New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
business
macroeconomics principles

Macroeconomics 9th Edition Stephen Slavin - Solutions

Draw in a new demand curve, D 1 , on Figure 4 , showing an increase in demand. What happens to equilibrium price and quantity? ( LO4 ) Price $12 10 8 6 4 S 2 Figure 4 D 10 20 30 40 50 60 70 Quantity
In Figure 4 , fi nd equilibrium price and quantity (in dollars and units, respectively). ( LO3 )
The best way to eliminate gas lines would be to ( LO7)a) impose government price ceilings.b) impose government price fl oors.c) allow the forces of supply and demand to function.d) 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 supplied is greater than quantity demanded, . ( LO3 )a) price will fall to its equilibrium levelb) price will rise to its equilibrium levelc) price may rise, fall, or stay the same, depending on a variety of factors
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)
Which statement is true? ( LO5 , 6 )a) A price fl oor is above equilibrium price and causes surpluses.b) A price fl oor is above equilibrium price and causes shortages.c) A price fl oor is below equilibrium price and causes surpluses.d) A price fl oor is below equilibrium price and causes shortages.
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
Statement 1: Price ceilings cause shortages. ( LO5 , 6 )Statement 2: Interest rates are set by supply and demand, but wage rates are not.a) Statement 1 is true and statement 2 is false.b) Statement 2 is true and statement 1 is false.c) Both statements are true.d) Both statements are false.
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
A demand schedule is determined by the wishes and abilities of . ( LO1 )a) sellersb) buyersc) buyers and sellersd) neither sellers nor buyers
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.
Practical Application: How would the abolition of rent control reduce the housing shortage in some cities? Explain in terms of supply and demand.
If you were a landlord, why would you be against rent control? A shortage occurs when the market price is below the equilibrium price.
What is equilibrium? Why is it advantageous for the market price to be at equilibrium?
What are the two ways to depict a demand schedule? Make up a demand schedule for some good or service you often buy.
How is equilibrium price affected by changes in ( a ) demand and ( b ) supply?
Where is a price ceiling with respect to equilibrium price? What will be the relative size of quantity demanded and quantity supplied?
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.
Which is the most accurate statement about shipbreaking? ( LO4 )a) It is generally done in a manner that is environmentally sound and that minimizes dangers to workers.b) It is an extremely profi table activity that is sought after by the world’s largest shipbuilders.c) Ship owners whose boats
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
Karl Marx said that . ( LO7 , 8 )a) whoever controlled a society’s capital controlled that societyb) in the long run, capitalism would survivec) the U.S.S.R.’s communist system was “state capitalism”d) capitalists and workers generally had the same economic interests
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
The fi ve-year plan had been the main economic plan of . ( LO7 , 8 )a) the United Statesc) Nazi Germanyb) Swedend) the Soviet Union
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 sense.b) a capitalist society with large industrial corporations would make economic sensec) private ownership worked better than collective ownershipd)
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 pollutionb) 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
The price system is based on . ( LO2 )a) government regulation (i.e., the government sets most prices)b) the individual whim of the businessperson who sets itc) the feelings of the individual buyerd) supply and demand
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
Adam Smith believed the best way to promote the public interest was to . ( LO2 )a) have the government produce most goods and servicesb) let people pursue their own selfi sh interestsc) wait for individuals to set out to promote the public interestd) get rid of the price mechanism
Which does not fi t with the others? ( LO2 )a) competitionb) government planning and regulationc) the invisible handd) the price mechanism
We have a mixed economy because. ( LO1 )a) we produce guns and butterb) we consume domestically produced goods as well as importsc) we consume both goods and servicesd) there is a private sector and a public sector
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.
For many years Americans referred to the People’s Republic of China as “Communist China.” Why would that label be misleading today?
Can you think of any other government failures in addition to those listed in the chapter?
What are the two basic classes of market failure? What would be an example of each?
What are the three basic economic questions that all economies must answer?Describe the differences in the ways capitalism and socialism answer these questions.
The circular fl ow model is a simplifi ed version of our economy. Describe how this model works.
Use the data in Figure 6 to illustrate the law of increasing costs numerically. (Hint: Start at point E and move toward point A.) ( LO5, 8)
Use Figure 6 to answer these questions: ( LO5 , 9 )a) What is the opportunity cost of going from point B to point C?b) What is the opportunity cost of going from point D to point C?c) What is the opportunity cost of going from point B to point A?d) What is the opportunity cost of going from point C
Given the information in Table 1 , below, what is the opportunity cost of going from point B to point C?And of going from point D to point C? ( LO9 ) TABLE 1 Hypothetical Production Schedule for Two-Product Economy Point Units of Butter A B C D 15 14 12 9 E 5 F 0 Units of Guns 0 1 2345
Fill in the following points on Figure 5 . ( LO5 )Point A: an unemployment rate of 100 percent Point B: an unemployment rate of 20 percent Point C: an unemployment rate of 2 percent Figure 5
In Figure 4 , place point M where there is 100 percent unemployment. ( LO5 ) Figure 4
In Figure 4 , fi ll in a new production possibilities frontier representing substantial economic growth. ( LO5 , 7 ) Figure 4
Fill in the following points on Figure 3 . ( LO5 )Point X: where our economy generally operates Point Y: a serious recession Point Z: a catastrophic depression Point W: economic growth 16 8 14 12 8 Units of butter 10 4 2 0 1 2 3 4 5 6 Figure 3 Units of guns
If we were at point C on Figure 2 , could we quickly go to point J? ( LO5 , 7 ) Units of houses 15 10 M 5 C 0 10 20 Units of cars Figure 2 30 30
If we were at point M of Figure 2 , could we quickly produce substantially more houses and more cars?( LO5 , 7 ) Units of houses 15 10 M 5 C 0 10 20 Units of cars Figure 2 30 30
If we were at point C of Figure 2 below, could we quickly produce substantially more houses and more cars? ( LO5 , 7 ) 15 10 Units of houses 5 M C 0 10 Units of cars 20 20 30 0
If Figure 1 shows our production possibilities frontier during the Great Depression, at which point were we operating? ( LO5 )a) point Ab) point Bc) point Cd) point D A Figure 1 B C D
If Figure 1 shows our production possibilities frontier during World War II, at which point were we operating? ( LO5 )a) point Ab) point Bc) point Cd) point D
The law of increasing costs states that, as. ( LO8 )a) output rises, cost per unit rises as wellb) the output of one good expands, the opportunity cost of producing additional units of this good increasesc) economies of scale set in, costs increased) output rises, diminishing returns set in
As a fi rm grows larger, . ( LO8 )a) economies of scale set in, then diseconomies of scaleb) diseconomies of scale set in, then economies of scalec) economies of scale and diseconomies of scale set in at the same timed) neither economies of scale nor diseconomies of scale set in
The law of increasing costs is explained by each of the following except . ( LO8 )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. ( LO8 )a) become more suitableb) become less suitablec) continue to have the same suitability
Which of the following best describes the role of an entrepreneur? ( LO3 )a) the inventor of something with great commercial possibilitiesb) anyone who made a fortune by purchasing stock in a dot-com before its price shot upc) inventors who parlay inventions into commercial enterprisesd) any
Suppose you had $1,000 to spend. If you spent it on a vacation trip rather than on new clothes, your second choice, or 1,000 lottery tickets, your third choice, what was your opportunity cost of going on a vacation trip? ( LO9 )a) $1,000b) the vacation trip itselfc) not buying the new clothesd) not
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
On the following list, the most serious problem facing today’s college graduate is . ( LO4 )a) outsourcing of jobs to foreign countriesb) employment discriminationc) unemploymentd) underemployment
Miranda Bowman, a Harvard MBA, is almost defi nitely if she is working as a secretary. ( LO4 )a) unemployedb) underemployedc) both unemployed and underemployedd) neither unemployed nor underemployed
Employment discrimination is most closely related to . ( LO4 )a) specializationc) unemploymentb) technologyd) underemployment
Statement 1: The old Negro leagues provide an example of underemployment. ( LO4 )Statement 2: Underemployment means basically the same thing as unemployment.a) Statement 1 is true and statement 2 is false.b) Statement 2 is true and statement 1 is false.c) Both statements are true.d) Both statements
Which is the most accurate statement? ( LO4 )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
To attain a higher rate of economic growth, we need to devote . ( LO7 )a) a higher proportion of our production to capital goods and a lower proportion to consumer goodsb) a higher proportion of our production to consumer goods and a lower proportion to capital goodsc) a higher proportion of our
Economic growth will occur if any of the following occur except . ( LO7 )a) a better technology becomes availableb) the level of consumption rises and the savings rate fallsc) more capital becomes availabled) more labor becomes available
The closer we are to the origin and the farther away we are from the production possibilities curve. ( LO5 )a) the more unemployment there isb) the less unemployment there isc) the more guns we are producingd) the more butter we are producing
If we are operating inside our production possibilities curve . ( LO5 )a) there is defi nitely recession going onb) there is defi nitely not a recession going onc) there is defi nitely less than full employmentd) there is defi nitely infl ation
The production possibilities curve represents. ( LO5 , 6 )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 . ( LO4 )a) the same thing as unemploymentb) underutilization of resourcesc) a recessiond) slow economic growth
The full-production level of our economy implies. ( LO4 , 6 )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 . ( LO4 )a) 40 percentc) 85 percentb) 70 percentd) 100 percent
The opportunity cost of spending four hours studying a review book the night before a fi nal exam would be . ( LO9 )a) the cost of the review bookb) missing four hours of TVc) a higher grade on the examd) the knowledge gained from studying
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
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
Practical Application: Underemployment of college graduates is a growing problem.If you were appointed to the board of trustees of your college, what measures would you suggest to alleviate this problem for the graduates of your school?
Discuss the three concepts on which the law of increasing costs is based.
Do you know any entrepreneurs? What do they do?
Although the U.S. is one of the world’s wealthiest nations, some of the federal government’s budget decisions are severely constrained by scarcity. Can you think of one such decision that was in the recent economic news?
Give an example of an opportunity cost for an individual and a nation.
Our most rapid job growth was in the period from. (LO5, 6)a) 2000 to 2005b) 1995 to 2000c) 1978 to 1983d) 1953 to 1958
Which statement is the most accurate? (LO6)a) The 21st century will almost defi nitely be another“American Century.”b) The 21st, rather than the 20th, will be called“The American Century.”c) The 21st century will defi nitely not be an“American Century.”d) Although we got off to a rocky
Who made this statement? “Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself.” (LO3)a) Franklin D. Rooseveltb) Herbert Hooverc) John F. Kennedyd) Ronald Reagane) Bill Clinton
Which statement is true? (LO3, 6)a) Subsidy payments to farmers were almost completely phased out in 2005.b) The so-called new economy of the 1990s was neither new, nor very different from the economy of the previous 25 years.c) Until the time of the Great Depression, the United States was
Each of the following was a major contributing factor to suburbanization except . (LO4)a) low-interest federal loansb) a federal highway building programc) the pent-up demand for housingd) the baby boome) federal subsidies for public transportation
The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by . (LO5)a) warsb) the mechanization of agriculturec) suburbanizationd) immigratione) fear of nuclear war
Which statement is the most accurate? (LO2)a) The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.b) The South seceded from the Union when President Lincoln proclaimed that he was freeing the slaves.c) Aside from slavery,
Compared to today, in 1945, . (LO5)a) our economy was plagued by high unemployment and slow economic growthb) we faced much greater competition from our economic rivals in Europe and Asiac) we were a much more dominant global economic powerd) we accounted for almost one-quarter of the world’s

Showing 800 - 900 of 6280

First
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Last

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved