
Question 3. Question :
Refer to the figure below. In a free market, the market price and quantity in the below figure will adjust to equilibrium values of __________.
Graph showing dollars per gallon and millions of gallons per day
$1 per gallon and 50 million gallons
$4 per gallon and 10 million gallons
$2 per gallon and 60 million gallons
$2 per gallon and 30 million gallons
Question 4. Question :
Suppose new research shows that soy milk and other products derived from soybeans provide more health benefits than previously thought. At the same time, drought conditions result in extensive damage to the soybean crop. What will be the combined impact of these two factors on the equilibrium price and quantity of soybeans?
Price will decrease, but the effect on quantity is indeterminate.
Price will increase, but the effect on quantity is indeterminate.
Quantity will decrease, but the effect on price is indeterminate.
Quantity will increase, but the effect on price is indeterminate.
Question 5. Question :
Rationing through the price system __________.
leads to an inefficient use of available resources
leads to high prices
works only with government interference
leads to an efficient use of available resources
Question 6. Question :
A price floor set above a market equilibrium price causes __________.
a surplus
a shortage
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