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Chapter 2
Supply and Demand
Multiple Choice
1) The mechanism by which buyers and sellers negotiate an exchange is called a/an
A) equilibrium.
B) model.
C) market.
D) meeting.
Answer: C
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
2) The supply and demand model examines the how prices and quantities are determined
A) in markets.
B) by governments.
C) by churches.
D) by monopolists.
Answer: A
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
Answer: B
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Understand
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 1
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any
manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
Answer: B
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Apply
AACSB: Knowledge Application
Difficulty: 2 Medium
5) On the Heritage Foundation's scale of “Economic Freedom,” the least “free” country would
be that one who's economic system was purely
A) capitalist.
B) socialist.
C) utilitarian.
D) communist.
Answer: D
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
6) The amount of money that must be paid per unit of output is called the
A) market.
B) equilibrium.
C) wage.
D) price.
Answer: D
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 2
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any
manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
7) The quantity demanded is the amount households wish to purchase
A) at all possible prices during a specified period of time.
B) at a particular price during a specified period of time.
C) at a particular price (the timeframe is irrelevant).
D) at all possible prices (the timeframe is irrelevant).
Answer: B
Learning Objective: 02-01
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
8) Economists argue that markets serve the interests of society primarily because
A) consumers are made better off (regardless of whether producers are made better off).
B) producers are made better off (regardless of whether consumers are made better off).
C) both consumers and producers are made better off.
D) money is made available for government.
Answer: C
Learning Objective: 02-02
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
9) Economists know that consumers and producers are both made better off than they would be
without free exchange because the exchanges are
A) mandated by government.
B) voluntary.
C) able to make consumers better off by an amount that compensates producers for their
losses.
D) able to make producers better off by an amount that compensates consumers for their
losses.
Answer: C
Learning Objective: 02-02
Topic: Supply and Demand Defined
Blooms: Remember
AACSB: Analytical Thinking
Difficulty: 1 Easy
Page 3
© 2018 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any
manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
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