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UOP ECO 561 Chapter 2 Quiz .pdf

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UOP ECO 561 Chapter 2 Quiz
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ECO 561 Chapter 2 Quiz
Question 1
The equilibrium $price is ___ and the equilibrium quantity is ___.
Question 2
At what price would there be an excess demand of 125?
Question 3
If the supply curve shifts to the left, which of the following will be
Question 4
If the government sets a ceiling price of $3, which of the following is
not likely to happen.

Question 5
The current price of Thanksgiving bonnets is $20. The quantity
demanded is 2000 and the quantity supplied is 1500. If the price is
allowed to adjust to equilibrium the equilibrium quantity of bonnets
supplied will be greater than 1500. Which of the following factors is
definitely not associated with this change?
Question 6
Questions 6 and 7 refer to the figure below.
The U.S. would import rubber chickens if the world price was

Question 7
What world price will lead the US to export rubber chickens?
Question 8
In some markets, the supply of a product is fixed independently of
the price. For example, there is only one Mona Lisa painting, and
the supply of these paintings will not change when the price
changes. In these markets there will always be shortages. True or

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