Homework Answers
If the demand in the market is increasing and the consumer are willing to buy more then the producer will produce more and for that they will increase the price and that will cause a demand pull inflation.
The answer is "B" increase the price and cause demand pull inflation.
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If the economy is producing at capacity and consumers are willing and able to buy more...
9. Suppose that an economy is currently producing at a point inside its PPF. We know...
9. Suppose that an economy is currently producing at a point inside its PPF. We know that: a. The economy is producing beyond its capacity, so inflation will occur b. The economy is not using all of its available resources c. The economy is producing an efficient combination of goods d. There will be a large opportunity cost if the economy tries to increase production of any good _____ 10. Production possibility frontiers are usually shown as bowed outward. This...
Match the quadrant letter of the economy with the description/diagnosis. Beware of "incorrect" descriptions! Column A...
Match the quadrant letter of the economy with the
description/diagnosis. Beware of "incorrect" descriptions!
Column A
1.
Area "A":
2.
Area "B":
3.
Area "C":
4.
Area "D":
5.
Area "E":
Column B
a.This area represents low prices and lots of growth and jobs.
Unattainable but a good goal.
b.In a Keynesian perspective, the economy is in a recessionary
gap. Firms are hurting but can't smoothly lower costs. Prices are
stuck while GDP falls. Firms will go out of...
ity of a good that suppliers are willing and able to: mpetition is reduced. chedule shows...
ity of a good that suppliers are willing and able to: mpetition is reduced. chedule shows the specific que market when competition is The spy schedule she to the definition of capital? demand at Warious prices hal hack from the marker provide at different prices d police at various costs. * Which of the following is closest to th 2 cande ent, means of transportation candd Taos equipment, means Factories and machinery. & Bomowed money. of he classified as a...
As prices rise, a fixed money supply will be able to buy fewer goods and services....
As prices rise, a fixed money supply will be able to buy fewer goods and services. This real balance effect is due to a(n) reduction in the interest rate. Increase in aggregate demand Decline in the purchasing power of the fixed quantity of money. Increase in income. The international substitution effect exists because a Higher price level will reduce interest rates and stimulate foreign investment. Lower price level will make domestically produced goods less expensive relative to foreign goods. Higher...
Question 1) Suppose the economy is operating at both short-run and long-run equilibrium. Suppose consumers’ wealth incre...
Question 1) Suppose the economy is operating at both short-run and long-run equilibrium. Suppose consumers’ wealth increases, and they begin spending more on Tide Pod laundry detergent for entertainment purposes. Draw the graphs and shifts for the following questions and provide the specific mechanisms and channels. a) What happens in the short run to both the aggregate price level and aggregate output when this shock occurs? b) What will happen in the long run to both aggregate price level and...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
A demand curve slopes downward because: people are only willing to buy more at lower prices....
A demand curve slopes downward because: people are only willing to buy more at lower prices. when people buy more, sellers lower the price. when prices are lower, people think the good is inferior. people want to buy more at higher prices. Which of the following correctly describes market equilibrium? Quantity supplied is equal to quantity demanded. Supply is equal to demand. There may be a shortage. There may be a surplus. От Consider a market that is in equilibrium....
40. Inflation initiated by increases in wages or other resource prices is labeled A) demand-pull inflation....
40. Inflation initiated by increases in wages or other resource prices is labeled A) demand-pull inflation. B) cost-pull inflation. - C) cost-push inflation. D) pull-cost inflation. 1. Cost-push inflation: A) is caused by too little total spending B) moves the nation's production possibilities curve leftward. C) moves the economy outward from its production possibilities curve. D) moves the economy production possibilities curve rightward. - Cost-push inflation may be caused by: A) a decline in per unit production costs. B) an...
11) In 1998, ______________________ were over 8 times more likely to be unemployed as white adult...
11) In 1998, ______________________ were over 8 times more likely to be unemployed as white adult males. black females black teenagers white teenagers female Hispanics (12) Many economists theorize that the non-accelerating inflation rate of unemployment has declined over time. Which of the following factors could economists use to help explain why the NAIRU fell? Decreased immigration The transition away from a service economy toward an agricultural economy The lingering effects of the spikes in oil prices...
Imagine an economy where consumers always buy goods in rigid proportions---for example, one yard ...
Imagine an economy where consumers always buy goods in rigid proportions---for example, one yard of cloth for every pound of food---regardless of the prices of the two goods. Continue to assume that the PPF is the usual one, being concave towards the origin. (a) Use a diagram of the PPF and indifference curves to show whether an improvement in the terms of trade benefits this economy just like in the more general case with substitution between goods for the consumers....
Match the quadrant letter of the economy with the
description/diagnosis. Beware of "incorrect" descriptions!
Column A
1.
Area "A":
2.
Area "B":
3.
Area "C":
4.
Area "D":
5.
Area "E":
Column B
a.This area represents low prices and lots of growth and jobs.
Unattainable but a good goal.
b.In a Keynesian perspective, the economy is in a recessionary
gap. Firms are hurting but can't smoothly lower costs. Prices are
stuck while GDP falls. Firms will go out of...
ity of a good that suppliers are willing and able to: mpetition is reduced. chedule shows the specific que market when competition is The spy schedule she to the definition of capital? demand at Warious prices hal hack from the marker provide at different prices d police at various costs. * Which of the following is closest to th 2 cande ent, means of transportation candd Taos equipment, means Factories and machinery. & Bomowed money. of he classified as a...
The basic difference between macroeconomics and microeconomics is: a. microeconomics concentrates on individual markets while macroeconomics focuses primarily on international trade b. microeconomics concentrates on the behaviour of individual consumers while macroeconomics focuses on the behaviour of firms. c. microeconomics concentrates on the behaviour of individual consumers and firms while macroeconomics focuses on the performance of the entire economy. d. microeconomics explores the causes of inflation while macroeconomics focuses on the causes of unemployment. 5. Scarcity implies that: a consumers...
A demand curve slopes downward because: people are only willing to buy more at lower prices. when people buy more, sellers lower the price. when prices are lower, people think the good is inferior. people want to buy more at higher prices. Which of the following correctly describes market equilibrium? Quantity supplied is equal to quantity demanded. Supply is equal to demand. There may be a shortage. There may be a surplus. От Consider a market that is in equilibrium....
40. Inflation initiated by increases in wages or other resource prices is labeled A) demand-pull inflation. B) cost-pull inflation. - C) cost-push inflation. D) pull-cost inflation. 1. Cost-push inflation: A) is caused by too little total spending B) moves the nation's production possibilities curve leftward. C) moves the economy outward from its production possibilities curve. D) moves the economy production possibilities curve rightward. - Cost-push inflation may be caused by: A) a decline in per unit production costs. B) an...
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