13. If the price of gasoline increases and car dealers experience a decrease in demand for sport utility vehicles, then gasoline and sport utility vehicles are:
Select one:
a. substitutes.
b. unrelated goods.
c. inferior goods.
d. complements.
14. Specifically, a change in the quantity supplied is referring to:
Select one:
a. A movement along a given supply curve resulting from a change in price
b. A shift in the supply curve either up or down
c. A change in the minimum price sellers are willing to sell for resulting from a change in a determinant of supply (like input prices, technology, or taxes)
d. A shift in the supply curve either left or right
15. Which of the following would be classified as an intermediate good?
Select one:
a. The fabric purchased by a jean manufacturer to make their pants.
b. The wood purchased by a homeowner to build his own deck.
c. The book purchased by a student for their economics class.
d. The bottling machine purchased by Coca Cola to use in one of the bottling plants.
16. The single best indicator of a recession is:
Select one:
a. negative nominal GDP growth.
b. increasing unemployment.
c. falling prices.
d. negative real GDP growth.
17. A leftward shift of a product supply curve might be caused by:
Select one:
a. a decline in the prices of needed inputs.
b. some firms leaving an industry.
c. an improvement in the relevant technique of production.
d. an increase in consumer incomes.
18. The law of supply predicts that when price increases, holding all else constant, the quantity supplied by firms increases.
Select one:
True
False