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King: Economics

Chapter 03

Instructions

Answer the following questions and then press 'Submit' to get your score.

Question 1

The supply and demand model applies when three of the following four conditions are met. Which condition is not required?

Question 2

Which of the following predictions is not made by the supply and demand model?

Question 3

Suppose there is excess supply in a market and the price decreases. Which of the following combinations of events will occur?

Question 4

Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following would not occur?

Question 5

Suppose a market is in equilibrium, and then the demand increases. Which of the following would be shown on a graph that illustrated the effects?

Question 6

Suppose there is an increase in demand in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following might not occur?

Question 7

Which of the following might not lead to an increase in the demand for a product that can be stored?

Question 8

Which of the following might not lead to a decrease in the demand for a type of labour?

Question 9

Which of the following would not lead to a decrease in the supply of a product that can be stored?

Question 10

Which of the following could not lead to an increase in price combined with an increase in the quantity traded?