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Exam 3: Demand, supply, and Price

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Question 31

Multiple Choice

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A variable that is a ʺstockʺ

A) is measured per unit of time.
B) has meaning only at a point in time.
C) has only to do with products where inventory is kept.
D) has the same units as a flow variable.
E) is used only in accounting.

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Question 32

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The time period to which quantity demanded refers when constructing demand curves is

A) a moment in time.
B) a long period of time.
C) one year.
D) any specified time period.
E) a period shorter than one year.

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Question 33

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In which statement is the term ʺdemandʺ used correctly? (1) An increase in the price of copper will lead to a decrease in the demand for copper.(2) An increase in the price of copper will lead to an increase in the demand for aluminum (a substitute for copper) .

Suppose that many coal mines are shut for environmental reasons.This will cause

Which of the following would cause a movement along the demand curve for ski-lift tickets,other things being equal?

Suppose we observe that movie theatre prices are less during the daytime than in the evening.If the supply of movies does not change between daytime and evening,then the most likely explanation for this difference in price is

Which statement best describes the ʺlaw of demandʺ? Other things being equal,the quantity of tennis rackets demanded will be greater if the

For a given commodity,quantity demanded can be represented by

Suppose an index of average prices of imported goods in Canada indicates an increase in price of 2.3% over a 12-month period.Over the same period the Consumer Price Index indicates an increase in the general price level of 2.3%.What is the change in the price of imports relative to the change in the overall price level?

Which of the following events would result in a change in the quantity demanded for some commodity but NOT a change in the demand for that commodity?

Which of the following pairs of goods are likely to be complements for a large group of consumers?

Suppose the demand and supply curves in the market for apples have the following functional form: Q D = 250 - 4p and QS = 10 + p.If the prevailing market price is 40,then

Ceteris paribus means

If goods X and Y are substitutes and the price of X falls,all other things being equal,the demand curve for Y will

A change in which of the following variables will result in NO change in the demand for a given commodity?

A ʺdecrease in supplyʺ refers to which of the following?

Goods X and Y are defined to be substitutes in consumption if

What is an inferior good?

A demand curve represents graphically

Consider the global market for barley,an agricultural commodity.Suppose that in August,2014,the equilibrium price and quantity were P = $150 per tonne and Q = 350 million tonnes.In August,2015,the equilibrium price and quantity were P = $140 per tonne and Q = 325 million tonnes.Which of the following is the best possible explanation for this change in market equilibrium?