Mac

The four phases of the business cycle are trough peak depression and recovery

True

The law of supply implies that the supply curve will be

Upward sloping

A_is self-imposed limit on the quantity of

Voluntary export restriction

Which of the following is not a factor that can shift the supply curve?

Changes and tastes

There are_phases of the business cycle

Four

Pepsi and Coke are considered substitute goods because of this one would predict that, holding all else constant, if the price of Pepsi increases, we would see:

the demand curve for Coke shift to the right.

The federal reserve seeks to maintain_

Price stability

At the equilibrium price:

Quantity demanded and quantity supplied are equal

The idea of having less and how to deal with having less refers to

Scarcity

Refer to the following table to answer the following question if the price of this good is two dollars there would be a_of_units.

Shortage; 30

If the price of good A increases and this leads to an increase in the demand for good be these two goods must be

Substitutes

Which of the following would cause a normal goods demand curve to shift to the left?

income decreases

In the following chart what is the equilibrium price and quantity $15 - 7: 50, $10 - 500, five dollars - 250

$10 and 500 pounds

If the planet of to Tooney utilizes all of the resources to make spaceships, they can make 2500 spaceships per year. If they instead utilize all of their resources to make robots they can make 10,000 per year. what is the odd opportunity cost of making a robot into Tooney?

1/4 of a spaceship

As soon at the market for nachos has only two suppliers: firm one and firm too. According to this table if the price of nachos is six dollars, the market supply will be:

10 nachos

Consider the following figure to answer the following questions during which period was the economy and a contraction?

2001-2005

A recession is defined as an economic contraction lasting at least

6 months

In terms of the balance of trade, the United States typically has

A trade deficit

Hotdogs and hotdog buns are complementary goods. Therefore, when the price of hotdogs go up, what happens in the market for hot dog buns?

Decrease in demand

If the price of milk increases from 399 to 599 per gallon this will cause a

Decrease in quantity demanded

Refer to the accompanying figure when the price changes from P1 to P2, we will see a parentheses a(n):

Decrease in quantity supplied from Q1 to Q2

Typically, during the recession phase of the business cycle, inflation_ and wages_

Decreases;decreases

Deflation refers to an aggregate price level that is

Decreasing

When the dollar value of imports exceed the dollar value of Exports the balance of trade is in a

Deficit

The law of demand implies a demand curve will be

Downward sloping

If the demand curve increases while the supply curve decreases, what will be the result in terms of the new equilibrium price and quantity?

Equilibrium price increases but the impact on equilibrium quantity is indeterminate

If both the demand and supply curves increase, what will be the result in terms of the new equilibrium price and Quantity?

Equilibrium quantity increases but the impact on the equilibrium price is indeterminate

Net Exports (NX) is equal to

Exports minus imports

Inflation refers to an aggregate price level that is

Increasing

The equilibrium price is also referred to as the

Market clearing price

When the supply curve shifts to the left, this represents a

NOT decrease in quantity supplied

Refer to the company graph if consumers have a decrease in income we would assume that the demand curve for inferior good:

NOT shift from D1 to D3

If the planet Tooney utilizes all of the resources to make spaceships they can make 2500 spaceships per year if instead they utilize all of the resources to make robots, they can make 10,000 per year. If the planet Navarro utilizes all of the resources to make spaceships, they can make 4000 spaceships per year. If they instead utilize all of the resources to make robots they can make 12,000 per year. Which statement is true?

NOT tatoonie has a comparative advantage in producing both spaceships and robots

If the planet Tooney utilizes all of the resources to make spaceships, they can make 2500 spaceships per year. If they instead utilize all of their resources to make robots they can make 10,000 per year. If the planet Navarro utilizes all of the resources to make spaceships, they can make 4000 stations per year if they instead utilize all of their resources to make robots they can make 12,000 per year. Which statement is true?

Navarro has an absolute advantage in producing both spaceships and robots

The highest valued alternative you forgo or sacrifice to do some thing else is known as

Opportunity cost

_economic Analysis is the branch of economics that describes how the economy works and is back by factual data and research

Positive

Inflation is measured by the percentage change in

The consumer price index CPI

Powerade and Gatorade or substitutes for each other if the price of Gatorade increases what is a result in the market for Powerade?

The demand for Powerade increases

If the demand curve increases while supply curve is held constant what will be the results in terms of the new equilibrium price and quantity

The equilibrium price and quantity were both increase

If the supply curve increases while the demand curve is held constant, what will be the result in terms of the new equilibrium price and quantity

The equilibrium price decreases while quantity increases

The market for Tampa Bay buccaneers home game tickets was an equilibrium, then in 2020 when the bucks acquire future Hall of Fame quarterback Tom Brady, demand for buccaneer home game tickets and increased. However, stadium capacity was reduced due to COVID-19 restrictions, decreasing supply of tickets that year. What was the resulting impact on equilibrium price and quantity of buccaneer home game tickets?

The equilibrium price increase and The impact on equilibrium quantity was indeterminat

Suppose there is a shortage in the market for avocados. Assuming a Competitive and unrestrained market, what happens over time?

The price of avocados will rise, and the market will eventually reach equilibrium.

An increase in supply is represented graphically by

The supply curve shifting to the right

Which of the following are positive statements?

The unemployment rate last 1+6%, Americans with higher level of education attainment and more income on average, there was 3% inflation last year.

Refer to the chart below, at A price of $15. $15 - 750, $10 - 500, five dollars - 250

There is a surplus

If the planet of Navarro utilizes all of the resources to make spaceships, they can make 4000 spaceships per year. If they instead utilize all of the resources to make robots, they can make 12,000 per year. What is the opportunity cost of making a spaceship in Navarro?

Three robots

Comparative advantage emerges because of the presence of

differing opportunity costs.