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Economics Help ASAP Please?

1. Suppose an excise tax is imposed on product X. We would expect this tax to: A) increase the demand for complementary good Y and decrease the demand for substitute product Z. B) decrease the demand for complementary good Y and increase the demand for substitute product Z. C) increase the demands for both complementary good Y and substitute product Z. D) decrease the demands for both complementary good Y and substitute product Z. 2. If consumers are willing to pay a higher price than previously for each level of output, we can say that that following has occurred: A) a decrease in demand. C) a decrease in supply. B) an increase in demand. D) an increase in supply. 3. Assume product A is an input in the production of product B. In turn product B is a complement to product C. We can expect a decrease in the price of A to: A) increase the supply of B and increase the demand for C. B) decrease the supply of B and increase the demand for C. C) decrease the supply of B and decrease the demand for C. D) increase the supply of B and decrease the demand for C. 4. (Consider This) Ticket scalping implies that: A) event sponsors have established ticket prices at above-equilibrium levels. B) an event is not likely to be sold out. C) event sponsors have established ticket prices at below-equilibrium levels. D) the demand for tickets has fallen between the time tickets were originally sold and the event takes place. 5. (Consider This) Ticket scalping is likely to: A) produce a less interested audience. C) reduce the well-being of ticket sellers. B) reduce the well-being of ticket buyers. D) produce a more interested audience. 6. (Consider This) In 1994 Ford sold 500,000 Escorts at an average price of $7,200 per car; in 1995, 600,000 Escorts were sold at an average price of $7,500 per car. These statements: A) suggest that the demand for Escorts decreased between 1994 and 1995. B) imply that Escorts are an inferior good. C) suggest that the demand for Escorts increased between 1994 and 1995. D) constitute an exception to the law of demand in that they suggest an upsloping demand curve. 7. (Consider This) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. These statements: A) suggest that the supply of DVD players has increased. B) suggest that the demand for DVD players has increased. C) constitute an exception to the law of demand in that they suggest an upward sloping demand curve. D) constitute an exception to the law of supply in that they suggest a downward sloping supply curve 8. An effective price floor will: A) force some firms in this industry to go out of business. B) result in a product surplus. C) result in a product shortage. D) clear the market. 9. . If an effective ceiling price is placed on hamburgers then: A) the quantity demanded will exceed the quantity supplied. B) a black market for hamburger may evolve. C) that consumers may want government to ration hamburger. D) all of the above are likely outcomes. 10. If a legal ceiling price is set above the equilibrium price: A) a shortage of the product will occur. B) a surplus of the product will occur. C) a black market will evolve. D) neither the equilibrium price nor equilibrium quantity will be affected. Thanks for all the help =]

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1. 1. Suppose an excise tax is imposed on product X. We would expect this tax to: B) decrease the demand for complementary good Y and increase the demand for substitute product Z. 2. If consumers are willing to pay a higher price than previously for each level of output, we can say that that following has occurred: B) an increase in demand. 3. Assume product A is an input in the production of product B. In turn product B is a complement to product C. We can expect a decrease in the price of A to: C) event sponsors have established ticket prices at below-equilibrium levels. 5. (Consider This) Ticket scalping is likely to: D) produce a more interested audience. 6. (Consider This) In 1994 Ford sold 500,000 Escorts at an average price of $7,200 per car; in 1995, 600,000 Escorts were sold at an average price of $7,500 per car. These statements: C) suggest that the demand for Escorts increased between 1994 and 1995. 7. (Consider This) Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. These statements: A) suggest that the supply of DVD players has increased. 8. An effective price floor will: B) result in a product surplus. 9. . If an effective ceiling price is placed on hamburgers then: D) all of the above are likely outcomes. 10. If a legal ceiling price is set above the equilibrium price: D) neither the equilibrium price nor equilibrium quantity will be affected.