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introduction to economics

Questions and Answers of Introduction To Economics

Compare positive and normative economics. Find examples from the newspaper or an Internet news site of positive and normative statements by political and community leaders.
John can produce 6 tents or 12 sleeping bags per month. Jane can produce 4 tents or 12 sleeping bags per month. If John and Jane specialize and trade according to comparative advantage, which of the
Draw two production possibilities frontier graphs. In one, illustrate the situation of unemployed resources in an economy. In the other, illustrate the impact of a reduction in available resources.
The first hour you study on Thursday night for your Friday morning Economics 101 final exam will improve your grade on the final exam from a score of 50 percent to a score of 70 percent. The next
The accompanying PPF shows possible alternative combinations of agricultural goods and education that can be produced in a given economy in a given year. a. If the economy is operating efficiently
John can produce 6 tents or 12 sleeping bags per month. Jane can produce 4 tents or 12 sleeping bags per month. Under which of the following scenarios would both parties be willing to trade? a. Jane
Suppose Ted the track team trainer can produce two outputs, fast runners (R) and strong shot putters (S). If Ted works 40 hours per week, Ted's production possibilities frontier (PPF) per season for
The accompanying table shows the production possibilities for two countries, Columbia and Bolivia, which produce natural gas and soybeans. Based on this information and assuming constant opportunity
In one year, two producers, Bjorn and Xian, can produce boats and cars according to the production possibilities given in the following table:a. Graph the production possibilities curves for the two
The table shows the production possibilities for two countries, Colombia and Bolivia, which produce natural gas and soybeans. Ceteris paribus, based on this information and assuming constant
The table shows the production possibilities for two countries, Colombia and Bolivia, which produce natural gas and soybeans. Ceteris paribus, based on this information and assuming constant
In one day, John Smith, a professional assassin, can blow up two buildings or kill five bad guys. His partner Jane can blow up four buildings or kill six bad guys in one day. John and Jane can gain
Last year Martha could grow 20 bushels of basil or 25 bushels of cilantro on each acre of land that she farmed. This spring, she discovered a free organic fertilizer that allows her to double the
Ceteris paribus, an increase in the price of Coke could be caused by a. A decrease in the demand for Coke. b. An increase in the supply of Coke. c. An increase in the demand for Coke. d. A
A perennial problem at grocery stores and shopping malls is that they tend to have too few parking spaces. Offer solutions to the problem that focus on (1) Price changes;(2) A shift in demand;(3) A
Tarantino's pizza and Mackenzie River pizza are substitute goods in Pizzatown. Ceteris paribus, if the price of Mackenzie River pizza rises, what can we expect to happen in the Pizzatown pizza
In some places it is common to see ticket scalpers, people who resell or "scalp," tickets for admission, at events such as concerts and football games. Draw a demand and supply diagram to illustrate
Suppose there is a shortage in the market for Hula-Hoops. Ceteris paribus, we would expect to observe as the market moved to equilibrium. a. The price of Hula-Hoops risingb. The price of Hula-Hoops
What is a normal good for you? How will your demand for this good change when your income rises? How will your demand for the good change when your income falls? How do your answers change if the
Suppose the demand and supply for sweatshirts are given by:a. Graph these demand and supply curves. Be sure to correctly label the axes. At what price does equilibrium occur? What quantity is traded
Netflix subscriptions and Hulu Plus subscriptions are substitutes. Ceteris paribus, if the price of Hulu Plus subscriptions falls, a. The demand for Hulu Plus subscriptions increases.b. The demand
The table shows the demand and supply of pizzas at Tarantino's, a local pizza joint. If the price of a pizza is $10, there is aa. Shortage of pizzas and the price will rise as the market moves to
The accompanying table shows the demand and supply of pizzas at Tarantino's, a local pizza joint. At what price would this market be in equilibrium?a. P = $8b. P = $10c. P = $12d. P= $14e. P = $16
The table shows the demand and supply of pizzas at Tarantino's, a local pizza joint. If the price of cheese, and input to pizzas, rises, a possible new equilibrium would be a. P = $10; Q = 600b. P =
Which of the following would shift the supply curve for cigarettes?a. A change in household incomesb. A change in the price of cigars, a substitute good in consumption but not productionc. A change
Computer printers and printer ink cartridges are complements. If the price of printers decreases, the a. Demand for ink cartridges will increaseb. Supply of ink cartridges will decreasec. Quantity
Imagine that you own a restaurant. The accompanying table shows different prices of soup and the corresponding number of bowls of soup that were purchased at your restaurant last month. At different
The following table shows the demand and supply of boxed lunch meals per day at a small local restaurant.a. Graph the demand and supply curves.b. Compute consumer surplus, producer surplus, and
Using the table in Problem 1, suppose the demand for boxed lunches falls such that Q is reduced by six lunches per day at each price. a. Describe two factors that could generate this change in
On Friday night you dream about eating donuts with chocolate frosting and sprinkles. You wake up Saturday morning with a deep hunger for donuts with chocolate frosting and sprinkles, so you head down
You have a love of cinnamon bear gummies and are willing to pay $2.00/lb for them. The equilibrium price of cinnamon bear gummies is $2.25. Will you consume cinnamon bear gummies? a. Yesb. Noc. Not
The online auction site eBay allows buyers to enter a beginning bid on an item and then automatically increment their bids upward to some maximum bid level. Sellers are allowed to enter a minimum
You have a love of cinnamon bear gummies and are willing to pay of $2.00/lb for them. The equilibrium price of cinnamon gummies is $2.25. Which of the following could generate a price where you would
Suppose that a supplier of a good knew every customer's willingness to pay for the good. Would it be possible for buyers to obtain consumer surplus in this market? Why or why not?
In the AD/AS model, a decrease in aggregate supply will cause a. An increase in GDP and an increase in the price level.b. A decrease in GDP and an increase in the price level. c. An increase in GDP
In the circular flow model,a. Households trade their income for goods and services in output markets.b. Households trade their income for goods and services in input markets.c. Businesses trade their
In the circular flow model, a. Prices in input markets are determined by the government. b. Prices in output markets are determined by the government. c. Governments engage in both the input and
The following table presents prices and quantities consumed by a typical college student.a. Assuming that the purchases in year 2010 are chosen as the relevant market basket for all years, complete
The expenditures approach calculation for GDP isa. C+I-G+ (X + M).b. C+I+G+ (X + M).c. C+I+G+ (X - M).d. C-I-G-(X - M).
Inflation occurs when a. The purchasing power of money is increasing. b. Some prices are increasing but most other prices are decreasing. c. The average level of prices is increasing. d. The
Demand-side or demand- pull inflation would be the result of a(n)a. Increase in the economy's level of total spending.b. Increase in the economy's level of employment.c. Decrease in the economy's
How are savers hurt and borrowers helped by inflation?
Suppose the price level (as measured by the CPI) in four successive years is 100, 90, 85, and 80. Which of the following is true? a. The economy is experiencing rising inflation.b. The economy is
What are the functions of money? Why is each important?
Suppose the price level (as measured by the CPI) in four successive years is 100, 110, 130, and 160. Which of the following is true? a. The economy is experiencing rising inflation.b. The economy is
What is the difference between demand-pull and cost-push inflation?
Suppose you are a fly-fishing guide. Your bookings of late have been low, and you are thinking of lowering the price of your guide service. If you lower your price, you'd expect more clients,
Ross is a passionate vinyl record collector. He is interested in obtaining one or more rare vinyl records for his collection. His marginal willingness to pay (i.e., his marginal benefit) for these
Discuss the costs and benefits of each of the following activities; include at least one nonmonetary cost and benefit in your discussion of each:a. Studying for an examb. Going skiing on a class
Using the table, what is Ross's total willingness to pay for three records? a. $45b. $30c. $110d. $5e. Not enough information, since the price of a record is not given Quantity 1 2 3 4 5 Marginal
Suppose that a friend of yours recently opened her own business. She is happy because it generated $25,000 in earnings last year. How can you tell whether this was a good investment?
Using the table, if the local record store has their records on sale for $28 each, how many will Ross want to purchase? a. 1b. 2C. 3d. 4e. 5 Quantity 1 2 3 4 5 Marginal Benefit ($) 45 35 30 27 25

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