Economics practice test. Please help with the answers?

[drystan]

1. In the labor markets, 
A. Job applicants are the "buyers" while employers are the "sellers"
B. Job applicants are the "sellers" while employers are the "buyers"
C. Job applicants and employers are both "sellers"
D. Job applicants and employers are both "buyers"

2. A market demand schedule for a product would indicate that: 
A. As the product's price falls, consumers buy less of the product
B. As buyers' incomes rise, they will buy more of the product
C. If buyers demand more of the product, then its price would rise
D. There is an inverse relationship between price and quantity demanded

3. Which factor will decrease the demand for a product? 
A. An expected increase in the future price of the product
B. A decrease in the price of a substitute product
C. A decrease in the price of a complementary product
D. A decrease in buyers' incomes and the product is an inferior good

4. Which goods would usually be an inferior good? 
A. French wines
B. Generic beer
C. Theater tickets
D. Steak

5. An "increase in the quantity supplied" suggests a: 
A. Rightward shift of the supply curve
B. Movement down along the supply curve
C. Movement up along the supply curve
D. Leftward shift of the supply curve

6. If farmers withhold some of their current corn harvest from the market because they anticipate a higher price of corn in the future, then this would cause a(n): 
A. Rightward shift in the supply of corn
B. Decrease in the supply of corn
C. Leftward shift in the demand for corn
D. Increase in the demand for corn

7. A fall in the price of milk, used in the production of ice cream, will: 
A. Decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left
B. Increase the supply of ice cream, causing the supply curve of ice cream to shift to the right
C. Cause a downward movement along the supply curve of ice cream
D. Have no effect on the supply of ice cream

8. If the market price is above the equilibrium price: 
A. A shortage will occur and producers will produce more and lower prices
B. A surplus will occur and producers will produce less and lower prices
C. A surplus will result and consumers will bid prices up
D. Producers will make extremely high profits

[oz]

1. C
2.D
3.D
4.A
5.C
6.A
7.B
8.D
Your welcome!

[crom]

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