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Get faster at matching terms Terms in this set (95)d. y to x Refer to Figure 4-24. All else equal, an increase in the productivity of turkey farmers would cause a move from a. DA to DB Refer to Figure 4-24. All else equal, a sale on chicken would cause a move from c. greater than or equal to 7 Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches and that the market demand violates the law of demand. Then, in the table, the value of x must be c. Point C to point D Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the number of pastry chefs? b. Point C to Point B Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for paper napkins as a result of a "Go Green" advertising campaign encouraging people to use cloth napkins? c. surplus of 400 units Refer to Figure 4-18. At a price of $35, there would be a c. Point C to Point D Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for bullet-proof vests of an increase in the price of Kevlar? b. B Refer to Table 4-9. Which combination would produce an increase in equilibrium price and an indeterminate change in equilibrium quantity? a. Point A to Point B Refer to Figure 4-26. Which of the
following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs? d. $25 Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to
this year's celebrity golf tournament, then what will be the equilibrium price? c. C Refer to Table 4-9. Which combination would produce a decrease in equilibrium price and an indeterminate change in equilibrium quantity? d. excess supply of 40 units. The law of supply and demand predicts that the price will fall from $14 to a lower price Refer to Figure 4-19. If price in this market is currently $14, then there would be a(n) a. the market is in equilibrium at a price of $5.00 Refer to Table 4-10. If the four suppliers listed are the only suppliers in this market and the market quantity demanded is 500 cases when the price is $5.00, which of the following
statements is correct? a. Point A to Point B Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for chocolate chip cookies of an
improved high-speed mixer that allows bakers to produce cookies in less time? d. Point A to Point D Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for swimming lessons of an increase in the incomes of parents with school-aged children? c. Point C to Point D Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for convertible automobiles of an increase in the price of steel? b. surplus of 25 units would exist, and price would tend to fall 37. Refer to Table 4-11. If the price were $8, a d. surplus to exist and the market price of roses to decrease 38. Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a a. price will fall, and the effect on quantity is ambiguous 39. What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional film falls, and more firms decide to manufacture traditional film? c. shortage of 400 units Refer to Figure 4-18. At a price of $15, there would be a
d. D Refer to Table 4-9. Which combination would produce a decrease in equilibrium quantity and an indeterminate change in equilibrium price? b. a surplus of 300 tickets Refer to Table 4-12. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the
ticket price at $30, then there will be b. Point C to Point B Refer to Figure 4-26. Which of the following movements would illustrate the effect in the market for golf balls of an increase in green fees? d. a decrease in quantity demanded and a decrease in supply Refer to Figure 4-27. Panel (d) shows which of the following? c. Panel (c) Refer to Figure 4-27. Which of the four panels represents the market for cars as a result of the adoption of new technology on assembly lines? c. $30 Refer to Figure 4-18. At what price would there be an excess supply of 200 units of the good? a. Price would fall, and the effect on quantity would be ambiguous What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? b. $20 Refer to Figure 4-18. At what price would there be an excess demand of 200 units of the good? b. Panel (b) Refer to Figure 4-27. Which of the four panels illustrates a decrease in
quantity supplied? a. x to y Refer to Figure 4-25. All else equal, the return of college students to campus in the fall would cause a move from b. y to x Refer to Figure 4-25. All else equal, an
increase in the use of laptop computers for note-taking would cause a move from c. Harry's demand curve is identical to Jake's demand curve 1. Refer to Table 4-13. Suppose x = 1. Then it must be true that b. DB to DA 3. Refer to Figure 4-24. All else equal, the approach of Thanksgiving would cause a move from d. y to x 4.
Refer to Figure 4-24. All else equal, an increase in the productivity of turkey farmers would cause a move from d. Panel (d) 6. Refer to Figure 4-27. Which of the four panels illustrates a decrease in quantity demanded? a. DA to DB 7. Refer to Figure 4-24. All else equal, a large number of people becoming vegetarians would cause a move from d. This cannot be determined from the given information 9. Refer to Table 4-13. Regarding Harry and Darby, for whom are sandwiches a normal good? d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous 11. Suppose the number of buyers in a market increases and a technological advancement occurs also. What would we expect to happen in the market? c. $25 and 400 units 14. Refer to Figure 4-18. Equilibrium price and quantity are, respectively, b. decreases and the equilibrium quantity increases 15. Refer to Figure 4-23. In this market for sunscreen, there is a decrease in the price of zinc oxide, an input into sunscreen, and more producers enter the market. The equilibrium price c. excess demand. The law of supply and demand predicts that the price will rise from $20 to a higher price. 16. Refer to Figure 4-18. At a price of $20, there would be a(n) a. Point A to Point B 17. Refer to Figure 4-26. Which of the
following movements would illustrate the effect in the market for fences of a decrease in the price of wood? b. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. 19. Suppose the income of buyers in a market for an inferior good decreases and a technological
advancement occurs also. What would we expect to happen in the market? c. $20 20.
Refer to Table 4-12. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? c. Quantity will fall, and the effect on price is ambiguous 21. What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes
cheaper and more comfortable, and auto-workers negotiate higher wages? d. The equilibrium quantity would decrease, and the effect on equilibrium price would be ambiguous. 24. What would happen to the equilibrium price and quantity of lattés if the cost to produce steamed milk, which is used to make lattés, increased, and scientists discovered that lattés cause heart attacks? c. supply and demand predicts that the price will rise by $2 to eliminate the shortage. 25. Refer to Figure 4-19. If there is currently a shortage of 20 units of the good, then the law of a. Panel (a) 26. Refer to Figure 4-27. Which of the four panels represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester? d. Panel (c) 27. Refer to Figure 4-27. Which of the four panels represents the market for peanut butter after a major hurricane hits the peanut-growing south? b. 400 units would be supplied and demanded 29. Refer to Figure 4-18. At
the equilibrium price, b. $10 and 50 units 33. Refer to Figure 4-19. In this market, equilibrium price and quantity, respectively, are a. increases and the equilibrium quantity decreases 47. Refer to Figure 4-23. In this market for watermelons, a severe drought occurs which affects the watermelon crop. The equilibrium price a. x to y 50. Refer to Figure 4-25. All else equal, buyers expecting paper to be more expensive in the future would cause a current move from d. always equal because every transaction has a buyer and a seller In a simple circular-flow diagram, total income
and total expenditure are d. All of the above are correct In a simple circular-flow diagram, c. value of all final goods and services produced within a country in a given period of time GDP is defined as the c. add up the market values of all final goods and services Which of the following is a way to compute GDP? d. all of the above are correct Which of the following is a way to compute GDP? b. market prices In order to include many different goods and services in an aggregate measure, GDP is computed using,
primarily, a. market prices Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of b. 3/2 times as much to GDP as the production of good B Suppose that an economy produces 20,000 units of good A which sells at $3 a unit and 40,000 units of good B which sells at $1 per unit.
Production of good A contributes c. 3/4 times as much to GDP as the production of good B Suppose that an economy produces 30,000 units of good A which sells at $3 a unit and
60,000 units of good B which sells at $2 per unit. Production of good A contributes c. both the market value of rental housing services and the market value of owner-occupied housing services Which of the following is included in GDP? a. The purchase of tutoring services from a tutor who holds citizenship outside the country but resides within the country. Which of the following is included in the calculation of GDP? a. included in GDP, and the estimated rental values of the houses are used to place a value on these housing services The value of the housing services provided by the economy's owner-occupied houses
is b. the rental value of owner-occupied homes but not unpaid housework. Estimates of the values of which of the following non-market goods or services are included in GDP? b. measuring them is so difficult GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because c. the estimated rental values of owner occupied homes Estimates of the values of which of the following non-market goods or services are included in GDP? b. $250 to GDP A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute d. GNP = GDP - Income earned by foreigners in the U.S. + Income earned by U.S. citizens abroad. U.S. GDP and U.S. GNP are related as follows: c. excludes production of foreigners working in the U.S. but includes production by U.S. citizens working in foreign countries. U.S. GDP b. $200 Refer to Table 23-1. The market value of all final goods and services produced within Chereaux in 2015 is d. $204 Refer to Table 23-1. Gross national product for Chereaux in 2015 is c. $198 Refer to Table 23-1. Net national product for Chereaux in 2015 is a. Y represents the economy's total expenditure In the equation Y = C + I + G + NX, b. constant prices Real GDP is the yearly production of final goods and
services valued at a. Nominal GDP values production at current prices, whereas real GDP values production at constant prices. Which of the following statements about GDP is correct? c. real but not nominal GDP Which of the following is always measured in prices from a base-year? b. nominal GDP but not real GDP Which of the following always uses prices and quantities from the same period? d. percentage change in real GDP from one period to another. When economists talk about growth in the economy, they measure that growth as the c. nominal GDP to real GDP multiplied by 100 The GDP deflator is the ratio of
b. a. only changes in prices Changes in the GDP deflator reflect b. 10.0% A country's
real GDP rose from $500 to $530 while its nominal GDP rose from $600 to $700. What was this country's inflation rate? b. 9.16, -10.3 Refer to Table 23-4. What are the GDP deflator and the inflation rate for 1931? a. 8.09, -11.7 Refer to Table 23-4. What are the GDP deflator and the inflation rate for 1932? a. -8.62%. Real GDP is a better gauge of economic well-being than nominal GDP. Refer to Table 23-4. What was the growth rate of real GDP for 1930? c. -6.49%. Real GDP is a better gauge of economic well-being than nominal GDP. Refer to Table 23-4. What was the growth rate of real GDP
for 1931? a. 8.62% Refer to Table 23-4. If prices had remained constant between
1929 and 1930, Nominal GDP would have decreased a. inflation was 25% and output did not grow Refer to Table 23-7. From 1975 to 1976, a. inflation was 33.3% and output grew at a rate of 20% Refer to Table 23-7. From 1976 to 1977, c. average person in the economy GDP per
person tells us the income and expenditure of the c. GDP fails to account for the quality of the environment. GDP is not a perfect measure of well-being; for example, d. all of the above are correct GDP is not a perfect measure of well-being; for example, b. Japan, United States, Germany The information for 2008 in millions in the table below was reported by the World Bank. On the basis of this information, which list below contains the correct ordering of real GDP per person from highest to lowest? Recommended textbook solutions
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Which of the following events must result in a lower price in the market for Snickers group of answer choices?Which of the following might cause the supply curve for an inferior good to shift to the right? Which of the following events must result in a lower price in the market for Snickers? a. Demand for Snickers increases, and supply of Snickers decreases.
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