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intermediate microeconomics
Microeconomics 10th Edition Stephen Slavin - Solutions
Equilibrium price is about $ . ( LO3 )
When the supply of money falls, interest rates. ( LO7 )
What happens to interest rates when the demand for money rises? . ( LO3 , 7 )
Interest rates are set by and. ( LO3 , 7 )
Price fl oors and price ceilings are set by . ( LO5 , 6 )
If supply falls and demand remains the same, equilibrium price will , and equilibrium quantity will . ( LO3 )
Shortages are associated with price ;surpluses are associated with price. ( LO5 , 6 )
As price is lowered, quantity supplied. ( LO3 )
Equilibrium price is always determined by and . ( LO3 )
If quantity supplied were greater than quantity demanded, market price would . ( LO3 )
If supply rises and demand stays the same, equilibrium price will , and equilibrium quantity will . ( LO3 )
If demand falls and supply stays the same, equilibrium price will , and equilibrium quantity will . ( LO3 )
The best way to eliminate gas lines would be to. ( LO7 )a) impose government price ceilingsb) impose government price fl oorsc) allow the forces of supply and demand to functiond) put price gougers into jail
Usury laws and rent control are examples of. ( LO5 , 6 )a) price fl oorsb) price ceilingsc) rationingd) the law of supply and demand
If the government set a price ceiling of 25 cents for a loaf of bread, the most likely consequence would be. ( LO5 , 6 , 7 )a) a surplus of breadb) no one would go hungryc) most Americans would put on weightd) a shortage of bread
At a market price of $42, there is . ( LO5 , 6 )a) a shortageb) a surplusc) both a shortage and a surplusd) neither a shortage nor a surplus
At a market price of $47, there is . ( LO5 , 6 )a) a shortageb) a surplusc) both a shortage and a surplusd) neither a shortage nor a surplus
When quantity demanded is greater than quantity supplied, there . ( LO5 , 6 )a) is a shortageb) is a surplusc) may be either a shortage or a surplusd) may be neither a shortage nor a surplus
As price rises, . ( LO1 , 2 )a) quantity demanded and quantity supplied both riseb) quantity demanded and quantity supplied both fallc) quantity demanded rises and quantity supplied fallsd) quantity demanded falls and quantity supplied rises
A decrease in demand while supply remains unchanged will lead to . ( LO3 )a) an increase in equilibrium price and quantityb) a decrease in equilibrium price and quantityc) an increase in equilibrium price and a decrease in equilibrium quantityd) a decrease in equilibrium price and an increase in
An increase in supply while demand remains unchanged will lead to . ( LO3 )a) an increase in equilibrium price and a decrease in equilibrium quantityb) a decrease in equilibrium price and a decrease in equilibrium quantityc) an increase in equilibrium price and an increase in equilibrium quantityd)
If the price system is allowed to function without interference and a shortage occurs, quantity demanded will and quantity supplied will as the price rises to its equilibrium level. ( LO5 , 6 )a) rise, riseb) fall, fallc) rise, falld) fall, rise
Usury laws tend to . ( LO5 , 6 )a) create a shortage of loanable fundsb) create a surplus of loanable fundsc) make it easier to obtain creditd) have no effect on the amount of loanable funds available
If the equilibrium price of corn is $3 a bushel, and the government imposes a fl oor of $4 a bushel, the price of corn will . ( LO5 , 6 , 7 )a) increase to $4b) remain at $3c) rise to about $3.50d) be impossible to determine
Gas lines in the 1970s were caused by . ( LO5 , 6 )a) price fl oorsb) price ceilingsc) both price fl oors and price ceilingsd) neither price fl oors nor price ceilings
Market price may not reach equilibrium if there are . ( LO5 , 6 )a) both price ceilings and price fl oorsb) neither price ceilings nor price fl oorsc) only price ceilingsd) only price fl oors
In Figure 1 , if market price were $140, there would be . ( LO5 , 6 )a) a shortageb) a surplusc) neither a shortage nor a surplus
In Figure 1 , if market price were $110, there would be . ( LO5 , 6 )a) a shortageb) a surplusc) neither a shortage nor a surplus
A demand schedule is determined by the wishes and abilities of . ( LO1 )a) sellersb) buyersc) buyers and sellersd) neither sellers nor buyers
Market price equilibrium price. ( LO3 )a) must always be equal tob) must always be abovec) must always be belowd) may be equal to
At equilibrium, quantity demanded is equal to quantity supplied. ( LO3 )a) sometimesb) alwaysc) never
When market price is above equilibrium price,. ( LO3 )a) market price will riseb) equilibrium price will risec) market price will falld) equilibrium price will fall
What happens to quantity demanded when price is raised? ( LO3 )a) It rises.b) It falls.c) It stays the same.d) It cannot be determined if it rises, falls, or stays the same.
What happens to quantity supplied when price is lowered? ( LO3 )a) It rises.b) It falls.c) It stays the same.d) It cannot be determined if it rises, falls, or stays the same.
When quantity demanded is greater than quantity supplied, . ( LO3 )a) market price will riseb) market price will fallc) market price will stay the same
At equilibrium price, quantity demanded is. ( LO3 )a) greater than quantity suppliedb) equal to quantity suppliedc) smaller than quantity supplied
When supply rises and demand stays the same,. ( LO3 )a) equilibrium quantity risesb) equilibrium quantity fallsc) equilibrium quantity stays the same
When demand rises and supply stays the same,. ( LO3 )a) equilibrium quantity risesb) equilibrium quantity declinesc) equilibrium quantity stays the same
Practical Application : Urban highways are usually very congested during morning and evening commuting times. Using supply and demand analysis, what simple step could be taken to greatly reduce congestion?
a. As the price of theater tickets rises, what happens to the quantity of tickets that people are willing to buy? Explain your answer.b. As the price of theater tickets rises, explain what happens to the quantity of tickets that people are willing to sell. Explain your answer.
could be described as a merger of state and corporate power . ( LO6 )
When you drive, rather than walk or take public transportation, you incur social costs such as. ( LO4 )
Painting the outside of your house and planting a garden in your front yard are to your neighbors. ( LO4 )
Defense spending and police protection are examples of . ( LO4 , 5 )
Adam Smith believed that if people set out to promote the public interest, they will not do nearly as much good as they will if they . ( LO2 )
The invisible hand is generally associated with(a) the and (b) . ( LO2 )
An individual can build up his/her capital. ( LO2 )a) by working longer hours onlyb) by cutting back on consumption onlyc) by both cutting back on consumption and working longer hoursd) only by borrowing
Capital comes from . ( LO2 , 6 )a) goldc) high consumptionb) savingsd) the government
The main reason the American farmer can produce more than the farmer in China is that he. ( LO1 , 6 )a) has more landc) has more laborb) has more capitald) is better trained
The strongest indictment of the capitalist system was written by . ( LO7 )a) Adam Smithc) Rose D. Cohenb) John Maynard Keynesd) Karl Marx
The strongest criticism of Sweden’s economic system has been that . ( LO7 )a) it provides too many benefi tsb) its taxes are too highc) its taxes are too lowd) it doesn’t provide enough benefi ts
Fascism peaked in the . ( LO7 )a) 1920sc) 1940sb) 1930sd) 1950s
The fi ve-year plan had been the main economic plan of . ( LO7 , 8 )a) the United Statesc) Nazi Germanyb) Swedend) the Soviet Union
The price mechanism is least important under. ( LO2 , 7 )a) capitalismc) fascismb) socialismd) communism
Private ownership of most of the means of production is common to . ( LO7 )a) capitalism and communismb) capitalism and fascismc) capitalism and socialismd) fascism and communism
Wages, rent, interest, and profi ts fl ow from. ( LO3 )a) business fi rms to householdsb) households to business fi rmsc) business fi rms to the governmentd) the government to business fi rms
The pilgrims who settled Plymouth, Massachusetts, concluded that . ( LO2 )a) only a social society of collective ownership would make economic senseb) a capitalist society with large industrial corporations would make economic sensec) private ownership worked better than collective ownershipd) from
In the United States, nearly all resources are owned by . ( LO1 )a) the governmentc) individualsb) business fi rmsd) foreigners
Which one of the following would be the best public policy? ( LO4 )a) Zero tolerance for pollution.b) Allow private business fi rms to curb their own pollution.c) Provide business fi rms with incentives to curb their pollution.d) Hold economic growth to a minimum until pollution levels are reduced
Adam Smith believed people are guided by all of the following except . ( LO2 )a) the profi t motivec) the public goodb) self-interestd) the invisible hand
Which is the most accurate statement? ( LO1 , 9 )a) No country could be classifi ed as having a communist economic system.b) It could be argued that every nation has a mixed economy.c) The United States is basically a socialist economy.d) The Chinese economy is evolving away from capitalism and
Our economy does a very good job with respect to. ( LO2 )a) both equity and effi ciencyb) equity, but not effi ciencyc) effi ciency, but not equityd) neither equity nor effi ciency
Which does not fi t with the others? ( LO2 )a) competitionb) government planning and regulationc) the invisible handd) the price mechanism
Practical Application: Conduct your own investigation of government waste. Go to Google.com, type in “government waste,” and compile a list of wasteful spending projects.
What are the three basic economic questions that all economies must answer?Describe the differences in the ways capitalism and socialism answer these questions.
If we were at point C on Figure 2 , could we quickly go to point J? ( LO6 , 9 ) 15 10 10 Units of houses M 5 C 0 10 Units of cars Figure 2 20 20 30
If we were at point M of Figure 2 , could we quickly produce substantially more houses and more cars?( LO6 , 9 ) 15 10 10 Units of houses M 5 C 0 10 Units of cars Figure 2 20 20 30
If we were at point C of Figure 2 below, could we quickly produce substantially more houses and more cars? ( LO6 , 9 ) 15 10 10 Units of houses M 5 C 0 10 Units of cars Figure 2 20 20 30
Economic growth can be attained by: ( LO9 )(1) and (2) .
Most of the time our economy is operating its production possibilities frontier. ( LO6 )
When we are effi ciently allocating our resources and using the best available technology, we are operating on our . ( LO6 , 8 )
Employment discrimination results in the of our labor force. ( LO5 )
List some constraints on our labor force that prevent our fully using our plant and equipment 24 hours a day, seven days a week. ( LO5 )(1) ;(2) ;and (3) .
Full employment implies an unemployment rate of about percent. ( LO5 )
The law of diminishing returns, diseconomies of scale, and factor suitability each provide an explanation for the law of . ( LO7 )
The law of increasing costs states that, as the output of one good expands, . ( LO7 )
Human wants are relatively , while economic resources are relatively . ( LO2 , 3 )
The central fact of economics is (in one word). ( LO2 )
A PhD driving a cab would be considered. ( LO5 )
Which one of the following statements is the most accurate? (LO6)a) Half of all college graduates under 25 are unemployed.b) Half of all college graduates under 25 are underemployed.c) Half of all high school dropouts are underemployed.d) Despite the recession, nearly all college graduates of the
Which statement is true? (LO6)a) As our economy recovers from a recession, it moves closer to its production possibilities curve.b) When an economy moves into a recession, it slides along its production possibilities curve.c) We have never operated outside our production possibilities curve.d)
Which one of the following is the most accurate statement? (LO6, 9)a) Our economy was at full employment in 2008 and 2009.b) Our economy operated outside of its production possibilities curve in 2009 and 2010.c) Our economy is currently operating on its production possibilities curve.d) Our economy
If Figure 1 shows our production possibilities frontier during the Great Depression, at which point were we operating? ( LO6 )a) point Ab) point Bc) point Cd) point D
If Figure 1 shows our production possibilities frontier during World War II, at which point were we operating? ( LO6 )a) point Ab) point Bc) point Cd) point D
The law of increasing costs is explained by each of the following except . ( LO7 )a) the law of diminishing returnsb) diseconomies of scalec) factor suitabilityd) overspecialization
As we produce increasing amounts of a particular good, the resources used in its production. ( LO7 )a) become more suitableb) become less suitablec) continue to have the same suitability
Which statement is true? ( LO2 , 3 )a) America has always had a shortage of entrepreneurs.b) Our economic problem is that we have limited resources available to satisfy relatively unlimited wants.c) America has less economic resources today than we had 40 years ago.d) Aside from a few million poor
Miranda Bowman, a Harvard MBA, is almost defi nitely if she is working as a secretary. ( LO5 )a) unemployedb) underemployedc) both unemployed and underemployedd) neither unemployed nor underemployed
Employment discrimination is most closely related to . ( LO5 )a) specializationc) unemploymentb) technologyd) underemployment
Which is the most accurate statement? ( LO5 )a) Most Americans are underemployed.b) Employment discrimination causes underemployment of labor.c) It is impossible for an economy to operate outside its production possibilities curve.d) There is no longer employment discrimination.
Which is the most accurate statement? ( LO3 )a) Nearly every major economic innovation originated abroad and was then applied in the United States.b) The United States provides a poor environment for innovation.c) Freedom of thought, a risk-taking culture, and a noncorrupt bureaucracy have made the
The production possibilities curve represents. ( LO6 , 8 )a) our economy at full employment but not full productionb) our economy at full production but not full employmentc) our economy at full production and full employment
Underemployment means . ( LO5 )a) the same thing as unemploymentb) underutilization of resourcesc) a recessiond) slow economic growth
The full-production level of our economy implies. ( LO5 , 8 )a) an effi cient allocation of our resourcesb) zero unemploymentc) our plant and equipment being operated at 100 percent capacityd) a high unemployment rate
An economy operating its plant and equipment at full capacity implies a capacity utilization rate of . ( LO5 )a) 40 percentc) 85 percentb) 70 percentd) 100 percent
Each of the following is an example of capital except . ( LO3 )a) landc) a computer systemb) an offi ce buildingd) a factory
Which of the following is an economic resource? ( LO3 )a) goldc) laborb) scarcityd) rent
Human wants are . ( LO1 )a) relatively limitedb) relatively unlimitedc) easily satisfi edd) about equal to our productive capacity
We would not need to economize if. ( LO2 )a) the government printed more moneyb) there was no scarcityc) there was less output of goods and servicesd) everyone received a big pay increase
The word that is central to the defi nition of economics is . ( LO1 )a) resourcec) scarcityb) wantsd) capital
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