08 Jun Question Question 1 (Multiple Choice Worth 3 points)
Question
Question 1 (Multiple Choice Worth 3 points)
The market for orchids is in equilibrium. If the government decreases business taxes, then we would
expect to see a/an
increase in supply.
quantity supplied. increase in quantity supplied. decrease in supply. decrease in shortage in the market. Question 2 (Multiple Choice Worth 3 points)
Suppose there is a strike in India, a nation that supplies cotton fiber to manufacturers of women’s shorts.
As a result,
quantity supplied of women’s shorts will increase.
decrease. quantity supplied of women’s shorts will supply of women’s shorts will increase and shift to the left. will increase and shift to the right. supply of women’s shorts supply of women’s shorts will decrease and shift to the left. Question 3 (Multiple Choice Worth 3 points)
The market for orchids is in equilibrium. If a freeze in the southeast causes the rose growers to begin
growing orchids, then we would expect to see a/an
increase in supply of orchids.
of orchids. increase in quantity supplied of orchids. decrease in quantity supplied of orchids. decrease in supply surplus in the market of orchids. Question 4 (Multiple Choice Worth 3 points)
If the price of cotton decreased, then the
quantity supplied of t-shirts would increase.
supply of t-shirts would increase. quantity supplied of t-shirts would decrease supply of t-shirts would decrease. increase because they would be cheaper.
Question 5 (Multiple Choice Worth 3 points) demand for t-shirts would The market for flip-flops is in equilibrium. If the price increases from $4.00 to $5.00, then we would
expect to see a/an
increase in supply.
quantity supplied. increase in quantity supplied. decrease in supply. decrease in shortage in the market. Question 6 (Multiple Choice Worth 3 points)
If the price of papayas increases from $1.00 each to $1.25, will this cause a change in supply or quantity
supplied?
supply quantity supplied Question 7 (Multiple Choice Worth 3 points)
If the government imposes a tax of $.25 on each papaya produced, will this cause a change in supply or
quantity supplied?
supply quantity supplied Question 8 (Multiple Choice Worth 3 points)
If the minimum wage that all businesses pay their employees increases, what happens to the supply of
consumer goods as a result?
increases remains the same decreases Question 9 (Multiple Choice Worth 3 points)
If the price of lemons increases, what happens to the supply for lemons as a result?
increase remains the same decrease Question 10 (Multiple Choice Worth 3 points)
The market for orchids is in equilibrium. If the price decreases from $10.00 to $5.00, then we would
expect to see a/an increase in supply.
quantity supplied. increase in quantity supplied. surplus in the market. decrease in supply. decrease in
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