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True or False
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1
Surpluses tend to drive market prices downward toward equilibrium.
A)True
B)False
2
A change in quantity supplied is caused by a change in price and is represented by a movement along the supply curve.
A)True
B)False
3
A change in the price of cars will cause a change in the demand for cars.
A)True
B)False
4
Private ownership of resources is a defining feature of the pure market economy.
A)True
B)False
5
The U.S. is best defined as a pure market economy.
A)True
B)False
6
Shortages of lead to an increase in price.
A)True
B)False
7
In a pure command economy, most resource use decisions are made by the government.
A)True
B)False
8
An increase in consumer incomes will lead to an increase in the demand for inferior goods.
A)True
B)False
9
An advance in technology will shift the supply curve to the right.
A)True
B)False
10
An increase in demand will lead to an increase in both price and quantity.
A)True
B)False





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