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Chapter 5 /Elasticity and Its Application ? 363
68. If sellers do not adjust their quantities supplied at all in response to a change in price,
a. advances in technology must be prevalent.
b. the time period under consideration must be very long. c. supply is perfectly elastic. d. supply is perfectly inelastic.
ANS: D
NAT: Analytic MSC: Interpretive
DIF: 2
LOC: Elasticity
REF: 5-2
TOP: Perfectly inelastic supply
69. If the price elasticity of supply is zero, then
a. supply is more elastic than it is in any other case. b. the supply curve is horizontal.
c. the quantity supplied is the same, regardless of price.
d. a change in demand will cause a relatively small change in the equilibrium price.
ANS: C
NAT: Analytic MSC: Interpretive
DIF: 2
LOC: Elasticity
REF: 5-2
TOP: Perfectly inelastic supply
70. If the price elasticity of supply for a good is equal to infinity, then
a. the supply curve is vertical. b. the supply curve is horizontal.
c. the supply curve also has a slope equal to infinity.
d. the quantity supplied is constant regardless of the price.
ANS: B
NAT: Analytic MSC: Interpretive
DIF: 2
LOC: Elasticity
REF: 5-2
TOP: Perfectly elastic supply
364 ? Chapter 5 /Elasticity and Its Application
71. Which of the following is an illustration of the market for original paintings by deceased artist Vincent Van
Gogh? a.
Price
S
D
Quantity
b.
PriceDSQuantityc.
PriceSDQuantityd.
Price
D
S
Quantity
a. A
b. c. B C d.
D
ANS: C
DIF: 2
NAT: Analytic LOC: Elasticity MSC: Applicative
REF: 5-2
TOP: Perfectly inelastic supply
Chapter 5 /Elasticity and Its Application ? 365
Sec03 - Elasticity and Its Application - Three Applications of Supply, Demand, and
Elasticity
MULTIPLE CHOICE
Scenario 5-2
The supply of aged cheddar cheese is inelastic, and the supply of bread is elastic. Both goods are considered to be normal goods by a majority of consumers. Suppose that a large income tax increase decreases the demand for both goods by 10%.
1.
Refer to Scenario 5-2. The equilibrium price will
a. increase in the aged cheddar cheese market and increase in the bread market. b. increase in the aged cheddar cheese market and decrease in the bread market. c. decrease in the aged cheddar cheese market and increase in the bread market. d. decrease in the aged cheddar cheese market and decrease in the bread market.
ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity
TOP: Equilibrium | Normal goods | Price elasticity of supply 2.
MSC: Applicative
Refer to Scenario 5-2. The equilibrium quantity will
a. increase in the aged cheddar cheese market and increase in the bread market. b. increase in the aged cheddar cheese market and decrease in the bread market. c. decrease in the aged cheddar cheese market and increase in the bread market. d. decrease in the aged cheddar cheese market and decrease in the bread market.
ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity
TOP: Equilibrium | Normal goods | Price elasticity of supply 3.
MSC: Applicative
Refer to Scenario 5-2. The change in equilibrium price will be
a. greater in the aged cheddar cheese market than in the bread market. b. greater in the bread market than in the aged cheddar cheese market. c. the same in the aged cheddar cheese and bread markets.
d. may be greater in either the aged cheddar cheese market or the bread market.
DIF: 3
LOC: Elasticity
ANS: A
NAT: Analytic MSC: Analytical4.
REF: 5-3
TOP: Equilibrium | Price elasticity of supply
Refer to Scenario 5-2. The change in equilibrium quantity will be a. greater in the aged cheddar cheese market than in the bread market. b. greater in the bread market than in the aged cheddar cheese market. c. the same in the aged cheddar cheese and bread markets.
d. may be greater in either the aged cheddar cheese market or the bread market.
DIF: 3
LOC: Elasticity
ANS: B
NAT: Analytic MSC: Analytical5.
REF: 5-3
TOP: Equilibrium | Price elasticity of supply
Refer to Scenario 5-2. Total consumer spending on aged cheddar cheese will a. increase, and total consumer spending on bread will increase. b. increase, and total consumer spending on bread will decrease. c. decrease, and total consumer spending on bread will increase. d. decrease, and total consumer spending on bread will decrease.
DIF: 3
LOC: Elasticity
ANS: D
NAT: Analytic MSC: Analytical
REF: 5-3
TOP: Equilibrium | Total consumer spending
366 ? Chapter 5 /Elasticity and Its Application
Scenario 5-3
Milk has an inelastic demand and beef has an elastic demand. Suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent.
6.
Refer to Scenario 5-3. The equilibrium price will
a. increase in the milk market and increase in the beef market. b. increase in the milk market and decrease in the beef market. c. decrease in the milk market and increase in the beef market. d. decrease in the milk market and decrease in the beef market.
ANS: A DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity
TOP: Equilibrium | Productivity | Price elasticity of demand 7.
Refer to Scenario 5-3. The equilibrium quantity will
a. increase in the milk market and increase in the beef market. b. increase in the milk market and decrease in the beef market. c. decrease in the milk market and increase in the beef market. d. decrease in the milk market and decrease in the beef market.
MSC: Applicative
ANS: D DIF: 2 REF: 5-3 NAT: Analytic LOC: Elasticity
TOP: Equilibrium | Productivity | Price elasticity of demand 8.
Refer to Scenario 5-3. The change in equilibrium price will be a. greater in the milk market than in the beef market. b. greater in the beef market than in the milk market. c. the same in the milk and beef markets.
d. may be greater in either the milk market or the beef market.
DIF: 3
LOC: Elasticity
MSC: Applicative
ANS: A
NAT: Analytic MSC: Analytical9.
REF: 5-3
TOP: Equilibrium | Price elasticity of demand
Refer to Scenario 5-3. The change in equilibrium quantity will be a. greater in the milk market than in the beef market. b. greater in the beef market than in the milk market. c. the same in the milk and beef markets.
d. may be greater in either the milk market or the beef market.
DIF: 3
LOC: Elasticity
ANS: B
NAT: Analytic MSC: Analytical
REF: 5-3
TOP: Equilibrium | Price elasticity of demand
10. Refer to Scenario 5-3. Total consumer spending on milk will
a. increase, and total consumer spending on beef will increase. b. increase, and total consumer spending on beef will decrease. c. decrease, and total consumer spending on beef will increase. d. decrease, and total consumer spending on beef will decrease.
ANS: NAT: TOP: MSC: B DIF: 3 REF: 5-3 Analytic LOC: Elasticity
Equilibrium | Price elasticity of demand | Total consumer spending Analytical
11. The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would
realize an increase in total revenue if a. the supply of wheat is elastic. b. the supply of wheat is inelastic. c. the demand for wheat is inelastic. d. the demand for wheat is elastic.
ANS: D
NAT: Analytic MSC: Applicative
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Supply | Price elasticity of demand | Total revenue
Chapter 5 /Elasticity and Its Application ? 367
12. Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat
would tend to
a. increase the total revenue of wheat farmers. b. decrease the total revenue of wheat farmers. c. decrease the demand for wheat. d. decrease the supply of wheat.
ANS: B
NAT: Analytic MSC: Applicative
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Supply | Price elasticity of demand | Total revenue
13. Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of
their land, then
a. consumers of wheat would buy more wheat.
b. wheat farmers would suffer a reduction in their total revenue. c. wheat farmers would experience an increase in their total revenue. d. the demand for wheat would decrease.
ANS: C
NAT: Analytic MSC: Applicative
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Supply | Price elasticity of demand | Total revenue
14. If corn farmers know that the demand for corn is inelastic, and they want to increase their total revenue, they
should all
a. plant more corn so that they would be able to sell more each year.
b. increase spending on fertilizer in an attempt to produce more corn on the acres they farm. c. reduce the number of acres they plant in corn.
d. contribute to a fund that promotes technological advances in corn production.
ANS: C
NAT: Analytic MSC: Applicative
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Price elasticity of demand | Total revenue
15. There are fewer farmers in the United States today than 200 years ago because of
a. increases in farm technology.
b. increased government regulations in farming. c. an elastic demand for food.
d. environmental programs designed to reduce soil erosion.
ANS: A
NAT: Analytic MSC: Applicative
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Technology | Inelastic demand
16. How did the farm population in the United States change between 1950 and 2008?
a. It dropped from 10 million to fewer than 3 million people. b. It dropped from 20 million to fewer than 5 million people. c. It dropped from 30 million to just over 6 million people. d. It increased from 10 million to almost 13 million people.
ANS: A
NAT: Analytic DIF: 1
LOC: Elasticity REF: 5-3
TOP: Population
MSC: Definitional
17. Between 1950 and 2008 there was a
a. 20 percent drop in the number of farmers, but farm output more than tripled. b. 30 percent drop in the number of farmers, but farm output more than tripled. c. 50 percent drop in the number of farmers, but farm output more than doubled. d. 70 percent drop in the number of farmers, but farm output more than doubled.
ANS: D
NAT: Analytic MSC: Definitional
DIF: 2
LOC: Elasticity
REF: 5-3
TOP: Population | Output