Question

According to the video, a pipeline rupture has had an effect on the price of fuel. In economic theory, this represents the ____ curve, and cost increases shift this curve _____.

 

A.demand; rightward

 

B.supply; leftward

 

C.supply; rightward

 

D.demand; leftward

 

Question

If the supply curve for fuel shifts leftward, we can conclude that the equilibrium quantity for fuel will ____, while equilibrium price will _____.

 

A.decrease; decrease

 

B.increase; decrease

 

C.increase; increase

 

D.decrease; increase

 

Question

According to the video, extremely cold weather has had an effect on the price of fuel. In economic theory, this represents the ____ curve, and cost increases shift this curve _____.

 

A.demand; rightward

 

B.supply; rightward

 

C.demand; leftward

 

D.supply; leftward

 

Question

If the demand curve for fuel shifts rightward, we can conclude that the equilibrium quantity for this fuel will ____, while equilibrium price will _____.

 

A.increase; decrease

 

B.decrease; decrease

 

C.decrease; increase

 

D.increase; increase

 

Question

According to the video, an increase in fuel demand and a decrease in fuel supply resulted in a _____; this was dealt with in the short run by _____.

 

A.surplus; instituting a rationing system for fuel

 

B.shortage; instituting a rationing system for fuel

 

C.shortage; asking consumers to curtail fuel use

 

D.surplus; asking consumers to curtail fuel use

 

Question

The video states that the propane industry can only increase production slowly. This means what about fuel’s elasticity?

 

A.Propane has a low demand elasticity.

 

B.Propane has a high demand elasticity.

 

C.Propane has a high supply elasticity.

 

D.Propane has a low supply elasticity.

 

Question

According to the video, how did agriculture affect demand for propane?

 

A.Warm weather and a dry harvest increased demand.

 

B.Warm weather and a wet harvest increased demand.

 

C.Cold weather and a dry harvest increased demand.

 

D.Cold weather and a wet harvest increased demand.

SuperTutor

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Status NEW Posted 12 Jul 2017 02:07 AM My Price 7.00

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