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Macro 1.6-Supply&Demand Model-Skills Check
By Michael Burbine
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Last updated 11 months ago
13 questions
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For each of the following, select 2: What Change? and What Reason?
Assume these questions pertain to the cereal market.
Question 1
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Question 6
6.
Question 7
7.
Question 8
8.
Question 9
9.
Question 10
10.
Question 11
11.
Question 12
12.
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Question 13
13.
Cereal producers increase the price of cereal.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The workers who produce cereal go on strike.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The economy goes into a recession causing incomes to decrease (Assume cereal is a normal good).
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The price of milk, a complement to cereal, decreases (In the cereal market.)
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The price of wheat and corn, key resources in the production of cereal, decreases.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
A reputable private research institute announces that children who eat cereal improve their grades in school.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The government places a per-unit tax on cereal manufacturers.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The price of turkey bacon, a substitute-in-production, has fallen.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
The price of eggs, a close substitute of cereal, increases.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
An increase in population leading to an increase in cereal customers.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
In order to promote American production, the government subsidizes cereal producers.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
New firms begin to start making cereal.
Increase in Supply
Decrease in Supply
Increase in Demand
Decrease in Demand
No Change in Supply or Demand
Match the scenario to the correct graph.
Increase in the price of Coke upon the market for Pepsi
Governmental subsidy on the market for AIDS research
Increase in automobile worker wages on the market for automobiles
Decrease in income upon the market for secondhand clothing
Decline in the price of personal computers upon the market for software
Decline in the price of irrigation equipment upon the market for corn
Graph A
Graph B
Graph C
Graph D
