micro midterm figures& tables

Refer to Figure 4-15.At what price would there be an excess demand of 200 units of the good

$20

Refer to table 4-6. If only members are allowed to purchase tickets to thie years celebrity golf tournament, then what will be the equilibrium price

$20

Refer to figure 4-10. In this market, equilibrium price and quantity, respectively, are

$20 and 600

Refer to table 4-6. if both members and nonmembers are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price

$25

Refer to Figure 4-15. Equilibrium price and quantity are, respectively,

$25 and 409 units

Refer to figure 5-11. When the price is $30, total revenue is

$9000

Refer to figure 2-13. The slope of the curve between points A and B is

-5/2

Refer to Figure 4-4. The graphs show the demand for beef. in panel (b), the arrows are consistent with which of the following events?

The prohibition of beef advertisements on television

Refer to figure 5-4. The section of the demand curve at point B represents the

Unit elastic section of the demand curve

Refer to figure 2-5. If this economy devotes one-half of its available resources to the production of baseballs and the other half to the production of bananas, it could produce

We would have to know the details of this economy's technology in order to determine this

Refer to figure 2-13. The movement from point B to point C could have been caused by

a change in income

Refer to figure 4-14. Panel (b) shows which of the following

a decrease in demand and a decrease in quantity supplied

Refer to figure 4-14. Panel (d) shows which of the following

a decrease in quantity demanded and a decrease in supply

Refer to figure 2-11. Which of the following would most likely have caused the ppf to shift outward from A to B

a general technological advance

Refer to figure 4-14. Which of the four panels represents the market for cars as a result of the adoption of new technology on assembly lines

panel c

Refer to figure 4-14. Which of the four panels illustrates a decrease in quantity demanded

panel d

Refer to figure 4-14. Which of the four panels represents the market for peanut butter after a major hurricane hits the peanut-growing south

panel d

Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $6 and $12. Then, when the price increases from $8 to $10

the percent decrease in the quantity demanded exceeds the percent increase in the price.

Refer to figure 3-4. If Perry and Jordaneach divides their time equally between writing novels and writing poems, then total production is

three novels and twelve poems

Refer to figure 3-4. If jordan must work three months to write each novel, then her ppf is based on how many months of work

twelve months

Refer to figure 3-4. If Perry and Jordan both spend all of their time writing poems, then total production is

twenty-four poems

Refer to figure 3-4.Suppose Perry is willing to trade four poems to Jordan for each novel that Jordan writes and sends to Perry. Which of the following combinations of novels and poems could Jordan then consume, assuming Jordan specializes in novel production and Perry specializes in poem production

two novels and eight poems

Refer to Figure 5-13. Using the midpoint method, what is the price elasticity of supply between points D and G?

0.53

Refer to Figure 4-12. If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $4 is

12 units

Refer to figure 3-2. If the production possibilities frontier shown is for one month of production, then which of the following combinations of emeralds and rubies could Peru produce in a given month?

2 emeralds and 180 rubies

Refer to figure 3-2. Suppose Madagascar is willing to trade 40 rubies to Peru for each emerald that Peru produces and sends to Madagascar. Which of the following combinations of emeralds and rubies could Peru then consume, assuming Peru specializes in emerald production

2 emeralds and 240 rubies

Refer to Figure 5-13. Using the midpoint-method, what is the price elasticity of supply between

2.33

Refer to table 5-5. Using the midpoint method, what is the income elasticity of demand for good X?

3.5

Refer to figure 2-5. If the economy devotes all of its resources to the production of bananas, then it will produce

300 bananas and 0 baseballs

Refer to figure 4-10. At a price of $25, then quantity demanded and quantity supplied, respectively, are

500 and 800

Refer to figure 3-2. Suppose Peru decides to increase its production of emeralds by two. What is the opportunity cost of this decision?

60 rubies

Refer to Figure 2-1. which arrow represents the flow of spending by households

A

Refer to Figure 2-1. Julio buys a new pair of shoes at the shoe store. To which of the arrows does this transaction directly contribute

A and B

Refer to Figure 4-4. The graphs show the demand for beef. In panel (a), the arrows are consistent with which of the following events?

A tax was placed on beef

Refer to figure 5-10. If rectangle D is larger that Rectangle A, then

All of the above (ch5 q15)

Refer to Figure 2-1. Which arrow represents the flow of goods and services?

B

Refer to figure 5-10. Total revenue when the price is P1 is represented by the areas

B+D

Refer to figure 2-2. If box A of this circular flow diagram represents firms, then which box represents households?

Box B only

Refer to Figure 2-1. which arrow represents the flow of land, labor, and capital

C

Which of the following is an illustration of the market for the original paintings bh Vincent Van Gough

C

Refer to Figure 2-1. Enid completes her first week of employment working as a hairdresser at a salon. On Friday of that week, she recieves her first paycheck. to which of the arrows does this transaction directly contribute

C and D

Refer to Figure 2-1. Which arrow represents the flow of income payments

D

Refer to figure 3-4. Which of the following is NOT correct

Perry and Jordan could each consume two novels and six poems without trade

Refer to figure 3-2. The fact that the line slopes downward reflects the fact that

Peru faces a trade-off between producing emeralds and producing rubies

Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for golf balls of an increase in green fees?

Point C to Point B

Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for paper napkins as a result of a "Go Green" advertising campaign encouraging people to use cloth napkins

Point C to Point B

Refer to table 4-6. If both members abd nonmembers are allowed go purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $20, then there will be

a shortage of 300 tickets

Refer to table 4-6. If botb members and nonmembers are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket prive at $30, then there will be

a surplus of 300 tickets

Refer to figure 4-10. At a price of $15,

all of the above

Refer to figure 4-14. Panel (a) shows which of the following

an increase in demand and an increase in quantity supplied

Refer to figure 4-14. Panel (c) shows which of the following

an increase in quantity demanded and an increase in supply

Refer to Figure 4-6. The movement from point A to point B on the graph represents

an increase in the price of the good that is being supplied and suppliers' response to that price change

Refer to Figure 5-13. Along which of these segments of the supply curve is supply most elastic?

between A and B

Refer to Figure 5-13. Along which of these segments of the supply curve is supply least elastic?

between G and H

Refer to scenario 5-2. The equilibrium quantity will

decrease in the aged cheddar cheese market and decrease in the bread market

Refer to Scenario 5-2. The equilibrium price will

decrease in the aged cheddar cheese market and increase in the bread market.

Refer to scenario 5-3. The equilibrium price will

decrease in the milk market and decrease in the beef market

Refer to scenario 5-3. The equilibrium quantity will

decrease in the milk market and decrease in the beef market

Refer to figure 5-11. An increase in price from $30 to $35 would

decrease total revenue by $250

Refer to figure 2-13. The curves shown are

demand curves

Refer to figure 2-10. The shift of the ppf from A to B illustrates

economic growth

Refer to figure 2-11. The shift of the ppf from A to B can best me described as

economic growth

Refer to figure 5-11. When price falls from $50 to $40, it can be inferred that demand between those two prices is

elastic because the total revenue increases from $5000 to $8000

Refer to Figure 5-4. The section of the demand curve from A to B represents the

elastic section of the demand curve

Refer to figure 5-7. For prices above $8, demand is price

elastic, and total revenue will fall as price rises

Refer to figure 5-4. Suppose the point labeled B is the "halfway point" on the demand curve and it corresponds to a price of $5.00. Then between prices of $4.99 and $5.01, the price elasticity of demand is

equal to 1

At the price of $20, which of these statements is not correct?

equilibrium price is equal to equilibrium quantity

Refer to figure 4-10. If the price is $25, then there would be an

excess supply of 300 and price would fall

Refer to figure 3-2. If the production possibilities frontier shown is for forty hours of production, then how long does it take Peru to make one emerald

five hours

Refer to Figure 2-2. If the outer loop of this circular-flow diagram represents flows of dollars, then the inner loop includes

flows of inputs from households to firms.

Refer to figure 2-2. Alisha regularly buys friits and vegtables at a grocery store. Santo regularly pays a lawn-care company to mow his lawn. If the flow of fruits and vegtables from the grocery store to Alisha is represented by an arrow from Box C to Box B of this circulat-flow diagram, then the money paid by Santo to the lawn-care company is represented by an arrow

from box B to box C

Refer to Figure 2-2. Malika works as an attorney for a corporation and is paid a salary in exchange for the legal services she performs. Jarel owns office buildings and rents his buildings to companies in exchange for rent payments. If Malika's income is represented by a flow of dollars from Box D to Box B of this circular-flow diagram, then Jarel's income is represented by a flow of dollars

from box B to box D

Refer to figure 4-14. Which of the four panels illustrates an increase in quantity demanded

panel c

Refer to figure 5-11. An increase in price from $20 to $30 would

increase total revenue by $1000

Refer to Figure 5-4. The section of the demand curve from B to C represents the

inelastic section of the demand curve

Refer to figure 5-7. For prices below $6, demand is price

inelastic, and total revenue will rise as price rises

Refer to figure 4-6. The movement from point A to point B on the graph

is an increase in the quantity supplied

Refer to figure 3-4. Perry has an absolute advantage in the production of

neither good and Jordan has an absolute advantage in the production of novels

Refer to figure 2-5. If this economy moves from pount A to point B, then which of the following statements is correct

none of the above

Refer to figure 3-4. Jordan should specialize in the production of

novels

Refer to figure 3-2. If the production possibilities frontier shown is for forty hours of production, then how long does it take Peru to make one Ruby

one-sixth hour

Refer to figure 4-14. Which of the four panels illustrates an increase in quantity supplied

panel a

Refer to figure 4-14. Which of the four panels represents the market for pizza delivery in a college town as we go from summer to the beginning of the fall semester

panel a

Refer to figure 4-14. Which of the four panels illustrates a decrease in quantity supplied

panel b

Refer to figure 4-14. Which of the four panels represents the market for winter coats as we progress from winter to spring

panel b

Refer to figure 3-4. Perry has a comparative advantage in the production of

poems and Jordan has a comparative advantage in the production of novels

Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for orange juice of an announcement by the American Dental Association that Orange Juice erodes tooth enamel

point C to point B

Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $8 and $16. Then, when the přice changes between $9 and $10,

quantity demanded changes proportionately, more than the price.

Refer to Figure 4-15. At a price of $15, there would be a

shortage of 400 units

Refer to figure 4-10. If the price is $10, then there would be a

shortage of 600 and price would rise

Refer to figure 3-4. The opportunity cost of one novel for perry is

six poems

Refer to Figure 4-15. At a price of $35, there would be a

surplus of 400 units

Refer to Figure 2-10. Which of the following events would explain the shift of the ppf from A to B

the economy experienced a technological advance applicable only to batteries

Refer to figure 2-2. If box C of this circular-flow diagram represents the goods market, then box D represents

the factor market

Refer to Figure 2-2. If the flow of goods and services is part of what is represented by the inner loop of this circular-flow diagram, then

the flow of factors of production is also part of what is represented by the inner loop. represented by

Refer to figure 3-4. If the ppfs shown are each for one year of writing, the which of the following combinations of novels and poems could perry and Jordan together write in a given year

two novels and eighteen poems

Refer to figure 3-4. If the production possibilities frontiers shown are each for one year of writing, then which of the following combinations of novels and poems could perry and jordan together not write on a given year

two novels and twenty poems

Refer to figure 2-5. A movement from point C to point D could be caused by

unemployment

Refer to figure 2-5. The opportunity cost of this economy moving from point D to point B is

zero