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Liberty University ECON 213 Quiz 3

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Liberty University ECON 213 Quiz 3 Question 1 2 out of 2 points Assume 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 ...

Liberty University ECON 213 Quiz 3 Question 1 2 out of 2 points Assume 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 2 2 out of 2 points Some 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 3 2 out of 2 points According to the accompanying figure, if the price is $10, there is a: Question 4 2 out of 2 points What would happen to the equilibrium price and quantity of shirts if the price of cotton decreases and all else is held constant? Question 5 0 out of 2 points Refer to the table below. The equilibrium price and quantity in this market is: Question 6 2 out of 2 points When the demand curve shifts to the right and the supply curve is held constant, Question 7 2 out of 2 points Which of the following scenarios would explain the change in equilibrium shown in the accompanying figure? Question 8 2 out of 2 points An improvement in technology: Question 9 2 out of 2 points The 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 10 2 out of 2 points Taxes cause the equilibrium price of a good to: Question 11 2 out of 2 points Which of the following would cause a normal good’s demand curve to shift to the left? Question 12 2 out of 2 points Refer to the accompanying figure. What event would cause the supply curve to shift out? Question 13 0 out of 2 points When supply shifts right and demand shifts left, the: Question 14 2 out of 2 points The law of supply states that, all other things being equal, Question 15 2 out of 2 points If the cost of flour increases from $3 to $5 a bag, you could predict the supply curve for bagels to:

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