the point where supply and demand meet

| November 24, 2016

Question 1 (Multiple Choice Worth 2 points) [01.06] Equilibrium price is the point where supply and demand meet. average price for all brands of the same product. price the government sets for a product. price charged for products of equal quality. Question 2 (Multiple Choice Worth 2 points) [01.06] When the public learned of the connection between too much sun exposure and skin cancer, the demand curve for sunscreen shifted to the left. shifted to the right. stayed the same. became equal to zero. Question 3 (Multiple Choice Worth 2 points) [03.01] Joseph Unahue made his fortune in men’s professional attire. digital technology. food distribution. stock options. Question 4 (Multiple Choice Worth 2 points) [04.04] The monetary policy tool in use on a daily basis is tax law. the discount rate. the reserve requirement. open market operations. Question 5 (Multiple Choice Worth 2 points) [04.04] This image is a graph with “time” along the x-axis and “real GDP” along the y-axis. A horizontal wavy line extends across the graph. The highest point on the line has a label “B.” The downward slope has a label “A.” The lowest point on the line has a label “C.” The upward slope has a label “D.” Use this image to answer the following question. When the economy is operating at point C, the Federal Reserve is most likely to follow expansionary fiscal policy. contractionary fiscal policy. expansionary monetary policy. contractionary monetary policy. Question 6 (Multiple Choice Worth 2 points) [03.05] Business revenue is money collected through product sales. money a firm must pay for production. taxes a firm must pay to the government. taxes collected by the government. Question 7 (Multiple Choice Worth 2 points) [03.04] Which of the following is not an example of nonprice competition? sales promotions product innovation improving customer service charging less than other firms Question 8 (Multiple Choice Worth 2 points) [04.02] You are a member of Congress discussing the minimum wage. Unemployment is rising out of control and applications for government assistance are at an all-time high. The public demands immediate action. You should recommend postponing the issue to see if conditions improve without intervention. keeping the minimum wage at its current level. lowering the minimum wage. raising the minimum wage. Question 9 (Multiple Choice Worth 2 points) [04.02] This image is a graph with “price” labeling the y-axis and “quantity” labeling the x-axis. Two curves intersect on the graph, one upward sloping and the other downward sloping. Two horizontal axes are highlighted, one above the intersection point of the curves with the label “A,” and one below the intersection point of the curves with the label “B.” Use this image to answer the following question. In the diagram, what will happen if the government sets the price for potatoes at point B? There will be a shortage of potatoes. There will be a surplus of potatoes. The price of potatoes will rise to meet equilibrium. The price of potatoes will fall to meet equilibrium. Question 10 (Multiple Choice Worth 2 points) [05.02] Competition is the driving force behind innovation and growth in a market economy. traditional economy. demand economy. command economy. Question 11 (Multiple Choice Worth 2 points) [05.02] In a command economy, who determines what to produce? individuals government businesses stockowners Question 12 (Multiple Choice Worth 2 points) [03.06] Graph shows number of workers along the horizontal axis and wages along the vertical axis. Coordinates are plotted to indicate a downward-sloping diagonal line (D1) with a centerpoint at A. A second downward sloping line (D2) is graphed with a centerpoint at B. An upward-sloping line intersects with both D1 and D2 at point A and B. Use this image to answer the following question. If the demand for labor moves from D2 to D1, worker wages will increase. decrease. stay the same. reflect inflation. Question 13 (Multiple Choice Worth 2 points) [05.01] Adam Smith would most likely oppose a plan for reducing taxes on the largest corporations. government bailouts for failing corporations. eliminating barriers to trade with other countries. setting a minimum wage for all workers in the country. Question 14 (Multiple Choice Worth 2 points) [04.01] A graph of the business cycle over time most resembles a roller coaster. flat plain. ladder. circle. Question 15 (Multiple Choice Worth 2 points) [06.04] A decision-making model is useful because it forces you to make a visual representation of your choices. focuses your energy only on the simplest of solutions. helps you to see all the possible outcomes of a choice. heightens awareness of different problems to tackle. Question 16 (Multiple Choice Worth 2 points) [05.05] The United States may have a tariff on cotton products from China in order to prevent Chinese manufacturers from losing profit because of low prices. protect the business of the American cotton growers and manufacturers. express a political statement to the Chinese about their economic policies. promote sales in the United States of cotton products from China. Question 17 (Multiple Choice Worth 2 points) [03.04] A monopoly is a market for a good or service that has few competitive firms. is perfectly competitive. has one buyer. has one seller. Question 18 (Multiple Choice Worth 2 points) [03.04] A cost of a purely competitive market is that buyers lack product information. buyers are victim to artificially high prices. sellers have little to no price control. sellers must spend a great deal on advertising. Question 19 (Multiple Choice Worth 2 points) [05.06] If the Consumer Price Index increases by 10%, then the inflation rate is -10% 10% -1/10% 1/10% Question 20 (Multiple Choice Worth 2 points) [06.01] Box labeled ‘Government’ has a downward arrow labeled A that feeds into a box labeled ‘Product Market’ and a downward arrow labeled D that feeds into a box labeled ‘Household.’ Box labeled ‘Household’ has a downward arrow labeled B that feeds into the box labeled ‘Product Market,’ a downward arrow labeled O that feeds into a box labeled ‘Financial Markets,’ and an upward arrow labeled E that feeds into the box labeled ‘Government.’ Box labeled ‘Product Market’ has an upward arrow labeled C that feeds into the box labeled ‘Household,’ a downward arrow labeled F that feeds into the box labeled ‘Rest of the World,’ and a downward arrow labeled H that feeds into a box labeled ‘Business Firms.’ Box labeled ‘Financial Markets’ has a downward arrow labeled M that feeds into a box labeled ‘Rest of the World,’ a downward arrow labeled L that feeds to the box labeled ‘Business Firms,’ and an upward arrow labeled P that feeds into the box labeled ‘Government.’ Box labeled ‘Rest of the World’ has an upward arrow labeled Q that feeds into the box labeled ‘Financial Markets’ and an upward arrow labeled I that feeds into the box labeled ‘Product Market.’ Box labeled ‘Factor Market’ has a downward arrow labeled K that feeds into the box labeled ‘Business Firms’ and an upward arrow labeled J that feeds into the box labeled ‘Household.’ Box labeled ‘Business Firms’ has an upward arrow labeled N that feeds into the box labeled ‘Factor Market’ and an upward arrow labeled G that feeds into the box labeled ‘Product Market’. Use this image to answer the following question. In this diagram, which flow direction could represent foreign investors purchasing stock in U.S. companies? F M P Q Question 21 (Multiple Choice Worth 2 points) [01.07] Your friend says your car is worth about a dollar. Your friend is using money as a standard. store of value. medium of exchange. measure of value. Question 22 (Multiple Choice Worth 2 points) [06.02] An automobile company is building a new factory in your town. What may be a positive externality of this event? noise from the machines in the factory and workers better schools from increase in property tax revenue reduction of contaminants in the local water supply improvement in the level of pollutants in the air Question 23 (Multiple Choice Worth 2 points) [06.02] An automobile company shuts down a factory, forcing hundreds of workers into unemployment. The positive externality is that the factory is unable to remove the factory machines. property is now an idle piece of land with no income. workers must apply for government income assistance. some people will enter school to train for a new career. Question 24 (Multiple Choice Worth 2 points) [05.08] The United States enjoys a comparative advantage in coffee. bananas. cocoa. corn. Question 25 (Multiple Choice Worth 2 points) [04.03] The Federal Reserve utilizes monetary policy to determine members of the Board of Governors. impact the money supply. control consumers. gain publicity. Question 26 (Multiple Choice Worth 2 points) [04.05] A goal of fiscal policy is economic growth. recession expansion. increase money supply. reserving currency. Question 27 (Multiple Choice Worth 2 points) [04.05] An example of fiscal policy is the Federal Reserve increasing the discount rate. the Federal Reserve conducting open market operations. Congress approving an increase in the income tax. Congress approving an increase in the discount rate. Question 28 (Multiple Choice Worth 2 points) [05.06] A Chinese international salesperson may worry about decreasing inflation in the United States because the inflation may increase the United States’ supply of Chinese products. decrease tariffs on Chinese products sold to the United States. increase taxes on the United States’ products sold to China. reduce the United States’ demand for Chinese products. Question 29 (Multiple Choice Worth 2 points) [03.06] Which is the least profitable investment for a game shop earning a $2 profit from every game sold? vehicle with $120 daily operating cost, delivering 80 games per day inventory software with $10 daily operating cost, saving 30 games per day from theft game cleaning system with $5 daily operating cost, increasing sales by 15 games per day electronic billboard with $20 daily operating cost, increasing sales by 20 games per day Question 30 (Multiple Choice Worth 2 points) [02.04] The image shows a pie graph with four sections. Section A is 20% of the graph. Section B is 10% of the graph. Section C is the smallest, with 5% of the graph. Section D is the largest, with 65% of the graph. Use this image to answer the following question. Assume that the blue section (D) of the chart stands for stocks and the red (A) for mutual funds. This would most likely represent the portfolio of a young investor. middle-aged investor. nearly-retired investor. elderly investor. Question 31 (Multiple Choice Worth 2 points) [01.03] You choose to complete your homework rather than watch television so that you can earn a good grade. You made the choice with the lowest opportunity cost. demand. scarcity. benefit. Question 32 (Multiple Choice Worth 2 points) [01.03] Which of the following forces us to make choices? opportunity cost scarcity demand money Question 33 (Multiple Choice Worth 2 points) [02.03] Sales tax is an example of a proportional tax. income tax. progressive tax. regressive tax. Question 34 (Multiple Choice Worth 2 points) [04.05] Which plan would most quickly correct a budget deficit worth 15% of total spending? Increase spending on employment programs by 10%. Reduce spending on all government programs by 5%. Reduce the four largest spending categories by 20%. Increase income taxes for all Americans by 5%. Question 35 (Multiple Choice Worth 2 points) [03.03] Two antique shop owners may choose to create a partnership most likely to be able to increase their store hours. sell stock shares in their antiques. enable each partner to have time off. hire more employees. Question 36 (Multiple Choice Worth 2 points) [04.02] An example of a natural monopoly product is electricity service. an automobile. a grocery store. gasoline. Question 37 (Multiple Choice Worth 2 points) [02.04] You saved three months’ pay in case of an emergency. The best way to store the money is under the bed. a savings account. a certificate of deposit. a mutual fund. Question 38 (Multiple Choice Worth 2 points) [03.02] Your friend wants to open a hamburger stand. A necessary entrepreneurial resource is a truck. ground beef. grill. cooking skills. Question 39 (Multiple Choice Worth 2 points) [05.03] A high unemployment rate indicates low economic growth. security. freedom. efficiency. Question 40 (Multiple Choice Worth 2 points) [02.06] A credit card balance represents a debt owed to a creditor. interest payments on a purchase. cost of living. a low-interest loan. Question 41 (Essay Worth 10 points) [05.04] In a minimum of two paragraphs, explain why trade occurs because of comparative advantage, using a minimum of at least two specific countries and products as examples. Question 42 (Essay Worth 10 points) [05.07] In a minimum of two paragraphs, discuss the two countries you researched for your Module Five Project and the success or challenges for each in meeting the economic goals of equity, freedom, security, growth, and stability.

Get a 30 % discount on an order above $ 50
Use the following coupon code:
COCONUT
Order your essay today and save 30% with the discount code: COCONUTOrder Now
Positive SSL