Economics > QUESTIONS & ANSWERS > The University of Adelaide - ECON 7200 Week 2 Quiz. Graded A (All)

The University of Adelaide - ECON 7200 Week 2 Quiz. Graded A

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The demand for 3D televisions (TVs) would fall if 3D TVs are normal goods and: • Question 2 10 out of 10 points What would explain the price of petrol being much higher in 2012 than it was ... in 2011, yet roughly the same amount of petrol was bought in both years? • Question 3 0 out of 10 points Businesses feel that slowly rising general prices are good for business because: • Question 4 10 out of 10 points If the price of wood suddenly increases, which of the following would be a likely explanation? • Question 5 10 out of 10 points If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: • Question 6 10 out of 10 points If the price of petrol doubles while consumer income is constant: • Question 7 10 out of 10 points If the price of luxury cars falls, the most likely outcome, ceteris paribus, will be that the: • Question 8 10 out of 10 points An advance in technology increases supply: • Question 9 10 out of 10 points Health Clubs typically experience an increase in one-year memberships in January, but many new customers cancel their memberships before the end of the year. Which of the following is the best explanation for this behaviour? • Question 10 0 out of 10 points The substitution effect of a price change refers to the: • Question 1 10 out of 10 points An advance in technology increases supply: • Question 2 10 out of 10 points The substitution effect of a price change refers to the: • Question 3 10 out of 10 points • Question 4 10 out of 10 points If wages of workers in the car manufacturing industry rise, and the wage rises are not due to increases in worker productivity, then the market: • Question 5 10 out of 10 points What would explain the price of petrol being much higher in 2012 than it was in 2011, yet roughly the same amount of petrol was bought in both years? • Question 6 10 out of 10 points The demand for 3D televisions (TVs) would fall if 3D TVs are normal goods and: • Question 7 10 out of 10 points Assume that the prices of airline tickets (assuming airline tickets are normal goods) have fallen in recent months. Over this same period, assume that the price of jet fuel has risen and consumer incomes have fallen. Which of the following best explains the falling prices of airline tickets? • Question 8 10 out of 10 points If the price of petrol doubles while consumer income is constant: • Question 9 10 out of 10 points Businesses feel that slowly rising general prices are good for business because: • Question 10 10 out of 10 points If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: Question 3 0 out of 10 points An increase in the demand for bananas will not be caused by: Question 10 10 out of 10 points Soon after the price of beef increases, the price of chicken increases also because: [Show More]

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