micro midterm figures& tables
Refer to Figure 4-15.At what price would there be an excess demand of 200 units of the good
$20
Refer to table 4-6. If only members are allowed to purchase tickets to thie years celebrity golf tournament, then what will be the equilibrium price
$20
Refer to figure 4-10. In this market, equilibrium price and quantity, respectively, are
$20 and 600
Refer to table 4-6. if both members and nonmembers are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price
$25
Refer to Figure 4-15. Equilibrium price and quantity are, respectively,
$25 and 409 units
Refer to figure 5-11. When the price is $30, total revenue is
$9000
Refer to figure 2-13. The slope of the curve between points A and B is
-5/2
Refer to Figure 4-4. The graphs show the demand for beef. in panel (b), the arrows are consistent with which of the following events?
The prohibition of beef advertisements on television
Refer to figure 5-4. The section of the demand curve at point B represents the
Unit elastic section of the demand curve
Refer to figure 2-5. If this economy devotes one-half of its available resources to the production of baseballs and the other half to the production of bananas, it could produce
We would have to know the details of this economy's technology in order to determine this
Refer to figure 2-13. The movement from point B to point C could have been caused by
a change in income
Refer to figure 4-14. Panel (b) shows which of the following
a decrease in demand and a decrease in quantity supplied
Refer to figure 4-14. Panel (d) shows which of the following
a decrease in quantity demanded and a decrease in supply
Refer to figure 2-11. Which of the following would most likely have caused the ppf to shift outward from A to B
a general technological advance
Refer to figure 4-14. Which of the four panels represents the market for cars as a result of the adoption of new technology on assembly lines
panel c
Refer to figure 4-14. Which of the four panels illustrates a decrease in quantity demanded
panel d
Refer to figure 4-14. Which of the four panels represents the market for peanut butter after a major hurricane hits the peanut-growing south
panel d
Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $6 and $12. Then, when the price increases from $8 to $10
the percent decrease in the quantity demanded exceeds the percent increase in the price.
Refer to figure 3-4. If Perry and Jordaneach divides their time equally between writing novels and writing poems, then total production is
three novels and twelve poems
Refer to figure 3-4. If jordan must work three months to write each novel, then her ppf is based on how many months of work
twelve months
Refer to figure 3-4. If Perry and Jordan both spend all of their time writing poems, then total production is
twenty-four poems
Refer to figure 3-4.Suppose Perry is willing to trade four poems to Jordan for each novel that Jordan writes and sends to Perry. Which of the following combinations of novels and poems could Jordan then consume, assuming Jordan specializes in novel production and Perry specializes in poem production
two novels and eight poems
Refer to Figure 5-13. Using the midpoint method, what is the price elasticity of supply between points D and G?
0.53
Refer to Figure 4-12. If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $4 is
12 units
Refer to figure 3-2. If the production possibilities frontier shown is for one month of production, then which of the following combinations of emeralds and rubies could Peru produce in a given month?
2 emeralds and 180 rubies
Refer to figure 3-2. Suppose Madagascar is willing to trade 40 rubies to Peru for each emerald that Peru produces and sends to Madagascar. Which of the following combinations of emeralds and rubies could Peru then consume, assuming Peru specializes in emerald production
2 emeralds and 240 rubies
Refer to Figure 5-13. Using the midpoint-method, what is the price elasticity of supply between
2.33
Refer to table 5-5. Using the midpoint method, what is the income elasticity of demand for good X?
3.5
Refer to figure 2-5. If the economy devotes all of its resources to the production of bananas, then it will produce
300 bananas and 0 baseballs
Refer to figure 4-10. At a price of $25, then quantity demanded and quantity supplied, respectively, are
500 and 800
Refer to figure 3-2. Suppose Peru decides to increase its production of emeralds by two. What is the opportunity cost of this decision?
60 rubies
Refer to Figure 2-1. which arrow represents the flow of spending by households
A
Refer to Figure 2-1. Julio buys a new pair of shoes at the shoe store. To which of the arrows does this transaction directly contribute
A and B
Refer to Figure 4-4. The graphs show the demand for beef. In panel (a), the arrows are consistent with which of the following events?
A tax was placed on beef
Refer to figure 5-10. If rectangle D is larger that Rectangle A, then
All of the above (ch5 q15)
Refer to Figure 2-1. Which arrow represents the flow of goods and services?
B
Refer to figure 5-10. Total revenue when the price is P1 is represented by the areas
B+D
Refer to figure 2-2. If box A of this circular flow diagram represents firms, then which box represents households?
Box B only
Refer to Figure 2-1. which arrow represents the flow of land, labor, and capital
C
Which of the following is an illustration of the market for the original paintings bh Vincent Van Gough
C
Refer to Figure 2-1. Enid completes her first week of employment working as a hairdresser at a salon. On Friday of that week, she recieves her first paycheck. to which of the arrows does this transaction directly contribute
C and D
Refer to Figure 2-1. Which arrow represents the flow of income payments
D
Refer to figure 3-4. Which of the following is NOT correct
Perry and Jordan could each consume two novels and six poems without trade
Refer to figure 3-2. The fact that the line slopes downward reflects the fact that
Peru faces a trade-off between producing emeralds and producing rubies
Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for golf balls of an increase in green fees?
Point C to Point B
Refer to Figure 4-21. 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
Point C to Point B
Refer to table 4-6. If both members abd nonmembers are allowed go purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $20, then there will be
a shortage of 300 tickets
Refer to table 4-6. If botb members and nonmembers are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket prive at $30, then there will be
a surplus of 300 tickets
Refer to figure 4-10. At a price of $15,
all of the above
Refer to figure 4-14. Panel (a) shows which of the following
an increase in demand and an increase in quantity supplied
Refer to figure 4-14. Panel (c) shows which of the following
an increase in quantity demanded and an increase in supply
Refer to Figure 4-6. The movement from point A to point B on the graph represents
an increase in the price of the good that is being supplied and suppliers' response to that price change
Refer to Figure 5-13. Along which of these segments of the supply curve is supply most elastic?
between A and B
Refer to Figure 5-13. Along which of these segments of the supply curve is supply least elastic?
between G and H
Refer to scenario 5-2. The equilibrium quantity will
decrease in the aged cheddar cheese market and decrease in the bread market
Refer to Scenario 5-2. The equilibrium price will
decrease in the aged cheddar cheese market and increase in the bread market.
Refer to scenario 5-3. The equilibrium price will
decrease in the milk market and decrease in the beef market
Refer to scenario 5-3. The equilibrium quantity will
decrease in the milk market and decrease in the beef market
Refer to figure 5-11. An increase in price from $30 to $35 would
decrease total revenue by $250
Refer to figure 2-13. The curves shown are
demand curves
Refer to figure 2-10. The shift of the ppf from A to B illustrates
economic growth
Refer to figure 2-11. The shift of the ppf from A to B can best me described as
economic growth
Refer to figure 5-11. When price falls from $50 to $40, it can be inferred that demand between those two prices is
elastic because the total revenue increases from $5000 to $8000
Refer to Figure 5-4. The section of the demand curve from A to B represents the
elastic section of the demand curve
Refer to figure 5-7. For prices above $8, demand is price
elastic, and total revenue will fall as price rises
Refer to figure 5-4. Suppose the point labeled B is the "halfway point" on the demand curve and it corresponds to a price of $5.00. Then between prices of $4.99 and $5.01, the price elasticity of demand is
equal to 1
At the price of $20, which of these statements is not correct?
equilibrium price is equal to equilibrium quantity
Refer to figure 4-10. If the price is $25, then there would be an
excess supply of 300 and price would fall
Refer to figure 3-2. If the production possibilities frontier shown is for forty hours of production, then how long does it take Peru to make one emerald
five hours
Refer to Figure 2-2. If the outer loop of this circular-flow diagram represents flows of dollars, then the inner loop includes
flows of inputs from households to firms.
Refer to figure 2-2. Alisha regularly buys friits and vegtables at a grocery store. Santo regularly pays a lawn-care company to mow his lawn. If the flow of fruits and vegtables from the grocery store to Alisha is represented by an arrow from Box C to Box B of this circulat-flow diagram, then the money paid by Santo to the lawn-care company is represented by an arrow
from box B to box C
Refer to Figure 2-2. Malika works as an attorney for a corporation and is paid a salary in exchange for the legal services she performs. Jarel owns office buildings and rents his buildings to companies in exchange for rent payments. If Malika's income is represented by a flow of dollars from Box D to Box B of this circular-flow diagram, then Jarel's income is represented by a flow of dollars
from box B to box D
Refer to figure 4-14. Which of the four panels illustrates an increase in quantity demanded
panel c
Refer to figure 5-11. An increase in price from $20 to $30 would
increase total revenue by $1000
Refer to Figure 5-4. The section of the demand curve from B to C represents the
inelastic section of the demand curve
Refer to figure 5-7. For prices below $6, demand is price
inelastic, and total revenue will rise as price rises
Refer to figure 4-6. The movement from point A to point B on the graph
is an increase in the quantity supplied
Refer to figure 3-4. Perry has an absolute advantage in the production of
neither good and Jordan has an absolute advantage in the production of novels
Refer to figure 2-5. If this economy moves from pount A to point B, then which of the following statements is correct
none of the above
Refer to figure 3-4. Jordan should specialize in the production of
novels
Refer to figure 3-2. If the production possibilities frontier shown is for forty hours of production, then how long does it take Peru to make one Ruby
one-sixth hour
Refer to figure 4-14. Which of the four panels illustrates an increase in quantity supplied
panel a
Refer to figure 4-14. 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
panel a
Refer to figure 4-14. Which of the four panels illustrates a decrease in quantity supplied
panel b
Refer to figure 4-14. Which of the four panels represents the market for winter coats as we progress from winter to spring
panel b
Refer to figure 3-4. Perry has a comparative advantage in the production of
poems and Jordan has a comparative advantage in the production of novels
Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for orange juice of an announcement by the American Dental Association that Orange Juice erodes tooth enamel
point C to point B
Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $8 and $16. Then, when the přice changes between $9 and $10,
quantity demanded changes proportionately, more than the price.
Refer to Figure 4-15. At a price of $15, there would be a
shortage of 400 units
Refer to figure 4-10. If the price is $10, then there would be a
shortage of 600 and price would rise
Refer to figure 3-4. The opportunity cost of one novel for perry is
six poems
Refer to Figure 4-15. At a price of $35, there would be a
surplus of 400 units
Refer to Figure 2-10. Which of the following events would explain the shift of the ppf from A to B
the economy experienced a technological advance applicable only to batteries
Refer to figure 2-2. If box C of this circular-flow diagram represents the goods market, then box D represents
the factor market
Refer to Figure 2-2. If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram, then
the flow of factors of production is also part of what is represented by the inner loop. represented by
Refer to figure 3-4. If the ppfs shown are each for one year of writing, the which of the following combinations of novels and poems could perry and Jordan together write in a given year
two novels and eighteen poems
Refer to figure 3-4. If the production possibilities frontiers shown are each for one year of writing, then which of the following combinations of novels and poems could perry and jordan together not write on a given year
two novels and twenty poems
Refer to figure 2-5. A movement from point C to point D could be caused by
unemployment
Refer to figure 2-5. The opportunity cost of this economy moving from point D to point B is
zero