Chapter 6
A decrease in the number of corn farmers will:
Decrease the supply of corn, shifting the supply curve in and to the left.
Decrease the supply of corn, shifting the supply curve out and to the right.
Increase the supply of corn, shifting the supply curve in and to the left.
Increase the supply of corn, shifting the supply curve out and to the right.
E Increase the demand for corn, shifting the demand curve out and to the right.
The impact of an improvement in technology is that it:
Increases supply as it reduces the cost of production by allowing producers to save on the use of inputs.
Increases demand as it increases the cost of production by expanding the number of choices consumers have.
Increases supply as it raises the cost of production and the profit of the seller.
Increases demand by changing consumer tastes.
Increases supply as it increases the expected future price of the product.
If sellers anticipate the price of their product will decrease, then:
They will reduce how much they are willing and able to produce and sell today, shifting the supply curve out and to the right.
They will reduce how much they are willing and able to produce and sell today, shifting the supply curve in and to the left.
They will increase how much they are willing and able to produce and sell today, shifting the supply curve out and to the right.
They will increase how much they are willing and able to produce and sell today, shifting the supply curve in and to the left.
They will increase how much they are willing and able to produce and sell in the future, shifting the future supply curve out and to the right.
If stock investors anticipate the price of Apple’s stock to rise they will:
Sell the stock today because they believe it will be selling at a higher price in the future.
Sell the stock today because they believe it will eventually fall in price after it rises.
Reduce their sales of the stock today because they believe the price will fall in the future.
Reduce their current and future sales of the stock because they believe the price will rise.
Reduce their current sales of the stock but increase their future sales of the stock once the price rises.
Which of the following will shift the supply of apples out and to the right?
An improvement in the technology used to produce apples.
A rise in the price of a substitute good like bananas.
A rise in the price of inputs used to produce apples.
A fall in the price of a substitute good like bananas.
A rise in the wages of apple pickers.
Good weather for wheat farmers will:
Decrease the supply of wheat, shifting the supply curve in and to the left.
Decrease the supply of wheat, shifting the supply curve out and to the right.
Increase the supply of wheat, shifting the supply curve in and to the left.
Increase the supply of wheat, shifting the supply curve out and to the right.
Increase the demand for wheat, shifting the demand curve out and to the right.
If the cost of an input rises, then
The demand for the product will decrease.
The supply of the product will decrease.
The demand for the product will increase.
The supply of the product will increase.
The supply will increase but the demand will decrease.
Which of the following will shift the supply of apples in and to the left?
An improvement in the technology used to produce apples.
A rise in the price of a substitute good like bananas.
A rise in the price of inputs used to produce apples.
A fall in the price of a substitute good like bananas.
A fall in the wages of apple pickers.
Which of the following best describes the law of supply?
An increase or decrease in the price of a good will increase or decrease the amount producers are willing and able to produce and sell.
An increase or decrease in the price of a good will decrease or increase in the amount producers are willing and able to produce and sell.
An increase or decrease in the amount producers are willing to produce and sell will increase and decrease the price of the good.
An increase or decrease in the amount producers are willing to produce and sell will decrease or increase the price of the good.
An increase or decrease in the quantity demanded by consumers will increase or decrease the amount producers are willing to produce and sell.
Which statement is correct?
A tax on cigarettes will shift the supply curve out and to the right.
A tax on cigarettes will shift the demand curve out and to the right.
A tax on cigarettes will shift the supply curve in and to the left.
A tax on cigarettes will shift the demand curve out and to the left.
A tax on cigarettes will shift the demand and supply curves in and to the left.
ScholarMatic: Explanation & Answer
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