financial systems

when trade in coffee is allowed producer surplus in guatemala

increase by the are B+D+G

at what price would there be an excess supply of 200 units of the good

$30

if tickets sell for $0 each then what is the total consumer surplus in the market

$30

if evan, selena, kris, and angie sell the good and the resultinganj the resulting product surplus is $700 then the price must have been

$300

using the midpoint method what is the income elasticity of demand for pizza and what does the value indicate about the demand for pizza

the income elasticity is 1 so pizza is unitary elastic

this graph represents the tobacco industry. without any government intervention, the equilibrium price and quantity are

$1.60 and 42 units respectively

this graph represents the tobacco industry. the socially optimal price and quantity are

$1.80 and 35 units respectively

the effective price that sellers receive after the tax is imposed is

$10

over which range is the supply curve in this figure the most elastic

$16 to $40

which scenario describes the market for oil in the long run

A

if the sellers bid against each against each other for the right to self the good to a consumer then the good will sell for

$100 or slightly less

the amount of the tax per until is

$14

at the equilibrium price producer surplus is

$150

if only members are allowed to purchase ticket to this year's celebrity golf tournament then what will be the equilibrium price

$20

if evan, selena, and angie sell the good and the resulting producer surplus is $300 then he price must have been

$200

the price buyers pay after the tax is imposed is

$24

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

$25

equilibrium price and quantity are respectively

$25 and 400 units

if the government imposes a price ceiling of $55 in this market then total surplus will be

$250.00

if you have two (essentially) identical tickets that you sell to the group in an auction what will be the selling price for ticket

$26

if the sellers bid against each other for the right to sell the good to a consumer then the producer surplus will be

$50 or slightly

the per-unit burden of the tax on sellers is

$6

which of the following price ceilings would be in binding in this market

$6

the equilibrium price and quantity respectively are

$6 and 30 units

the change in total surplus in nicaragua

$625 and this is an increase in total surplus

the per-unit burden of the tax on buyers is

$8

in the absence of trade the equilibrium price of coffee in guatemala is

$90

the slope of the curve between points A and B is

-5

using the midpoint method the cross price elasticity of demand is

1, and the two goods are substitutes

using the midpoint method what is the price elasticity of supply between $16 and $0

1.0

assume that brad and theresa each has 60 minutes available. if each person spends all his or her time producing the good in which he or she has a comparative advantage then total production is

10 bushels of wheat and 5 pounds of beef

approximately what percentage of the world's economies experience scarcity

100

what is the socially-optimal quantity of output in this market

2 units

consumer surplus in nicaragua without trade is

2250

what is the equilibrium quantity of output in the market

3 units

what is theresa's opportunity cost of producing one bushel of wheat

3/5 bushels of beef

the slope of a line that passes through the points (20,30) and (40,14) is

4/5

at equilibrium price

400 units would be supplied and demanded

what is theresa's opportunity cost of producing one bushel of beef

5/3 bushels of wheat

what is brad's opportunity cost of producing one bushel of wheat

5/6 bushels of beef

what is brad's opportunity cost of producing one pound of beef

6/5 bushels of wheat

in the absence of trade total surplus in guatemala is represented by the area

A+B+C+D+F

with trade, nicaragua

import 250 calculators

which scenario describes the market for oil short run

D

suppose the government imposes a tax of p' - p'' total surplus before the tax is measured by the area

I+J+K+L+M+Y

suppose the government imposes a tax of p' - p'' total surplus after the tax is measured by the area

J+K+L+M

the movement from point B to point C could have been caused by

a change in income

in which of the following cases would sellers have to develop a rationing mechanism

a price ceiling set $6

which of the following statements is not correct

a price floor set at $6 would result in a shortage

if both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets ticket price at $30 then there will be

a surplus of 300 tickets

a society allocates its scarce resources to various uses. these scarce resources include

all of the above are correct

in considering how to allocate its scarce resources among its various members a household considers

all of the above are correct

which of the following could be an omitted variable in the graph

all of the above are correct

which of the following is an example of something economists study

all of the above are correct

according to the graph snowstorms

and snowblowers sold are positively correlated

brad has a comparative advantage in the production of

beef and theresa has a comparative advantage in the production of wheat

brad should specialize in the production of

beef and theresa should specialize in the production of whear

regarding harry and darby whose demand for sandwiches conforms to the law of demand

both harry's and darby's

the federal government is concerned about the negative effects of cigarette smoking in the US. suppose congress is considering two plans: one plan would limit manufacturers to include graphic photos on cigarette packages of people suffering cancer's effects. which of the following statements is true

both programs would reduce the quantity of cigarettes sold

columbia should specialize in the production of

coffee and import soybeans

suppose the government imposes a tax on p' - p'' the area measured by J represent

consumer surplus after the tax

suppose the government imposes a $1 tax in each of the four markets represented by demand curves d1, d2, d3, d4. the deadweight loss will be the largest in the market represented by

d4

suppose the government imposes a tax of p' - p'' the are measure by I+Y represents the

deadweight loss

total consumer spending on aged cheddar cheese will

decrease and total consumer spending on bread will decrease

the equilibrium price will

decrease in both the aged cheddar cheese and bread markets

when trade in coffee is allowed consumer surplus in guatemala

decreases by the are B+D

which of the following is an appropriate label for line 1

demand

the curves shown are

demand curves

which of the following is not correct

economics has its own language and its own way of thinking but few other fields of study do

with trade, guatemala will

export 22 units of coffee

the change in equilibrium price will be

greater in the aged cheddar cheese market than in the bread market

suppose x=1 then it must be true that

harry's demand curve is identical to jake's demand curve

the movement from point A to point B is a

movement along the demand curve

this graph represents the tobacco industry. the industry creates

negative externalities

brad has an absolute advantage in the production of

neither good and theresa has an absolute advantage in the production of both goods

if the government imposes a price ceiling of $8 on this market then there will be

no shortage

if the government imposes a price floor of $6 on this market then there will be

no surplus

which of the following is not subject to scarcity

none of the above

the word economy comes from the greek word oikonomos which means

one who manages a household

what can you deduce about the type of good patty's pizza is and about the relationship between patty's pizza subs

patty's pizza is a normal good and patty's pizza and sue's subs are substitutes

which of the following is an appropriate label for line 1

private value

suppose the government imposes a tax of p' - p'' the area measured by M represents

producer surplus after the tax

suppose the government imposes a tax of p' - p'' the area measured by L+M+Y represents

producer surplus before the tax

the overriding reason why households and societies face many decisions

resources are scarce

your friend john created the graph above to illustrate that snowstorms are caused by more snowblowers being sold. you inform him that his interpretation is incorrect due to

reverse causality

resources are

scarce for households but scarce for economies

fundamentally economics deal with

scarcity

which scenario describes the market for oil in the short run in comparison to the long run

scenario D describes the short run whereas scenario A describes the long run

if the price were $4 a

shortage of 25 units would exist and price would tend to rise

if you have a ticket that you sell to the group in an auction what will be selling price

slightly more than $50

chile should specialize in the production of

soybeans and import coffee

using the midpoint method which of the three supply curves has the most elastic price elasticity of supply

supply curve X

using the midpoint method which of the three supply curves has the most inelastic price elasticity of supply

supply curve Z

suppose the government imposes a tax of p' - p'' the area measure by K+L represents

tax revenue

in most societies resources are allocated by

the combined actions of millions of households and firms

if marijuana were legalized w=ut us likely that there would be an increase in the demand for marijuana. if demand for marijuana is inelastic and the supply of marijuana is perfectly elastic this will result in

the same price and higher total revenue from marijuana sales

panel a and panel b each illustrate a $4 tax place on a market. in comparison to pane a, panel b illustrates which of the following

when a demand is relatively inelastic the deadweight loss of a tax is smaller than when demand is relatively elastic

panel a and panel b each illustrate a $2 tax placed on a market. in comparison to panel b, panel a illustrates which of the following statements

when supply is relatively inelastic deadweight loss of a tax is smaller than when supply is relatively elastic

if trade in peaches is allowed US producers of peaches

will be better off

if trade in peaches is allowed the united states

will become an exporter of peaches