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
