Q490: Show Which of the following sets of events must cause an increase in the price of a new house? A) higher wages for carpenters, higher wood prices, increases in consumer incomes, higher apartment rents, increases in population, and expectations of higher house prices in the future B) lower wages for carpenters, lower wood prices, increases in consumer incomes, higher apartment rents, increases in population and expectations of higher house prices in the future C) lower wages for carpenters, higher wood prices, decreases in consumer incomes, higher apartment rents, decreases in population and expectations of higher house prices in the future D) higher wages for carpenters, lower wood prices, decreases in consumer incomes, lower apartment rents, decreases in population and expectations of lower house prices in the future 11/25/2020Quiz 3 (Chapter 4) (Remotely Proctored): ECON 001 : Prin Of Economics I - Prante T. - FALL 2020 - SECTION# 297641/22Quiz 3 (Chapter 4) (Remotely Proctored)DueNov 25 at 11:59pmPoints30Questions30AvailableNov 16 at 12am - Nov 25 at 11:59pm10 daysTime Limit40 MinutesInstructionsAttempt HistoryAttemptTimeScoreLATESTAttempt 140 minutes24 out of 30Correct answers are hidden.
11/25/2020Quiz 3 (Chapter 4) (Remotely Proctored): ECON 001 : Prin Of Economics I - Prante T. - FALL 2020 - SECTION# 297642/22Score for this quiz:24out of 30Submitted Nov 25 at 2:54pmThis attempt took 40 minutes.1 / 1 ptsQuestion 1Figure 4-19The diagram below pertains to the demand for turkey in the United States.Refer to Figure 4-19.All else equal, the premature deaths of thousandsof turkeys would cause a move fromy to x.x to y.Dto D.ABDto D.BA1 / 1 ptsQuestion 2When it comes to people's tastes, economists generally believe that 11/25/2020Quiz 3 (Chapter 4) (Remotely Proctored): ECON 001 : Prin Of Economics I - Prante T. - FALL 2020 - SECTION# 297643/22because tastes do not directly affect demand, there is little need to explainpeople's tastes.tastes are based on forces that are well within the realm of economics.tastes can only be studied through well-constructed, real-life models.tastes are based on historical and psychological forces that are beyond therealm of economics.1 / 1 ptsQuestion 3Table 4-8A country club usually only allows members to purchase tickets for itscelebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year.The demand and supplyschedules are as follows:PriceQuantityDemandedby MembersQuantityDemandedby Non-membersQuantitySupplied$101000500600$15800400600$20600300600$25400200600$30200100600Refer to Table 4-8.If both members and non-members are allowed topurchase tickets to this year's celebrity golf tournament and the countryclub sets the ticket price at $30, then there will bea shortage of 300 tickets. 11/25/2020Quiz 3 (Chapter 4) (Remotely Proctored): ECON 001 : Prin Of Economics I - Prante T. - FALL 2020 - SECTION# 297644/22a surplus of 300 tickets.600 tickets unsold.600 tickets sold.1 / 1 ptsQuestion 4An increase in the number of college scholarships issued by privatefoundations wouldincrease the demand for education.increase the supply of education.decrease the demand for education.decrease the supply of education.0 / 1 ptsQuestion 5IncorrectIncorrectThe belief that tobacco is a “gateway drug” is consistent withmost of the available evidence.the idea that tobacco and marijuana are substitutes.the idea that lower cigarette prices are associated with less use ofmarijuana. 11/25/2020Quiz 3 (Chapter 4) (Remotely Proctored): ECON 001 : Prin Of Economics I - Prante T. - FALL 2020 - SECTION# 297645/22the idea that an increase in income causes a decrease in the demand fortobacco and an increase in the demand for marijuana. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document Which of the following will cause the supply curve for cars to shift to the right?Steel is an input for the production of cars, so a fall in the price of steel causes the supply curve for cars to shift right. As the demand curve remains the same, equilibrium price decreases and equilibrium quantity increases.
Which of the following would cause price to decrease?An increase in supply. This decreases the price and and increases the quantity. An increase in supply happens when prices also increase.
What would happen to the equilibrium price and quantity of lattes?Therefore, the supply curve for latte production shifts rightwards leading to a decrease in the price of lattes and an increase in the quantity of equilibrium quantity.
What is true about the point of equilibrium there exists no surplus?At the equilibrium price, there is no shortage or surplus: The quantity of the good that buyers are willing to buy equals the quantity that sellers are willing to sell. Buyers can buy the quantity they want to buy at the market price, and sellers can sell the quantity they want to sell at the market price.
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All else equal, the premature deaths of thousands of turkeys would cause a move from
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