# Macroeconomics Private and Public Choice

## Quiz 3 :Demand, Supply, and the Market Process

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A recent study suggested that moderate wine drinking may actually benefit one's health. If this information leads to an increased demand for wine, we would expect
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If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
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If the supply of a good decreased, what would be the effect on the equilibrium price and quantity?
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If there is a decrease in demand for picture frames, we would expect
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After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased sharply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?
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If we observe an increase in the price of a good and a decrease in the amount of the good bought and sold, this could be explained by
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How would a decrease in consumer income affect the market for lawn mowers?
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Which of the following will most likely result from a destruction of half of the Florida orange crop due to a hard freeze?
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If Georgia experiences a late frost that damages the peach crop, we should expect the
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Which of the following is the most likely effect of higher chicken prices on the price and quantity purchased of beef, a substitute product?
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Suppose prices for new homes have risen and sales of new homes have also risen. We can conclude that
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If the demand for a good increased, what would be the effect on the equilibrium price and quantity?
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Between 1994 and 2004, the monthly charge for cellular phone service decreased from $120 per month to$30 per month. At the same time, the number of subscribers increased from less than 10 million to more than 75 million. Which of the following provides the best explanation for these changes?
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If the demand for a good decreased, what would be the effect on the equilibrium price and quantity?
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If we observe an increase in the price of a good and an increase in the amount of the good bought and sold, this could be explained by
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Suppose a new law requires all piercing studios to pass tougher licensing tests and to begin using more costly sterilization methods. Other things constant, this law would cause
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How will an increase in the price of coffee affect the market for cocoa, a substitute good?
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Which of the following would most likely cause both a decrease in the price of plasma screen TVs and a decrease in the number sold?
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