Practice Final Exam- Graph Questions

$12,750

(Figure: Market for Avocados) The figure shows the market for avocados. If the seller changes the price per avocado from $1.50 to $1.75, the change in total revenue is:

$2,000

(Figure: Market for Child Care) Refer to the market for child care that is shown in the figure. The original equilibrium price is $10,000. A subsidy is now introduced for parents who pay for child care. The amount of the subsidy is:

The economic burden of this tax is greater on the buyer

(Figure: Market for Electrical Components) Refer to the figure which shows the market for electrical components. Which of the following statements is correct?

400; 0

(Figure: Market for Engines) According to the figure, if there is international trade in this market, and the world price of engines is $1,000, domestic consumers will purchase _____ units from domestic producers and _____ units from foreign producers

a shortage of 400,000 pieces of furniture

(Figure: Market for Sustainable Furniture) The graph depicts the market for furniture made from sustainable, man-made forests. The government wants to encourage buyers to buy such furniture and imposes a price ceiling of $250. What occurs as a result of the price ceiling?

domestic consumers will import 30,000 units

(Figure: Market for TVs 2) According to the figure, if there is international trade in this market, and the world price of televisions is $500:

The incidence of this tax is greater on the seller

(Figure: Market for Timber) Refer to the figure which shows the market for timber. Which of the following statements is correct?

50

(Figure: Market) A quota of 25 units is placed on the market that is shown in the figure. The equilibrium quantity sold in the market before the implementation of the quota was _____ units

increase from 40 to 50

(Figure: Market) Refer to the graph. Suppose that a binding price ceiling of $25 is removed. The actual number of items sold in this market will:

2.4 loads of laundry will not be sorted and folded

(Table: Four persons) The table lists the minutes that it will take four persons to wash a car and to sort and fold a load of laundry. Use the data to answer the question What is Junko's opportunity cost for washing a car?

Five

What is the economically efficient quantity of watermelons?