Homework Answers
1. The interest on mortgage loans is a demand shifter for new houses . Hence,option(B) is correct.
2. In the past few years ,the demand for donuts has greatly increased. This increase in demand might best be explained by change in buyers tastes .Hence,option (C) is correct .
3. Running shoes and staplers are independent goods because they are not related at all. Hence,option(D) is correct.
4. A price of pork may increase as a result of an increase in the cost of producing beef. Hence,option(B) is correct.
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Which of the following factors is a 'demand shifter for new houses? Multiple Choice O wages...
The "too big to fall" policy of the Fed, whereby some banks are bailed out if...
The "too big to fall" policy of the Fed, whereby some banks are bailed out if they are in danger of falling because they are too big and could bring the system down, leads to which of the following problems? Multiple Choice 0 adverse selection 0 O public goods externalities 0 moral hazard 0 < Prev 33 of 50 Neng > Pigovian taxes Multiple Choice are used to correct negative externalities. are a form of income tax. oo are primarily...
Cross-price elasticity of demand is rev: 05_14_2018 Multiple Choice unitary for secondary goods. positive for general...
Cross-price elasticity of demand is rev: 05_14_2018 Multiple Choice unitary for secondary goods. positive for general goods. negative for substitute goods. negative for complementary goods.
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
Which of the following will cause the demand for product (A) to decrease? Select one: O...
Which of the following will cause the demand for product (A) to decrease? Select one: O a. an increase in the price of a substitute good (5) O b. an increase in the price of complementary product (C) c. population growth that causes an expansion in the number of persons consuming (A) O d. an increase in money income if (A) is a normal good
Computation of GOP by the expenditures method would include the purchase of Multiple Choice land by...
Computation of GOP by the expenditures method would include the purchase of Multiple Choice land by the US Department of Interior. 0 O fertilizer by a former 0 cement by a construction company 0 0 government bonds by a commercial bank. < Prev 11 of 50 No > 30 || | 3 1 0 1 ; e Real gross domestic product Multiple Choice C will increase if the level of output increases О can change from one year to the...
12. A "decrease in the quantity demanded" means that a. the demand curve has shifted to...
12. A "decrease in the quantity demanded" means that a. the demand curve has shifted to the right. b. the supply curve has shifted to the left. C. price has declined and consumers therefore want to purchase more of the good. d. price has increased and consumers therefore want to purchase less of the good. 13. Which of the following pairs of goods would be most likely to be complements in consumption? a. olive oil and vegetable oil b. peanuts...
Multiple Choice QUESTION 13 A brand of dress shoes was put on sale for 20% off....
Multiple Choice QUESTION 13 A brand of dress shoes was put on sale for 20% off. This led to an increase of sale by 15%. The price elasticity of demand for this product is 1. relatively elastic 2. relatively inelastic 3. unitary elastic 4. perfectly inelastic QUESTION 14 The concept of cross-price elasticity is used to examine the responsiveness of demand 1. to changes in income 2. for one product to changes in the price of another 3. to changes...
26)What pair of goods is likely to have the largest cross-price elasticity in absolute value? Multiple...
26)What pair of goods is likely to have the largest cross-price elasticity in absolute value? Multiple Choice a)Ramen noodles and a Rolex watch b)Cross-price elasticity is always negative, and simply reported in absolute value. c)Butter and margarine d)Peanut butter and jelly 27)If the price of butter increases 5 percent and the amount of margarine purchased increases 25 percent, then the cross-price elasticity of these goods is: Multiple Choice a)0.2. b)- 0.2. c)5. d)- 5. 28)The determinants of price elasticity of...
1. A change in tastes will do which of the following? a. Shift the demand curve...
1. A change in tastes will do which of the following? a. Shift the demand curve to the right b. Result in healthier choices c. Lead to more uniform goods being produced d. Shift the demand curve 2. What are complementary goods? a. Complements are goods for which an increase in the price of one of the goods results in a decrease in the demand for the other. b. Complements are goods for which an increase in the price of...
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units....
9.When price increase from $43 to $49, quantity supplied increases from 220 units to 240 units. The price elasticity of supply in this price range is (use the Midpoint Formula): Multiple Choice a.0.3 b.0.67 c.1.5 d.3.33 10. When any change in price results in an infinite change in quantity demanded: Multiple Choice a.price elasticity of supply is zero. b.demand is perfectly elastic. c.demand is perfectly inelastic. d.price elasticity of supply is infinite. 12. Over a longer period of time: Multiple...
The "too big to fall" policy of the Fed, whereby some banks are bailed out if they are in danger of falling because they are too big and could bring the system down, leads to which of the following problems? Multiple Choice 0 adverse selection 0 O public goods externalities 0 moral hazard 0 < Prev 33 of 50 Neng > Pigovian taxes Multiple Choice are used to correct negative externalities. are a form of income tax. oo are primarily...
Quantity Refer to the diagram. Assuming equilibrium price Pl, producer surplus is represented by areas Multiple Choice O + 0 ab 0 a+c < Prev 39 of 50 !! Next > Product Minimum Actual Price Acceptable (Equilibrium Price Price) $6 $13 13 Refer to the provided table. If the equilibrium price increases, then the Multiple Choice C ) producer surplus will increase o O allocative efficiency will increase o producer surplus will decrease < Prev 38 of 50 !! Next...
Which of the following will cause the demand for product (A) to decrease? Select one: O a. an increase in the price of a substitute good (5) O b. an increase in the price of complementary product (C) c. population growth that causes an expansion in the number of persons consuming (A) O d. an increase in money income if (A) is a normal good
Computation of GOP by the expenditures method would include the purchase of Multiple Choice land by the US Department of Interior. 0 O fertilizer by a former 0 cement by a construction company 0 0 government bonds by a commercial bank. < Prev 11 of 50 No > 30 || | 3 1 0 1 ; e Real gross domestic product Multiple Choice C will increase if the level of output increases О can change from one year to the...
12. A "decrease in the quantity demanded" means that a. the demand curve has shifted to the right. b. the supply curve has shifted to the left. C. price has declined and consumers therefore want to purchase more of the good. d. price has increased and consumers therefore want to purchase less of the good. 13. Which of the following pairs of goods would be most likely to be complements in consumption? a. olive oil and vegetable oil b. peanuts...
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