Take Home Econ. - 2339 Words

ECON 101 – Macroeconomics Exam 1 (Take-home Part) Name Daniel Martinez Multiple Choice. Encircle the correct answer. [Bring a pencil on Saturday because you will put all your answers to this exam on a scantron sheet.] 1. Rice and potatoes are substitutes. Suppose the price of rice rises and and at the same time there is a bumper (bountiful) crop of potatoes, in the market for potatoes one would expect the: A) equilibrium price to rise, fall, or stay the same and equilibrium quantity to rise. B) equilibrium price to rise and the equilibrium quantity to fall. C) equilibrium price and quantity both to fall. D) equilibrium price to rise and the equilibrium quantity to fall, rise, or stay the same. 2.†¦show more content†¦Your decision is an example of the economic principle called: A) opportunity-cost decision. B) people responding to incentives. C) equity decision. D) marginal decision making. 12. Which of the following is most likely to shift the supply of milk to the right? 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