Wrap-up Quiz 1 Due No due date Points 12 Questions 12 Available Jan 13 at 3pm - Jan 13 at 3:30pm 30 minutes Time Limit 15 Minutes Instructions This is the wrap-up Quiz 1. You'll have 15 minutes to complete the quiz. Good luck! Attempt History Attempt Time Score LATEST Attempt 1 14 minutes 11 out of 12 © Correct answers are hidden. Score for this quiz: 11 out of 12 Submitted Jan 13 at 3:18pm This attempt took 14 minutes. Question 1 1/1 pts Af there is an improvement in the technology used to produce good, then the supply curve for that good will shift to the left False Question 2 1/1 ptsIf the cross-price elasticity of demand for two goods is negative, then the two goods are substitutes. True False Question 3 1/1 pts In general, demand curves for necessities tend to be price elast True False Question 4 1/1 pts A tax on buyers usually causes buyers to pay more for the good and sellers to receive less for the good than they did before the tax was levied. Tre False Question 5 1/1 pts Which of the following would shift the demand curve for gasoline to the right? ‘an inerease in consumer income, assuming gasoline is a normal goodCorrect Question 6 1/1 pts A decrease in quantity supplied shifts the supply curve to the righ sults in a movement upward and to the right along a fixed supply curve. results in a movement downward and to the left along a fixed supply curve, Correct Question 7 1/1 pts Table 4-13 The demand schedule below pertains to sandwiches demanded per week. Hiamy's Darby's lake's Price Quantity [Quantity [quantity |Demanded |Demanded [Demanded sss ls lbIncorrect Bef FI Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: x22. + The current price of a sandwich is $3.00. + The market quantity supplied of sandwiches is 4 + The slope of the supply curve is 2. ‘Then there is currently @ shortage of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00. shortage of 6 sandwiches, and the equilibrium price of a sandwich is $5.00. Correct surplus of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00. surplus of 6 sandwiches, and the equilibrium price of a sandwich is $5.00. Question 8 0/1 pts Holding all other forces constant, if increasing the price of a good leads to a decrease in total revenue, then the demand for the good must be None of the above is correct because a price increase always leads to an decrease in total revenue. unit elastic. clastic inelastic.Incorrect, Question 9 11 pts At price of $1.25, a paper manufacturer is willing to supply 150 spiral notebooks per day. At ‘price of $1.50, the paper manufacturer is willing to supply 175 spiral notebooks per day. Using the midpoint method, the price elasticity of supply is about 0.2 1.00, 08s. Correct Question 10 1/1 pts How did the farm population in the United States change between 1950 and today’? It dropped from 20 million to fewer than 5 million people. It increased from 10 million to almost 13 million people. It dropped from 10 million to fewer than 3 million people. Correct It dropped from 30 million to just over 6 million people.Question 11 111 pts ‘The minimum wage was instituted to ensure workers a middle-class standard of living. unemployment compensation. ‘a minimally adequate standard of living. Correct Question 12 111 pts Figure 6-28 1 0 40 50 0m OQ Refer to Figure 6-28. Suppose a tax of $4 per unit is imposed on this market. How much, will buyers pay per unit after the tax is imposed? between $7 and $10Correct S10 between $4 and $7 s4 Quiz Score: 11 out of 12