Grantham ECN206 2023 January Week 2 Quiz Latest

ECN206 Macroeconomics

Week 2 Quiz   

Question 1Which of the following would most likely increase the demand for peanut butter?

Question 2The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is

Question 3"A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise." These statements

Question 4A cold spell in Florida extensively reduced the orange crop, and as a result, California oranges commanded a higher price. Which of the following statements best explains the situation?

Question 5Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will

Question 6Other things constant, a decrease in the demand for hair dryers will

Question 7When a price floor is above the equilibrium price,

Question 8Which of the following is the most likely result of an increase in the minimum wage?

Question 9The more elastic the supply of a product, the more likely it is that the

Question 10The Laffer curve illustrates the concept that