How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask skywalker Your Own Question

skywalker
skywalker, Tutor
Category: Homework
Satisfied Customers: 263
Experience:  Experienced math,economics,accounting,,finance teacher and tutor for 8 years graduated best schools
10366
Type Your Homework Question Here...
skywalker is online now
A new question is answered every 9 seconds

Microeconomics multiple choice questions (2nd part)

Customer Question

Sugar and honey are viewed as substitutes for each other in many
cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase
b. the demand for honey to decrease
c. the quantity demanded for honey to decrease
d. the price of honey to decrease
e. the quantity demanded of honey to increase

Which of the following will cause the demand curve for a good to shift to
the left?
a. an increase in the price of the good
b. a decrease in the price of the good
c. a decrease in the price of a complementary good
d. an expectation of a future price decline
e. an increase inthe price of a substitute good

Which of the following would be most likely to increase the demand for
downtown parking in a large city?
a. improved bus service to the downtown area
b. lower downtown parking fees
c. more downtown parking lots
d. more freeways leading to the downtown area
e. a major employer moves to the suburbs

Producers are willing and able to offer greater quantities for sale at higher
prices because
a. they have the incentive to pay the increasing opportunity cost of
resources to attract them from alternative uses
b. they will decrease their profits by expanding production at higher
prices
c. the government orders them to do so
d. lower prices attract new firms, which have higher costs of production
e. they hire superior quality, higher-priced resources as production
expands

When the supply of a product increases, this implies that
a. more will be purchased at the same price
b. the price of the product first declined
c. demand for the good must have increased
d. producers will be willing to accept a lower price for each unit sold
e. producers will offer less for sale at each possible price

Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets
b. an increase in the price of leather
c. a decrease in the price of zippers
d. an increase in the number of motorcycles
e. a decrease in consumer income

Assume that corn and soybeans are alternatives which could be grown by
most farmers. A rise in the price of corn will
a. increase the supply of corn
b. increase the supply of soybeans
c. decrease the supply of soybeans
d. decrease the supply of corn
e. have no impact on the supplies of corn and soybeans

A surplus of shoes will cause
a. a decrease in the supply of shoes
b. a decrease in the demand for shoes
c. both a decrease in the supply of shoes and an increase in the demand
for shoes
d. a decrease in the price of shoes, through a shift in either the supply
curve or the demand curve
e. a decrease in the price of shoes

Which of the following would cause both the equilibrium price and the
equilibrium quantity of cookies to decrease?
a. a rise in the price of milk ( a complement)
b. a rise in consumer incomes
c. a rise in the price of cookie dough
d. a drop in the price of cookie dough
e. a rise in the price of crackers ( a substitute)

The market for bubble gum is competitive with a current price of 50 cents
and quantity of 100,000 units. Which of the following events would lead
to a new equilibrium price of 40 cents and quantity of 80,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower
wages
e. an improvement in bubble gum production technology

The market for bubble gum is competitive with a current price of 50 cents
and quantity of 100,000 units. Which of the following events would lead
to a new equilibrium price of 60 cents and quantity of 90,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower
wages
e. an increase in income

If demand increases and supply decreases,
a. equilibrium price will fall and equilibrium quantity will rise
b. equilibrium price and quantity will both rise
c. equilibrium quantity will rise; equilibrium price will either rise or fall
d. equilibrium price will falll; equilibrium quantity will either rise or fall
e. equilibrium price will rise; equilibrium quantity will either rise, fall, or
remain unchanged

Suppose the current equilibrium price of pizza is $5. If the government
decides the price of pizza cannot rise above $4, the result of this policy
would be
a. a shortage
b. a surplus
c. that the market would remain in equilibrium but with a larger quantity
bought and sold than at $5
d. at the $4 price, the quantity sold would be greater than the quantity
bought
e. a shift of demand to the right

Firms would like to kknow the price elasticity of demand for their product
because it helps determine the effect of price changes on the firms'
a. property taxes
b. profits
c. quantity supplied
d. revenues
e. total costs

If an increase in the price of a product from $1 to $2 per unit leads to a
decrease in the quantity demanded from 100 to 80 units, then the value
of the price elasticity of demand is
a. elastic
b. inelastic
c. unit elastic
d. suggestive of an inferior good
e. equal to -20

If the value of the price elasticity of demand is -0.2, this means that a
a. 20 percent decrease in price causes a 1 percent increase in quantity
demanded
b. 0.2 percent decrease in price causes a 1 percent increase in quantity
demanded
c. 5 percent decrease in price causes a 1 percent increase in quantity
demanded
d. 0.2 percent decrease in price causes 0.2 percent increase in quantity
demanded
e. 100 percent decrease in price causes a 200 percent increase in quantity
demanded

When quantity is measured in gallons, the price elasticity of demand for
milk will be __________ the price elasticity when quantity is measured in
quarts.
a. the same as
b. four times
c. one quarter
d. two times
e. less than

John spends exactly the same dollar amount on candy bars each week,
regardless of their price. John's demand curve for candy bars is
a. upward-sloping
b. backward-bending
c. perfectly inelastic
d. perfectly elastic
e. unit elastic

Which of the following will cause demand to be relatively elastic?
a. there are a few subsitutes
b. the time interval is relatively long
c. the good ins considered a necessity
d. the good involves a relatively small portion of the consumers' budget
e. the time interval is relatively short

If New York City officials expect that an increase in bus fares will raise
mass transit revenues, they must think that the demand for bus travel is
a. elastic
b. unit elastic
c. inelastic
d. perfectly inelastic
e. -10
Submitted: 10 years ago.
Category: Homework
Expert:  Sarder Hasnut replied 10 years ago.


 
Sugar and honey are viewed as substitutes for each other in many


cooking applications. If the price of sugar rises, we would expect


a. the demand for honey to increase


b. the demand for honey to decrease


c. the quantity demanded for honey to decrease


d. the price of honey to decrease


e. the quantity demanded of honey to increase




Ans: A



Which of the following will cause the demand curve for a good to shift to


the left?


a. an increase in the price of the good


b. a decrease in the price of the good


c. a decrease in the price of a complementary good


d. an expectation of a future price decline


e. an increase inthe price of a substitute good


ANS: D



Other are comming shortly
























Expert:  Sarder Hasnut replied 10 years ago.
 

Which of the following would be most likely to increase the demand for


downtown parking in a large city?


a. improved bus service to the downtown area


b. lower downtown parking fees


c. more downtown parking lots


d. more freeways leading to the downtown area


e. a major employer moves to the suburbs

ANS:D





Producers are willing and able to offer greater quantities for sale at higher


prices because


a. they have the incentive to pay the increasing opportunity cost of


resources to attract them from alternative uses


b. they will decrease their profits by expanding production at higher


prices


c. the government orders them to do so


d. lower prices attract new firms, which have higher costs of production


e. they hire superior quality, higher-priced resources as production


expands


ANS:A






















Expert:  Sarder Hasnut replied 10 years ago.
 

When the supply of a product increases, this implies that


a. more will be purchased at the same price


b. the price of the product first declined


c. demand for the good must have increased


d. producers will be willing to accept a lower price for each unit sold


e. producers will offer less for sale at each possible price

ANS: D



Which of the following causes the supply of leather jackets to decrease?


a. an increase in the price of leather jackets


b. an increase in the price of leather


c. a decrease in the price of zippers


d. an increase in the number of motorcycles


e. a decrease in consumer income




ANS:B



Assume that corn and soybeans are alternatives which could be grown by


most farmers. A rise in the price of corn will


a. increase the supply of corn


b. increase the supply of soybeans


c. decrease the supply of soybeans


d. decrease the supply of corn


e. have no impact on the supplies of corn and soybeans


ANS:C



A surplus of shoes will cause


a. a decrease in the supply of shoes


b. a decrease in the demand for shoes


c. both a decrease in the supply of shoes and an increase in the demand


for shoes


d. a decrease in the price of shoes, through a shift in either the supply


curve or the demand curve


e. a decrease in the price of shoes


Ans: E







































Expert:  Sarder Hasnut replied 10 years ago.

If New York City officials expect that an increase in bus fares will raise


mass transit revenues, they must think that the demand for bus travel is


a. elastic


b. unit elastic


c. inelastic


d. perfectly inelastic


e. -10

ANS:C
 



John spends exactly the same dollar amount on candy bars each week,

regardless of their price. John's demand curve for candy bars is

a. upward-sloping

b. backward-bending

c. perfectly inelastic

d. perfectly elastic

e. unit elastic

ANS:C





Which of the following will cause demand to be relatively elastic?

a. there are a few subsitutes

b. the time interval is relatively long

c. the good ins considered a necessity

d. the good involves a relatively small portion of the consumers' budget

e. the time interval is relatively short

ANS:A






























Expert:  Sarder Hasnut replied 10 years ago.

 

If the value of the price elasticity of demand is -0.2, this means that a


a. 20 percent decrease in price causes a 1 percent increase in quantity


demanded


b. 0.2 percent decrease in price causes a 1 percent increase in quantity


demanded


c. 5 percent decrease in price causes a 1 percent increase in quantity


demanded


d. 0.2 percent decrease in price causes 0.2 percent increase in quantity


demanded


e. 100 percent decrease in price causes a 200 percent increase in quantity


demanded

ANS:C



If an increase in the price of a product from $1 to $2 per unit leads to a


decrease in the quantity demanded from 100 to 80 units, then the value


of the price elasticity of demand is


a. elastic


b. inelastic


c. unit elastic


d. suggestive of an inferior good


e. equal to -20


ANS:B



Which of the following would cause both the equilibrium price and the

equilibrium quantity of cookies to decrease?

a. a rise in the price of milk ( a complement)

b. a rise in consumer incomes

c. a rise in the price of cookie dough

d. a drop in the price of cookie dough

e. a rise in the price of crackers ( a substitute)

ANS:A



The market for bubble gum is competitive with a current price of 50 cents

and quantity of 100,000 units. Which of the following events would lead

to a new equilibrium price of 40 cents and quantity of 80,000 units?

a. an increase in the price of other kinds of gum and candy

b. an increase in the price of the ingredients used to make bubble gum

c. a decrease in the number of young people in the population

d. an agreement by workers in the bubble gum industry to work for lower

wages

e. an improvement in bubble gum production technology

ANS:A



The market for bubble gum is competitive with a current price of 50 cents

and quantity of 100,000 units. Which of the following events would lead

to a new equilibrium price of 60 cents and quantity of 90,000 units?

a. an increase in the price of other kinds of gum and candy

b. an increase in the price of the ingredients used to make bubble gum

c. a decrease in the number of young people in the population

d. an agreement by workers in the bubble gum industry to work for lower

wages

e. an increase in income

ANS:B



If demand increases and supply decreases,

a. equilibrium price will fall and equilibrium quantity will rise

b. equilibrium price and quantity will both rise

c. equilibrium quantity will rise; equilibrium price will either rise or fall

d. equilibrium price will falll; equilibrium quantity will either rise or fall

e. equilibrium price will rise; equilibrium quantity will either rise, fall, or

remain unchanged

ANS:E





When quantity is measured in gallons, the price elasticity of demand for

milk will be __________ the price elasticity when quantity is measured in

quarts.

a. the same as

b. four times

c. one quarter

d. two times

e. less than

ANS:A




 









































































Expert:  Sarder Hasnut replied 10 years ago.
 

Firms would like to kknow the price elasticity of demand for their product


because it helps determine the effect of price changes on the firms'


a. property taxes


b. profits


c. quantity supplied


d. revenues


e. total costs


ANS:D



Suppose the current equilibrium price of pizza is $5. If the government


decides the price of pizza cannot rise above $4, the result of this policy


would be


a. a shortage


b. a surplus


c. that the market would remain in equilibrium but with a larger quantity


bought and sold than at $5


d. at the $4 price, the quantity sold would be greater than the quantity


bought


e. a shift of demand to the right


ANS:A





















Customer: replied 10 years ago.
Response to hasnut's Post: How can a rise in the price of corn cause a decrease in the
supply of soybeans?

How much training did you have in economics?
Expert:  Sarder Hasnut replied 10 years ago.
I have economics as minor of CSC.



And all of my answers are ok.



I can also tell others questions from you are accurate or not.






Expert:  Sarder Hasnut replied 10 years ago.
 

Say



If a good is inferior, then the income elasticity of demand for that good is








a.



positive and greater than
1




b.



negative




c.



positive and less than
1




d.



0




e.



perfectly elastic


The Right answer will be B



See the no 40 (Answered by professor)

http://66.102.7.104/search?q=cache:dEaQM9p5rg4J:ucsub.colorado.edu/~brownr/m1s02.rtf







Expert:  skywalker replied 10 years ago.
1)b
2)d
3)d
4)a
5)d
6)b
7)a
8)d
9)d
10)c
11)b
12)e
13)a
14)b
15)b
16)c
17)a
i am confortable with my answers
thanks
faruk

18)c
19)b
20)c
skywalker, Tutor
Category: Homework
Satisfied Customers: 263
Experience: Experienced math,economics,accounting,,finance teacher and tutor for 8 years graduated best schools
skywalker and 2 other Homework Specialists are ready to help you
Customer: replied 10 years ago.
Response to hasnut's Post: You have yet answered my question to as of why a rise in the
price of corn will decrease the supply of soybeans? That was the
answer that you submitted to one of my questions and it is
completely not in logicstics at all. Unless you can provide me
with a better explaination to as of why you gave me that answer,
I would be able to give you some credit.
Customer: replied 10 years ago.
Response to skywalker's Post: How can the demand for honey decrease if the price of sugar
rose (considering that they're substitutes)? I'm starting to
become uncomfortable with your answers Skywalker.
Expert:  Sarder Hasnut replied 10 years ago.


 
Assume that corn and soybeans are alternatives which could be grown by
most farmers. A rise in the price of corn will



a. increase the supply of corn



b. increase the supply of soybeans



c. decrease the supply of soybeans



d. decrease the supply of corn



e. have no impact on the supplies of corn and soybeans



ANS:C



As Corn and soybeans are alternatives and both grown by most farmers.

and they sell at both price.

If they sell corn higher than soybeans, then they will more produce corn rather than soybeans.

And This is why the supply to the market of soybeans will decrease.













Expert:  skywalker replied 10 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
< Last | Next >
  • http://ww2.justanswer.com/uploads/BU/BusinessTutor/2012-2-2_115741_Kouki2.64x64.jpg Manal Elkhoshkhany's Avatar

    Manal Elkhoshkhany

    Tutor

    Satisfied Customers:

    4522
    More than 5000 online tutoring sessions.
  • http://ww2.justanswer.com/uploads/ComputersGuru/2010-02-13_051118_Photo41.JPG LogicPro's Avatar

    LogicPro

    Engineer

    Satisfied Customers:

    3458
    Expert in Java C++ C C# VB Javascript Design SQL HTML
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg Linda_us's Avatar

    Linda_us

    Finance, Accounts & Homework Tutor

    Satisfied Customers:

    3124
    Post Graduate Diploma in Management (MBA)
  • http://ww2.justanswer.com/uploads/chooser77/2009-08-18_162025_Chris.jpg Chris M.'s Avatar

    Chris M.

    M.S.W. Social Work

    Satisfied Customers:

    2385
    Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Chartered Accountant

    Satisfied Customers:

    1988
    Experience with chartered accountancy
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    CPA

    Satisfied Customers:

    1876
    Bachelors Degree and CPA with Accounting work experience
  • http://ww2.justanswer.com/uploads/avremote/photoa.jpg Seanna's Avatar

    Seanna

    Tutor

    Satisfied Customers:

    1781
    3,000+ satisfied customers, all topics, A+ work
 
 
 
Chat Now With A Tutor
skywalker
skywalker
234 Satisfied Customers
Experienced math,economics,accounting,,finance teacher and tutor for 8 years graduated best schools