FINANCE

23. Figure 3 (Questions 23-29) Refer to Figure 3. Graph A shows which of the following? A) an increase in demand B) an increase in supply C) an increase in quantity supplied D) all of the above are correct E) both A and C are correct. 24. Refer to Figure 3. Which of the four graphs represents the market for XBOX 360’s when the price of Playstation 3’s goes down? A) A B) B C) C D) D 25. Refer to Figure 3. Which of the four graphs represents the market for pizzas delivered in a college town when students return to campus in September? A) A B) B C) C D) D 26. Refer to Figure 3. Which of the four graphs represents the market for peanut butter after a major hurricane hits the peanut-growing south? A) A B) B C) C D) D 27. Refer to Figure 3. Which of the four graphs represents the market for automobiles after steel becomes cheaper? A. A A) A. B) B C) C D) D 28. Refer to Figure 3. Which of the four graphs represents the market for cars after a new restrictive government regulation is introduced? A) A B) B C) C D) D 29. Refer to Figure 3. Which of the four graphs shows the market for gasoline immediately before a holiday weekend when people plan to travel? A) A B) B C) C D) D 30. A technological advancement A) will shift the demand curve to the right. B) will shift the demand curve to the left. C) will shift the supply curve to the right. D) will shift the supply curve to the left. 31. A new health kick has swept the nation making everyone want to exercise and be healthy. How does this affect the market for Pilates Workout DVDs? A) increase equilibrium quantity, increase equilibrium price. B) decrease equilibrium quantity, decrease equilibrium price. C) increase equilibrium quantity, decrease equilibrium price. D) decrease equilibrium quantity, increase equilibrium price. 32. Coca-Cola has gone on sale. You can buy a case for only a dollar. What happens to the market for Pepsi? A) increase equilibrium quantity, increase equilibrium price. B) decrease equilibrium quantity, decrease equilibrium price. C) increase equilibrium quantity, decrease equilibrium price. D) decrease equilibrium quantity, increase equilibrium price. 33. OPEC dramatically reduces the availability of crude oil. How does this affect the market for gasoline? A) increase equilibrium quantity, increase equilibrium price. B) decrease equilibrium quantity, decrease equilibrium price. C) increase equilibrium quantity, decrease equilibrium price. D) decrease equilibrium quantity, increase equilibrium price. 34. The government decides to subsidize agriculture (support it with money). How does this affect the market for corn? A) increase equilibrium quantity, increase equilibrium price. B) decrease equilibrium quantity, decrease equilibrium price. C) increase equilibrium quantity, decrease equilibrium price. D) decrease equilibrium quantity, increase equilibrium price. 35. A person who lives to be on the sea in a boat would tend to have what type of demand for boats? A) elastic B) inelastic C) unit elastic D) weak 36. Demand for a good would tend to be more elastic, A) the greater the availability of complements. B) the longer the period of time considered. C) the broader the definition of the market. D) the fewer substitutes there are. 37. Chocolate Chip ice cream would tend to have very elastic demand because A) other flavors of ice cream are almost perfect substitutes. B) the market is broadly defined. C) there are few substitutes. D) it must be eaten quickly. 3

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