MGT106 – Economic Policy - Economics Assignment Help

Assignment Task

Multiple Choice Questions
1. The downward slope of the demand curve again illustrates the pattern that as _____________ rises,
______________ decreases.
A. quantity demanded, price
B. quantity supplied, quantity demanded
C. price, quantity demanded
D. price, quantity supplied
Rationale/Explanation:

2. A drought decreases the supply of agricultural products, which means that at any given price a lower quantity will be supplied; conversely, especially good weather would shift the _________________________.
A. demand curve to the right
B. supply curve to the left
C. supply curve to the right
D. demand curve to the left
Rationale/Explanation:

3. If the price is below the equilibrium level, then the quantity demanded will exceed the quantity supplied. This is known as ________________.
A. excess supply
B. excess demand
C. ceteris paribus
D. a price ceiling
Rationale/Explanation:

4. Andy views beer and pizza as complements to one another. If the price of pizza decreases, economists would expect:
A. Andy's demand for pizza to increase.
B. Andy's demand for pizza to decrease.
C. Andy's quantity of pizza demanded to decrease.
D. Andy's demand for beer to increase.
Rationale/Explanation:

5. Refer to the figure below. A change from Point A to Point E represents a(n):
A. increase in supply.
B. decrease in supply.
C. increase in quantity supplied.
D. decrease in quantity supplied. 

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