Homework Answers
a leftward shift in budget line means a fall in the income or the prices or the products has increased as the person's budget has decreased and he can now afford less goods.
ans-consumers income has increased but the prices of both the products have also increased proportionately more
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A leftward shift of a consumer's budget line to a position parallel with the original one...
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and...
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and DK are parallel, which of the following changes could cause a shift from LQ to DK? A decrease in the consumer's income. A proportionate decrease in the prices of both goods. A doubling of the consumer's income and the prices of both goods. All of the above None of the above Cokes SK Hot Dogs
1. If the demand curve suddenly shifted leftward, then the supply curve will also “automatically” shift...
1. If the demand curve suddenly shifted leftward, then the supply curve will also “automatically” shift to the left. This always happens.T/F 2. U.S. government often needs taxpayer money to pay for price floors. This money is used to pay off the producers of goods or services. Price floors usually create shortages. T/F 3. If a local politician emotionally believed in their heart and mind that a minimum wage of $35 per hour was a fair wage and that it...
Question 1 (1 point) If Jeremy's budget line shifts inward in a parallel manner, what may...
Question 1 (1 point) If Jeremy's budget line shifts inward in a parallel manner, what may have happened? a) The price of one good decreases while the price of the other good stays the same. b) Jeremy has more money to spend on the two goods. C Jeremy has less money to spend on the two goods. d The price of both goods decreases by the same amount.
1. Suppose the price of a taco is $1 and the price of a soft drink...
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
Question 16(Multiple Choice Worth 1 points) In an economy with a horizontal aggregate supply curve, a...
Question 16(Multiple Choice Worth 1 points) In an economy with a horizontal aggregate supply curve, a decrease in taxes will affect price level and employment in which of the following ways? Price Level / Employment Decrease / Increase Increase / Increase Increase / Decrease Increase / No Change No Change / Decrease No Change / Increase Question 17(Multiple Choice Worth 1 points) If personal income taxes are increased, we can expect that the short-run Phillips curve will shift left. the...
Question 7 Suppose the legislature of Youngland voted to impose a protective tariff on microprocessor chips....
Question 7 Suppose the legislature of Youngland voted to impose a protective tariff on microprocessor chips. Which of the following would be true in the short run? There will be a decrease in microprocessor chip production in Youngland. There will be a decrease in supply of microprocessor chips in Youngland. There will be an increase in microprocessor chip production by foreign nations. I only. II only. III only. I and III only. II and III only. Question 13(Multiple Choice Worth...
P 8-13 Required Answer the following multiple-choice questions: Which of the following is not considered to...
P 8-13 Required Answer the following multiple-choice questions: Which of the following is not considered to be a nonrecurring itema 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect of change in accounting principle 4. Interest expense 5. None of the above. a. b. Ideally, which of these ratios will indicate the highest return for an indi 1. Return on assets 2. Return on assets variation 3. Return on investments 4. Return on total equity 5. Return on common equity...
The homeworkassignment is based on one of the ustrative test questions. Itshows how relative price changes...
The homeworkassignment is based on one of the ustrative test questions. Itshows how relative price changes combine with consumers'tastes to increase or decrease utility. For Parts A D, shows a oneline derivation of the answer. For Parts E and F, explain in one paragraph why Rachel is better off or worse off and explain in one paragraph why Jacob s better off or worse off CHANGES IN RELATIVE PRICES Recenty, the price of bread has risen from $4 to $6...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The LM curve represents A) the single level of output where the goods market is in equilibrium. B) the combinations of output and the interest rate where the goods market is in equilibrium. C) the single level of output where financial markets are in equilibrium. D) the combinations of output and the interest rate where the money market is in equilibrium. E) none of...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The...
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The LM curve represents A) the single level of output where the goods market is in equilibrium. B) the combinations of output and the interest rate where the goods market is in equilibrium. C) the single level of output where financial markets are in equilibrium. D) the combinations of output and the interest rate where the money market is in equilibrium. E) none of the...
On the budget line/indifference curve diagram (dick on it to make it bigger), if LQ and DK are parallel, which of the following changes could cause a shift from LQ to DK? A decrease in the consumer's income. A proportionate decrease in the prices of both goods. A doubling of the consumer's income and the prices of both goods. All of the above None of the above Cokes SK Hot Dogs
Question 1 (1 point) If Jeremy's budget line shifts inward in a parallel manner, what may have happened? a) The price of one good decreases while the price of the other good stays the same. b) Jeremy has more money to spend on the two goods. C Jeremy has less money to spend on the two goods. d The price of both goods decreases by the same amount.
1. Suppose the price of a taco is $1 and the price of a soft drink is $2. If Mehmet has $5, then he can buy: A) four tacos and two soft drinks B) three tacos and two soft drinks C) four tacos and one soft drink D) three tacos and one soft drink 2. Tena has $50 per week to spend on lunches. Egg rolls cost $2 each and a plate of chow mein costs $7. Tena wants to...
P 8-13 Required Answer the following multiple-choice questions: Which of the following is not considered to be a nonrecurring itema 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect of change in accounting principle 4. Interest expense 5. None of the above. a. b. Ideally, which of these ratios will indicate the highest return for an indi 1. Return on assets 2. Return on assets variation 3. Return on investments 4. Return on total equity 5. Return on common equity...
The homeworkassignment is based on one of the ustrative test questions. Itshows how relative price changes combine with consumers'tastes to increase or decrease utility. For Parts A D, shows a oneline derivation of the answer. For Parts E and F, explain in one paragraph why Rachel is better off or worse off and explain in one paragraph why Jacob s better off or worse off CHANGES IN RELATIVE PRICES Recenty, the price of bread has risen from $4 to $6...
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