1. Because of global warming, countries that are cooler may see ________ in the
ID: 1214555 • Letter: 1
Question
1. Because of global warming, countries that are cooler may see ________ in the supply of grain and agricultural products.
A. a shift to the right
B. a shift to the left
C. no change
D. a curve
2. Which is NOT an example of inelastic supply?
A. Golf courses in a market.
B. Hotel rooms in a market during a convention.
C. Bottled water.
D. Tickets to a sold-out concert.
3. Between 2000 and 2007, many more U.S. furniture stores purchased their furniture from Chinese manufacturers. As a result, the supply curve for furniture
A. shifted to the left.
B. shifted to the right.
C. remained unchanged.
D. showed a marked increase in the price of furniture.
4. Demand is inelastic if
A. the quantity demanded changes along with the price.
B. the quantity demanded does not change very much even if the price changes dramatically.
C. the demand curves to the left.
D. the demand curves to the right.
5. The number of markets is
A. Fixed.
B. Always changing.
C. Closed.
D. Variable on a local basis, and fixed on a national basis.
A. a shift to the right
B. a shift to the left
C. no change
D. a curve
2. Which is NOT an example of inelastic supply?
A. Golf courses in a market.
B. Hotel rooms in a market during a convention.
C. Bottled water.
D. Tickets to a sold-out concert.
3. Between 2000 and 2007, many more U.S. furniture stores purchased their furniture from Chinese manufacturers. As a result, the supply curve for furniture
A. shifted to the left.
B. shifted to the right.
C. remained unchanged.
D. showed a marked increase in the price of furniture.
4. Demand is inelastic if
A. the quantity demanded changes along with the price.
B. the quantity demanded does not change very much even if the price changes dramatically.
C. the demand curves to the left.
D. the demand curves to the right.
5. The number of markets is
A. Fixed.
B. Always changing.
C. Closed.
D. Variable on a local basis, and fixed on a national basis.
Explanation / Answer
1) A
2) C
3) D
4) B
5) B
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