Principles of Economics International Edition 10th Edition by Roger – Test Bank
$20.00
Principles of Economics International Edition 10th Edition by Roger A. Arnold – Test Bank
Chapter 5—Supply, Demand, and Price: Applications
MULTIPLE CHOICE
1.Colleges and universities use such things as grade point averages and standardized test scores as
|
a. |
a measure of consumer utility. |
|
b. |
non-price rationing devices. |
|
c. |
a means to shift the supply curve for a college education. |
|
d. |
solely to frustrate prospective students. |
ANS: B PTS: 1 DIF: Easy NAT: Analytic
LOC:Supply and demandMSC:Application #5
2.If the purchase and sale of a currently illegal drug, such as marijuana, were decriminalized, we would expect
|
a. |
an increase in demand and supply of this drug. |
|
b. |
an increase in demand and a decrease in supply of this drug. |
|
c. |
a decrease in demand and an increase in supply of this drug. |
|
d. |
a decrease in demand and supply of this drug. |
ANS: A PTS: 1 DIF: Moderate NAT: Analytic
LOC:Supply and demandMSC:Application #11
3.If the purchase and sale of marijuana become legalized
|
a. |
the equilibrium price and quantity will both rise. |
|
b. |
the equilibrium price will fall, but the change in equilibrium quantity depends upon whether the demand curve shifts more or the supply curve shifts more. |
|
c. |
the equilibrium quantity will rise, but the change in equilibrium price depends upon whether the demand curve shifts more or the supply curve shifts more. |
|
d. |
the equilibrium price and quantity will both fall. |
ANS: C PTS: 1 DIF: Difficult NAT: Analytic
LOC:Supply and demandMSC:Application #11
4.If the government decided to legalize the purchase and sale of marijuana, the equilibrium quantity would _________ and the price would ________ if the supply of marijuana increased by _______ than the demand for marijuana increased.
|
a. |
fall; fall; more |
|
b. |
fall; rise; more |
|
c. |
rise; fall; more |
|
d. |
rise; fall; less |
|
e. |
none of the above |
ANS: C PTS: 1 DIF: Difficult NAT: Analytic
LOC:Supply and demandMSC:Application #11
5.Since most colleges and universities charge the same tuition to every student regardless of what time students choose to take their classes,
|
a. |
the schools must develop some type of non-price rationing device. |
|
b. |
it follows that all classes will have a shortage of seats. |
|
c. |
it follows that all classes will have a surplus of seats. |
|
d. |
it follows that some classes will likely have a shortage of seats while other classes may have a surplus of seats. |
|
e. |
a and d |
ANS: E PTS: 1 DIF: Moderate NAT: Analytic
LOC:Supply and demandMSC:Application #10
6.The space on the freeway is fixed at any instant of time. A supply curve that shows this is
|
a. |
perfectly horizontal. |
|
b. |
upward sloping. |
|
c. |
downward sloping. |
|
d. |
perfectly vertical. |
ANS: D PTS: 1 DIF: Easy NAT: Analytic
LOC:Supply and demandMSC:Application #6
7.When congestion occurs on the freeway (because of a shortage of freeway space), the economist would say that it is because
|
a. |
the freeway is too small. |
|
b. |
there are too many cars. |
|
c. |
the price of driving on the freeway is below the equilibrium price. |
|
d. |
a and c |
ANS: C PTS: 1 DIF: Moderate NAT: Analytic
LOC:Supply and demandMSC:Application #6
Related Test Bank
Additional information
Frequently Asked Questions:
🚨 Warning: This Isn’t Your Typical Textbook! 🚨.
This Test Bank is a complete collection of study questions, instantly available for download in PDF format. It covers every chapter, giving you immediate access to high-quality, reliable study materials for effective exam preparation. All content is original and features 100% verified answers for your confidence.
What is a Test Bank?
A Test Bank is a study aid featuring a collection of questions with corresponding answers, typically related to academic textbooks. Publishers provide these test banks to instructors to assist in creating effective exams and tests for students.
Are all chapters included, and are there questions for each chapter?
Are answers to the questions verified?
Yes, all answers provided in the Test Bank are thoroughly verified to ensure accuracy.
Is the content original and directly from the publisher?
Yes, rest assured that the content is original and sourced directly from the publisher.
Can I share the Test Bank with others?
No, the Test Bank is for personal use only, and sharing or distributing it is not permitted.
Can I study the material on any device?
Absolutely! The Test Bank is in PDF format, making it compatible with all devices and browsers for your convenience.
How soon can I start studying after making a purchase?
Immediately! The Test Bank is available for instant download, allowing you to begin your study journey right after completing the purchase.
Are there any additional Test Banks or resources available?
Yes, we offer a variety of Test Banks, ATI, Hesi Exams, and more. Feel free to contact us for information on additional study resources.
What if I encounter technical issues with the download?
In case of any technical difficulties, please contact our support team, and they will promptly assist you in resolving the issue.
You May Also Be Interested In
Products related to this item
Test Bank for Economics Canada in the Global Environment Canadian 8th Edition by Parkin and Bade ISBN 032177809X 9780321778093
Original price was: $35.00.$26.90Current price is: $26.90. Buy Now
Test Bank for Issues in Economics Today 8th Edition Guell 1259746399 9781259746390
Original price was: $35.00.$26.90Current price is: $26.90. Buy Now
What Our Customers Say About e-testbank.com
Excellent
Based on 653 reviews
Only logged in customers who have purchased this product may leave a review.
Reviews
There are no reviews yet.