Econ test 1

226. A portion of hypothetical newspaper articles recounting the events surrounding a hurricane that hit the central Florida area below hurricane Zelda

$2.50 $1.75 $2

52. Marcy has two options this coming semester she could enroll full-time as a college student or work her job full-time and Retail full-time tuition for a semester is $4,000 books and other cost around $700 Transportation cost to campus or $500 rent over the course of the next semester is $4,500 in Marcy Works full-time and said she could earn $15,000 over the course of the semester what is the cost of being a full-time student for one semester

$20,200

51. Suppose your Thursday so you walk to the local convenience store to buy something to drink a bottle of Powerade is $3 you think about a graduate is worth $5 and the price is only $4 you end up buying the $3 Powerade soon as you choose about Powerade over Gatorade you must have thought the bottle of Powerade was worth at least how many dollars

$4

156. Find equilibrium price using a table below

$5

176. Today the price of a solid $7 at that price the quantity deemed QT equals 600 and the quantity supplied qsr equals 1000 what would the price be tomorrow

$5

174. Today the price of a hotel room $70 at the price the quantity demand QD equals 600 and the quantity supplied qsr equals 400 what would the price be tomorrow

$70

53. You're looking to buy a new bike off of Craigslist you're willing to pay as much as $150 for a bike a sale on Craigslist worth accept less than $80 for his bike and listed for under $25 to see what he can get your reach out with the seller and you both negotiate to a price of $100 how much total value has this Exchange created

$70

114. If these two countries specialize and trade for the trade to be mutually beneficial the price of notebooks should be more than 67 pencils for less than 2 pencils

.67 and 2

Belgium's opportunity cost of producing 1 million boxes of waffles is blank and the Netherlands opportunity cost of producing 1 million box of waffles is blank

0.5 million gallons of syrup and 0.75 million gallons of syrup

134. Considering the term of trade what would be in a acceptable price for 1 million box of waffles

0.6 million gallons of syrup

108. Honduras opportunity cost of producing one notebook is what pencils

0.67

158. The market price is set below the equilibrium ( put the following events in order showing Mark experiencing a shortage and then representing equilibrium

1

117. The opportunity cost for Island to produce one bottle of whiskey is how many ton potatoes the opportunity cost for selling to produce one bottle of whiskey is how many potatoes

1.25 and 5

10. Suppose this Friday you have the option to go either to a Meek Mill or Future concert. You won a free ticket to see Meek Mill. You would pay as much as $200 to see Future perform, but tickets to his show cost $100. Assume that you end up going to the Meek Mill concert.

100

132. Suppose they'll join the Netherlands specialize in the good in which each of the comparative advantage because of specialization what is now the total production of syrup and Waffle of Belgium and the Netherlands

12 million gallons of syrup and 12 million boxes of waffles

155. Suppose the supply of cars is given by the equation P equals -5000 + 2000 Q at a price of $23,000 how many cars will be supplied

14

107. Supposed to countries the United States in Hunters can produce pencils and notebooks at 8 O below shows a production potential both countries if the US spends all of its resources in producing pencil it can provide 40 pencils if the u.s. pencil as we switch to buy notebooks it can produce 20 notebooks Honduras can spend all of its resources in producing pencils and producing eight or spend all of its resources on notebooks and produce 12 both countries face account rinsed trade-off between producing notebooks and pencils the United States opportunity cost of producing one notebook is blank pencils

2

160. More items are purchased that are being manufactured

2

11. Buying and selling textbooks are separate decisions made at the margin. Textbooks create value when they are bought and when they are sold after a class. Suppose you paid $38.50 to buy the textbook for this course, but you would have been willing to pay up to $50 to use the hard copy of the book for the semester. At the end of the semester, you could keep the textbook or sell it back to the bookstore for $25. After the class is over, the book is only worth $10 to you. How much total value have you gained from buying the book at the beginning of the semester, and reselling the book to the bookstore at the end of the semester? $

26.5

159. Sellers raise prices

3

Use the following equation to solve the equilibrium price

3

162. Salaries increase production due to increased revenues

4

21. Evan spent 8 hours studying for his economics exam and he earned an A on the exam. Normally, he would have spent that time watching Netflix instead of studying. Evan figures he could have made a B after studying for only 4 hours, but he really wanted that A. What is Evan's marginal cost in terms of Netflix time to move from a B to an A on his economics exam?

4 hours

161. Quantity demanded matches quantity supplied

5

133. Suppose the Belgium trade 8 million units of its comparative advantage good to the Netherlands in exchange for 5 million units of the Netherlands comparative advantage good Belgium will consume

5 million gallons of syrup in 4 million box of waffles and the Netherlands will consume 7 billion gallons of syrup and eight million in box of the waffles

9. Larry has two options this weekend. He could work at his job at Target and earn $10 per hour for three hours, or he could go to a concert for those three hours. A ticket to the concert costs $50.

80

135. Suppose that Belgium exports 3 million boxes of waffles to the night ends with the retail price in Netherlands of 2.5 Euros per box in the Netherlands now impose a tariff on each of the box of Belgian waffles imported into the country then which of the answer choices is most likely possible outcome for waffles in the Netherlands

A box of Belgian waffles retails in Netherlands for 2.75 the quantity of imports Belgian waffles decrease and the quantity of Netherland produced waffles increase

152. Which of the following would cause quantity demanded to change without changing demand

A change in the price of the good

56. A treat that I offer my dog to get him sit is an example of

A positive direct incentive

243. Which of the following observations would be consistent with the imposing of a binding price floor on a market

A smaller quantity of good is bought and sold after the price floor becomes effective

172. Which of the answer choices best demonstrates the law of supply

After the school year begins fast food restaurants must raise wages in order to attract workers

58. The presidential candidate possesses funding a program to cancel student loan debt over this with me and decreasing funding for healthcare programs this situation illustrates

All of the choices,_( scarcity trade-offs opportunity cost.)

67. Ceteris paribus means

All other things being equal

231. Which of the answer choices would likely result as a consequence of rent controls

All the above choices are correct (a reduction in the rate of construction of rental housing units, limited on tenant Mobility, an improved buildings and an apartment complex.)

209. The demand for housing increased substantially between 1999 and 2007 because low interest rates increase the number of people who could afford homes the model of supply and demand leads to the prediction that low interest rate cause

An increase in housing prices especially in cities with limited land

196. Which of the following would cause an increase in the demand for men's jeans assuming they are a normal good

An increase in the number of men's jeans buyers, a celebrity ad for men's jeans, Rising incomes, and increase in the price of khakis

191. Which of the following would cause the demand curve for delivery pizza to shift to the right

An increase in the population that loves to consume delivery pizza

62. Economist use the scientific method and to study

Anyting the world is the economists Laboratory

170. Which of the answer choices correctly illustrates the law of demand

As the price of automobiles increases the quantity demanded automobiles decreases

171. Which of the answer choices correctly illustrates the law of supply

As the price of corn syrup increases the quantity supplied of corn syrup increases

73. Which of the following is necessary to build a good economic model

Assumptions

140. Belarus has a comparative advantage in the production of lion but Russia has an absolute advantage in the production line if these two countries decide to trade

Belarus should export line to Russia

131. Which of the answers choices correctly gives the comparative advantage

Belgium has a comparative advantage in the production of waffle and the Netherlands have a comparative advantage in the production syrup

46. Select the negative unintended consequence of government assistance programs.

Beneficiaries choose assistance instead of work

218. A price ceiling below the equilibrium price

Binding

219. A price ceiling that prevents supply and demand clearing the market

Binding

215. If there is a shortage caused by price control what kind of illegal activity will likely take place

Black Market will develop to provide consumers with what they want at a higher price

42. Which of the following is a direct positive incentive?

Bonuses for productive workers.

61. A voluntary trade under Perfection information will result in

Both persons being better off

145. In a market economy demand-and-supply determine

Both the quantity of each good produced and the price at which it is sold

173. A market where some individual has control over the market price is called

Capitalism

236. Price ceilings and price floors that are binding

Causes surpluses and shortages to persist since price cannot adjust to the market equilibrium price

101. Which of the following statements is normative

College should be free for every American

124. Countries engaged in international trade specialize in production based on

Comparative advantage

181. Cereal and milk

Compliments

184. Hamburgers and hamburger buns

Compliments

95. What kind of relationship exists between the number of cups of coffee someone drinks and their productivity

Convex

168. When a shortage exists in a market though

Current price is below the market equilibrium price and the price will increase

151. Which of the answer choices best illustrates the law of demand

Dave buys more Donuts at 0.25 per donut then add 0.50 donut

165. The market for cereal is experiencing a shortage as a consequence of the shore of the price of Siri will blank and the quantity demanded of Siri will blank

Decrease decrease

167. The market for wine experience Surplus as a consequence of the surface the price of wine and we'll blank and quality supplied of wine will blank

Decrease decrease

143. A decrease in the price of basketballs cuz of what of basketballs

Decrease in quantity supplied

229. If the government removes a binding price floor from a market then the price received by sellers will

Decrease in the quantity transacted in the market will increase

185. An advance in production technology

Decreases a firm's costs and increases its Supply

203. Suppose a DVD prices are lower this year than last year and fewer DVDs are sold in the market this year than last year based on the information it can be best concluded that

Demand for DVDs decreased

207. Suppose that College tuition is higher this year than last year and the more students are enrolled in college this year than last year based on this information it can be concluded that

Demand for a college education increased

186. If consumers expect the future price of notebook computers to decrease then the blank today

Demand for notebook computers decreases

175. The equilibrium price for milk is $2 lowering prices from $3 to $2 will raise quantity

Demanded and lower quantity supplied alleviating a surplus

47. New laws increased taxes on larger companies those with 50 or more employees that do not provide health insurance to those employees as result more employers offer health insurance benefits

Direct

49. Australia passes a baby bonus law that gives new parents a tax credit for having children starting next year to improve population growth more people choose to have children

Direct

96. What kind of relationship does the number of brown spots on the skin have the number of minutes someone spend sunbathing

Direct

138. Panama and Honduras produce the same two goods fish and bananas supposed Panama has an absolute advantage in bananas which country has an absolute advantage in fish

Either Panama or Honduras

71. Her clothing choice on exam day

Endogenous

84. The body style of the car

Endogenous

86. The shape of the tires

Endogenous

87. The weight of the vehicle

Endogenous

27. Someone opening a small business

Entrepreneurship

188. Consider the market for tattoos what would happen if several new artist open up shops

Equilibrium price will fall and Equilibrium quantity will rise

233. A minimum wage that is set above the market equilibrium wage will result in and

Excess supply of labor that is unemployment

69. Her natural ability in the subject

Exogenous

70. The difficulty of the exam

Exogenous

72. The style of the questions on the exam

Exogenous

85. The hill on the Racecourse

Exogenous

88. The wind velocity during the race

Exogenous

213. Price controls generally create positive economic conditions they are able to compensate for unfair prices in certain markets

False

221. Most Economist agree that there should be a higher minimum wage

False

222. Unlike price ceilings price floors grade very positive effect

False

93. Drowning instances and the quantity of a popsicle sales have a positive correlation some popsicles must cause people this is probably

False because correlation does not imply causation

122. Lobbying efforts put pressure on Congress in the early 20th century which led to high tariffs and wool textiles

Favors to special interest

75. Which of the following is not an element in the circular flow diagram

Financial markets

136. In the late 2004 and orange prices drop by 32% and importers gain a 90% market share from this information Economist would strongly suspect watch about the industry

Foreigners have a comparative advantage in growing oranges

242. Which of the answer choices would be the least likely result of a binding price ceiling imposed in the market for rental cars

Free gasoline given to people as incentive to rent a car

235. one Economist has argued that rent control is the best way to destroy a city other than bombing why would an economist say this

He fears that rent control eliminate the incentive to maintain buildings lead in to a deterioration of the city

76. Harry has an ice cream truck business he noticed that he sells my ice cream when people are wearing sunglasses to try and increase sales for his ice cream truck he starts giving away free sunglasses what faulty assumption is hen Harry made

He has confuse correlation for causation

113. Comparative advantage in producing notebooks

Honduras

137. Panama and Honduras produces same two goods fish and bananas supposed Panama has a comparative advantage in bananas which country has a comparative advantage in fish

Honduras

141. The nation of Pineland forbids international trade in Pineland you can buy one pound of his for 2 lb of beef and other countries you can buy one pound of fish for 1.5 lb of beef the fact indicates that

If Pond were allowed to trade it would import fish

128. The nation of Waterland forbids international trade in the water lines you can obtain a computer by trading to bicycles in other countries you can retain a computer by trading three bicycles these facts indicate that

If water lines were to allow trade it would export computers

8. You are ordering $40 worth of athletic clothes for yourself online. There's a standard shipping cost of $10, but the website advertises that orders of $45 or more ship for free. The free shipping offer is an example of the company applying which economic foundation?

Incentives matter

241. One of binding price ceiling is removed we would expect the price of the good to what

Increase and the quantity demanded to decrease

147. The law of supply states that other things being equal an

Increase in price cause quantity supplied to increase

148. What illustrates the result of an increase in the price of strawberries

Increase in quantity supplied of strawberries only

228. If the government removes a binding price ceiling from a market then the price received by sellers will

Increase in the quantity transacted in the market will increase

129. When a country imposes a quota on a foreign import the price of the foreign good Blank the quantity of the foreign good import into the country blank

Increase, decrease

211. When Exogen migraine tablets were removed from the market by Novartis in January 2012 because of improper packing methods demand for other migraine headache medicines

Increased putting upward pressure on their prices

204. Consider the market for oil if suppliers of oil expected future price of oil to increase then in the market for oil today the market price blank and Market quantity blank

Increases decreases

146. The law of demand states that other things being equal the quantity demanded of the good is negatively related to the price of that good therefore as the price of a good

Increases, the quantity demanded decreases

139. All of the following are arguments in support of protectionism legalization except

Increasing global trade

48. The new health insurance penalty law causes an increase in the number of 49 employee companies

Indirect

50. The baby bonus love leads to parents with due date is December to delay the birth of the children and risk birth complications

Indirect

177. Generic brand ketchup

Inferior

180. Ramen noodles

Inferior

118. How should these countries specialize

Ireland should produce whiskey in Scotland should produce potatoes

163. A shortage

Is the amount by which quantity demanded exceeds quantity supplied

Minimum wage laws United States have generally been non-binding and therefore do not affect the equilibrium price of Labor in this case what is the purpose of implementing a minimum wage

It can persuade low-income voters that politicians are acting to better their situation

98. What is a possible problem with the use of faulty assumptions when building an economic model

It could lead to wrong economic decisions

74. Barter is difficult to accomplish because

It requires a double coincidence of wants

227. If the federal government since the minimum price for wheat at $5 per bushel when England price is $4.50 then a

Kermit Surplus will develop because the government established a minimum price of $5

127. If Korea is capable of producing either shoes or soccer balls or some combination or two then what

Korea's opportunity cost of shoes is the inverse of its opportunity cost of soccer balls

149. When a surplus exists in a market sellers

Lower price which increases quantity demanded and decreases quantity supplied until the Surplus is eliminated

240. Under rent control tenants can expect

Lower rent in lower quality housing

13. What happens to prices when the government increases the money supply in the US

Macro

14. Why does the unemployment rate increase during a recession?

Macro

15. How much will the economy grow next year?

Macro

17. Should the government pass a jobs bill to stimulate the economy?

Macro

12. Suppose Shelly is buying bananas for a price of $0.25 per banana. She decides that she would like to purchase 3 bananas, but not a 4th. Which of the economic foundations illustrates Shelly's decision to purchase the 3rd, but not the 4th banana?

Make decisions at the margin

220. In December of 2018 the Alondo Sentinel reported that rent prices in the Orlando area are rising faster than any other city in America as results community activities begin collecting petition signatures to put a constitutional amendment on the ballot secret rent control laws if this ballot initiative were to pass which of the following events are likely to occur

Many apartment buildings become dilated, Property Owners cannot afford to maintain their building, property ownership will be less profitable and therefore less new housing will be built

16. Why does the price of gas increase in the summer?

Micro

18. How does Samsung decide how many Galaxy S9 phones to produce?

Micro

19. What company's stock is a good investment for me?

Micro

20. Why do economics majors earn more than marketing majors?

Micro

68. Why do Economist use models

Models allow us to study a simplified version of a complex world

3. The government taxes cigarette sales

Negative

What kind of relationship exists between the price of Apple's and the amount of people want to buy

Negative or inverse

153. Which of the following are true about competitive markets

Neither buyer North seller have control over the market price

Should LeBron James or Bill Gates have gone college degrees

No, because they face High opportunity costs

216. A price ceiling above the equilibrium price

Non-binding

217. A price ceiling that has no influence on the market

Non-binding

178. Name brand ketchup

Normal

179. IPhone

Normal

63. And economist should test all of their theories at least twice

Normative

66. The government must provide unlimited Healthcare to its citizens

Normative

78. You should wear a seatbelt

Normative

80. Seat belts are cool

Normative

81. States should not enact seat belt laws

Normative

We should deregulate that the mortgage Market

Normative

1. the government offers tax credits for donating to recognize donations.

Positive

2. A reward is offered to for the return of a lost item.

Positive

4. Your teacher offers you extra credits for attending an event outside of class.

Positive

64. Increases in the minimum wage cause unemployment

Positive

79. People who wear seat belts die less often in car accidents

Positive

82. States with seat belt laws have less traffic deaths

Positive

83. All seat belts are gray

Positive

169. When the market price is above the equilibrium price

Quantity supplied exceeds quantity demanded in the market price decreases

205. Consider the market for Boeing Jets recently labor cost of Boeing have increase while the continuing conversation with its Chief rival Airbus has caused Airlines to cancel orders for Boeing Jets and face the Airbus Jets what will be the effect on the market price and quantity of Boeing Jets

Quantity will decrease what price could either increase decrease or stay the same

206. If both demand and Supply increases then what will be the effect on the price and quantity

Quantity will increase but the price could increase decrease or stay the same

201. Consider the ice cream Market suppose that the price of sugar and input use in making ice cream decreases additionally suppose that it has been very hot lately causing people to prefer more ice cream when will be the effect on the market price and quantity of ice cream

Quantity will increase but the price either increase decrease or stay the same

208. Suppose the number of buyers in a market increases and a technological advancement occurs also what would we expected to happen in the market

Quantity would increase but the impact on price would be indeterminate

237. Recently stutes Aviston town and Peter Cooper Village in Manhattan were sold for a Redevelopment these Villages had been rent control by now these neighborhoods are no longer rent controlled one would expect the

Rent to increase in those neighborhoods

164. A student was asked for the definition of the law of supply the Sioux and incorrectly said a decrease in the price of pizzas decreases the supply of pizzas which of these answers choices would make the students take the correct

Replace the word Supply with the word quantity supplied

90. In the circular flow diagram households sell their labor to the firms in the

Resource Market

120. China selling their Tire exports for a price lower than that in their home country to gain unfair market share we need retail Tori tariff until they stop

Retaliation for dumping

195. Suppose that you own a natural gas company you can either extract and sell as much natural gas as fast as possible or delay yourself news reports protected consumers prefer renewable energy like solar power is the price of natural gas expect you to fall in the future what would you do today

Sell as much as possible now shown by the supply curve shifting to the right

232. Which of the following is the most likely explanation for the imposition of a price floor on the market for corn

Sellers of corn recognizing that the price floor is good for them having pressured policymakers into imposing the price floor

91. Which of the following is a positive statement

Setting price limits on necessities will cause stores to run out

238. Suppose the equilibrium price of oranges is $0.79 but the government takes steps to prevent the price from exceeding $0.60 they likely result will be a

Shortage of oranges as a price ceiling keeps the market from reaching equilibrium

239. To keep the price of gas from rising quickly after a hurricane some governments impose ceilings on the price of gasoline these price ceilings cause what in the gasoline Market

Shortages

125. Suppose the u.s. and Japan produce the same two goods grain and steal the table below shows the opportunity comes for these two goods for both countries opportunity cost of grain for United States is two tons of steel and opportunity cost for steel is 0.5 bushels of grain been for Japan won ton of Steel is the opportunity cost and the opportunity cost for steel is one bushel of grain the US has a comparative advantage in what while Japan has a comparative advantage in what

Steel and grain

126. Based on comparative advantage the US exports what in Japan exports what

Steel and grain

183. IPhones and Android phones

Substitutes

Coke and Pepsi

Substitutes

192. A decrease in the price of apple juice shifts the demand curve for grape juice to the left apple juice and grape juice are

Substitutes in consumption

202. If the market price of Apple's increase in the market quantity decrease in which of the answer choices best explains this

Supply of apples decreased

210. The United States recently imposed a 19% tariff on Canadian Lumber and input in the construction of new homes the chief result will be to cause the blank housing in the US to blank

Supply of decrease

187. If suppliers of gold expected future price of gold to decrease then the blank today

Supply of gold increases

150. When the price of a good is above the equilibrium price of what puts what pressure on the price

Surplus downward

119. Steel is important for the production of goods that are vital to National Security so tariffs and quotas are used to support America still in the street in case of times of War

The National Security agreement

109. Suppose the US and Hunter specialize and trade which country will specialize in pencil and which one was specialized notebooks

The US will specialize in pencils Honduras who specialize in notebooks

Suppose the United States has increased the 35% tariff on wood imports from Canada to a 75% tariff which of the following would likely happen to United States

The average price of lumber will increase

189. Tea and coffee are substitutes if the price of tea Falls what would change

The demand curve for coffee will shift left

194. Prescription drugs are usually offered in a name brand and a generic as the price of the name brand drug increases

The demand for the generic brand increases

99. Which of the following topics will most likely be taught in a microeconomics course

The effects of a tax on a specific good

200. Consider the market for Big Macs where two things happens I'm insanely first the price of beef decreases II the price of Wendy's hamburgers decrease what will happen to the equilibrium price and quantity of Big Macs

The equilibrium price will decrease and the change in the Equilibrium quanity will be ambiguous

199. Suppose you run a magazine publishing business that use the number of input consider the market for magazines at the price of the postage increases what will happen to a pen price and quantity

The equilibrium price will increase and the equilibrium quantity will decrease

198. Consider the market for nuclear-powered to events having Summit Ainsley first nuclear powered comes preferred over cold because his less damaging to the environment II regulations make it more difficult to produce nuclear power what is the effect of equilibrium price and quantity

The equilibrium price will rise and the change in the equilibrium quantity will be ambiguous

121. Tariffs are placed on automobile Imports to Japan to the industry has time to develop before competing internationally

The infant-industry argument

60. An individual will rationally perform an action if

The marginal benefit of Performing this action are greater than the marginal cost of Performing this action

59. When you buy a newspaper from a newspaper vending machine there are many copies sites there but most people only take one why don't vending machines for food or soda work this way

The marginal benefit of taking second newspapers every low

244. What would occur if the government imposes a price floor of $8 on movie tickets

The market would reach equilibrium

100. Which of the following statements is positive

The moon is made of green cheese

102. You all your sibling and having a contest to see who can build the most sturdy stable models her out of Legos which of the following is an endogenous variable in your model

The number of Legos used in a tower

55. Your options for this weekend or the following ranked from best to worst Choice go on a camping trip with friends allowed around napping and watching Netflix put in some time writing your book complete Shores that have been piling up you decide on the camping trip since it's your talk to us what is the cost of going camping

The out-of-pocket cost of camping tent site fees transportation and the fact that you can't lounge around this weekend

212. Which of the following events would cause the price of oranges to decrease

The price of land throughout Florida decreases and Florida produce a significant portion of the Nations oranges

197. Suppose the Adams government decide to increase the minimum wage for coffee shop Barista how will this alter the equilibrium price of cups of coffee

The price will increase because Supply will decrease

154. If the price of Oreos Falls from $5 per pack to $4 per pack what will happen

The quantity demand for oreos will increase

144. A shortage exists in a market if

The quantity demanded is greater than the quantity supplied and the current price is below its equilibrium price

166. Which of the answer choices best demonstrates the law of demand

The sharp increase in the price of gasoline leads many compute commuters to join car pools in order to reduce their gasoline purchases

44. What is the cost of taking this practice quiz right now?

The time I could have spent doing something else instead of taking this quiz.

45. What is the cost of taking this practice quiz right now?

The time I could have spent doing something else instead of taking this quiz.

105. You're creating a model to predict retail sales in the United States through the year you put a series of valuables that you think may be important in your model on a whim you decide to add a variable for weather temperature you know is that an inverse relationship exists between the two variables this is when the temperature is low retail sales are higher and vice versa what is the likely explanation

The two variables are probably coralais due to holiday season occurring during cold air parts of the year

190. How do we graphically illustrate an increase in the supply of a good

The upward-sloping supply curve shifts to the right

245. What would occur if the government imposes a price ceiling of $8 on movie tickets

There will be a shortage of 35,000 tickets

230. What will happen in the market for rental housing if the local government legally mandated rents that were below the current market price

There would be a shortage of rental housing

225. Why are price floors implemented by government

They are a response to political pressure from suppliers to keep prices High

193. When consumers buy smartphones they usually buy a protective case to cover the new phone as the price of smartphones increase the demand for protective case of shift to the left what is this mean about smartphones and protective cases

They are complements

106. Faulty assumptions are dangerous because

They can lead to inaccurate model predictions and poor decision-making

104. The graph above shows relationship between per capita chicken consumption and US crude oil imports describe the most likely explanation of the relationship shown in the graph

This is probably a coincidental relationship there is no meaningful connection

142. Which of the following arguments for trade restrictions is often advanced

Trade restrictions are sometimes that's safe for National Security

123. The US has a trade deficit when the value of goods and services it import exceeds the value of goods and services it exports

True

112. Comparative advantage in producing pencils

U.s.

115. The United States has imposed a 35% tariff on wood imports from Canada the Tariff cause Imports of lumber to decline and price of lumber to rise ignifica Lee after only a few months who benefit from this tariff

U.s. would producers

110. Absolute advantage in producing pencils

Us

111. Absolute advantage in producing notebooks

Us

223. What are some business will adopt to a higher minimum wage over time

Used Machinery and sit at workers, reduce hours for workers, move their businesses to address lower no minimum wage laws

214. Suppose the government enacted a price ceiling on ice cream which of the following actions would ice cream producers take to maintain their profits under this price ceiling

Using cheaper ingredients to create the ice cream, discontinuing fancy or varieties of and flavors, reducing the size of each carton

41. If the United States creates a trade agreement with Vietnam, we know that

Vietnam and the United States can both benefit.

54. You go to Outback Steakhouse to enjoy your ultimate shrimp for 15 $99 you're starting to feel full after the third serving of shrimp when the waiter asks if you like 1/4 you should you eat a ditional serving

Yes, if the enjoyment of eating the fourth serving as worth the stomach ache you think you'll have later

97. After looking at the data you can clue that more freckles cause individuals to sunbathe more what mistake have you likely made

You have reverse the causal relationship

You decide you tried to create a model to show important tutoring services on canvas artist Student Success you notice that students who attend more to recessions get lower grades and those that who do not attend those tutoring sessions you can clue the tutoring service on campus or actually causing seems your form words and their classes what faulty assumption have you made

You have reverse the causation

92. When building a strong tower out of Legos all the following are endogenous variables except

Your dog knocking over your Tower

103. You and your sibling are having a contest to see who can build the most 30 stable model Tire Legos which of the following is an exogenous variable to your model

Your mom vacuuming nearby and distracting you was to build

89. Order the following variable relationships from weakest to strongest

coincidence correlation causation

26. Your degree

human capital

234. An increase in the federal minimum wage to $7.25 per hour from $15.15 per hour assuming that $7.25 is a binding price floor and a all other things remain constant will

increase the number of unemployment

40. As a result of Valencia's parking policy, the nearby shopping center becomes overcrowded with cars.

indirect

24. Individual time and effort

labor

23. Gold

land

28. Lumber

land

31. What is the unemployment rate in Osceola County?

macro

34. What is the economic growth rate in China?

macro

36. How does a new law affect inflation?

macro

37. How much should the US trade with foreign nations?

macro

35. What is the price of a gallon of gasoline?

mico

30. Should I have Chipotle for dinner or cook at home?

micro

32. Should I study an extra 2 hours for my exam?

micro

33. How do sales taxes impact the retail industry?

micro

5. A parking ticket given for parking in a no-parking zone

negative

6. Your teacher has an attendance policy that lowers your grade if you miss more than 2 classes

negative

39. Valencia college issues parking fines for people who park without a permit.

negative and direct

25. A factory

physical capital

29. A hammer

physical capital

38. A professor gives participation points in class.

positive and direct

43. The idea that everyone has unlimited wants and needs and that every resource is limited is...

scarcity

7. You are feeling full after having a big dinner, but you are considering having a bowl of ice cream for dessert. You should choose to eat the ice cream if:

the marginal benefit of having a bowl of ice cream outweighs the marginal cost

22. The opportunity cost of attending college is likely to be highest for the person

who can immediately take over a family business