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microeconomics
Questions and Answers of
Microeconomics
If you took out a payday loan, you could expect to pay an annual interest rate of _____.a) less than 5 percentb) between 5 and 10 percentc) between 10 and 30 percentd) between 30 and 100
The practice of usury _______.a) is illegal in the United Statesb) is legal in some states and illegal in othersc) is legal only if borrowers are in the military serviced) was approved of by most
These lenders avoid using the term interest, but their borrowers still do pay a charge for borrowing money. This would be considered ___________lending.a) Islamicb) paydayc) fringed) subprime
Why do Starbucks customers at busy downtown locations in major cities pay more for a cup of coffee than they would at less busy locations?a) Starbucks coffee is better than that of any other
Which statement is true?a) A dollar today is worth more than a future dollar because of inflation.b) A dollar in the future is generally worth more than a dollar today.c) There is no way to
Which of the following statements is true?a) In 2012 Apple was the most profitable corporation.b) In 2012 ten corporations had profits of over $20 billion.c) In 2012 two corporations each made
The amount of rent paid for a piece of land is based on the________ and the ______________.
In economic terms, we pay rent only on_____________.
Plots of land are differentiated mainly with respect to ____________.
The amount of land in the world is virtually ___________.
In a demand and supply graph for land, supply is represented by a(n)_________-line.
The main thing Henry George advocated was a(n)___________.
An important attribute of rent overlooked by Henry George was its role as a( n )_________ , directing the most productive enterprises to the ______________.
Rent is high because _____________________.
We can add to our stock of ____________by means of a flow of ___________.
The interest rate is determined by the law of________ and________ .
If the interest rate were 7 percent, $100 today would be worth _______in dollars you will have one year from now.
If interest rates fall, the present value of future dollars will ________.
Economists treat profits as a( n )________ left to the entrepreneur after ________,, and___________ have been paid.
If the interest rate is 10 percent and a dollar will be paid to you in three years, what is the present value of that dollar (to the nearest 10th of a cent)?
What is the present value of $10,000 that will be paid to you in four years if the interest rate is 8 percent? Work it out to the nearest cent.
If the interest rate is 12 percent and a dollar will be paid to you in four years, what is the present value of that dollar (to the nearest cent)?
Which has a higher present value:(a) $100 in 10 years when the interest rate is 2 percent, (b) $100 in 3 years when the interest rate is 8 percent?
Which would you rather have:(a) $1,000 in 6 years if the interest rate is 4 percent, (b) $1,000 in 3 years if the interest rate is 8 percent?
Which is worth more: (a) $100 today, or (b) $300 in 15 years if the interest rate is 8 percent?
Which is worth more:(a) $500 today, (b) $1,000 in 9 years if the interest rate is 8 percent?
What’s the difference between the distribution of income and the distribution of wealth? Describe the distribution of income and the distribution of wealth in the United States.
Web Activity: Are you eligible for the Earned Income Tax Credit? Find out at www.bankrate.com/calculators/tax-planning/earned-income-tax-creditcalculator.aspx.
Web Activity: Do you want to be a billionaire? Aside from inheriting money, in which three industries or economic sectors have our 100 richest billionaires made their fortunes? Go to
Most social scientists define the poor as being the lowest________ percent of our income recipients. a) 10b) 20c) 3d) 40e) 50
Which statement is the most accurate?a) Although there are several theories of poverty, it is possible to formulate just one theory which completely explains 99 percent of all poverty in the United
The Darity–Myers thesis is an attempt to explain _______.a) black povertyb) the poverty of elderly personsc) worldwide povertyd) the permanent underclass.
An equal distribution of income would _________.a) hurt both the work incentive and the incentive to saveb) hurt neither the work incentive nor the incentive to savec) hurt the work incentive but
Doctors earn more than people in other professions basically because ______.a) they need to be compensated for all those years they spent in schoolb) they are in short supply relative to the demand
More poor people live in ________ than in any other area of the United States.a) citiesb) suburbsc) smaller metropolitan areasd) rural communities.
Compared to their levels in 2003, the poverty line has __________ and the minimum hourly wage has ______.a) gone up, gone upb) stayed the same, stayed the samec) gone up, stayed the samed) stayed
Compared to the average net worth of white families, the average net worth of black and Hispanic families isa) less than one-tenthb) about halfc) almost equald) somewhat larger
Each of the following is a major source of great wealth except ______. a) earning large salariesb) starting up new companiesc) owning real estated) receiving an inheritance
Which is not aimed solely at the poor?a) food stampsb) public assistancec) Social Securityd) Medicaid
If demand falls and supply stays the same, equilibrium price will _____, and equilibrium quantity will _____.
If supply rises and demand stays the same, equilibrium price will _____, and equilibrium quantity will ______.
If quantity supplied were greater than quantity demanded, market price would ________.
Equilibrium price is always determined by ______and _______.
As price is lowered, quantity supplied ______.
Shortages are associated with price ______; surpluses are associated with price _________.
If supply falls and demand remains the same, equilibrium price will ______, and equilibrium quantity will ________.
Price floors and price ceilings are set by ______.
Interest rates are set by _______and _________.
What happens to interest rates when the demand for money rises? _______.
When the supply of money falls, interest rates _________.
Equilibrium price is about $ ________. Price ($) 24 22 20 18 16 14 12 10 8 6 4 0 10 Figure 3 20 30 40 50 Quantity 60 S D 70 80 90 100
Equilibrium quantity is about ______. Price ($) 24 22 20 18 16 14 12 10 8 6 4 0 Figure 3 10 20 30 40 50 60 Quantity S D 70 80 90 100
If price were $20, there would be a (shortage or surplus) _______of _________units of quantity. Price ($) 24 22 20 18 16 14 12 10 8 6 4 0 10 Figure 3 S D- 20 30 40 50 60 70 80 90 100 Quantity
If price were $8, there would be a (shortage or surplus) ______of_________ units of quantity. Price ($) 24 22 20 18 16 14 12 10 8 6 4 0 Figure 3 10 20 30 40 S 50 Quantity 60 70 80 90 100
Price floors keep prices ___________equilibrium price; price ceilings keep prices ________equilibrium price.
In Figure 4, find equilibrium price and quantity (in dollars and units, respectively). Price ($) 12 10 8 6 4 2 Figure 4 S D 10 20 30 40 50 60 70 Quantity
Draw in a new demand curve, D1 , on Figure 4, showing an increase in demand. What happens to equilibrium price and quantity? Price ($) 12 10 8 6 4 2 Figure 4 S D 10 20 30 40 50 60 70 Quantity
In Figure 5, find equilibrium price and quantity (in dollars and units, respectively). Price ($) 6 5 4 3 2 1 Figure 5 4 8 12 S D 12 16 20 24 28 Quantity
Draw in a new supply curve, S1 , on Figure 5, showing a decrease in supply. What happens to equilibrium price and quantity? Price ($) 6 5 4 3 2 1 Figure 5 S D 4 8 12 16 20 24 28 Quantity
a) In Figure 6, if the demand curve is D1 , how much are equilibrium price and quantity? b) If demand changes from D1 to D2 , does that represent an increase or decrease in demand? c) How much are
a) In Figure 7, if the supply curve is S1 , how much are equilibrium price and quantity? b) If the supply changes from S1 to S2 , does that represent an increase or decrease in supply? c) How much
Given the information in Figure 8: a) Is $12 a price ceiling or a price floor? b) Is there a shortage or a surplus? c) How much is it (in units of quantity)? Price ($) 14 12 10 8 6 4 2 Figure 8 5 10
Given the information in Figure 9: a) Is $16 a price ceiling or a price fl oor? b) Is there a shortage or a surplus? c) How much is it (in units of quantity)? Price ($) 56 52 48 44 40 36 32 28 24
Suppose a nearby concert hall booked a different one of your favorite performers every night for the next month. Make up a table showing your demand schedule for tickets.
Practical Application: During recessions Walmart’s low prices attract more customers. Explain why this means that Walmart is selling inferior goods.
Practical Application: The American Medical Association announces that eating three apples a day will promote good health. How would this affect the demand for apples and the equilibrium price and
As price rises _____.a) supply risesb) supply fallsc) quantity supplied risesd) quantity supplied falls
Goods for which demand is directly (positively) related to income are called ______.a) substitute goodsb) complementary goodsc) inferior goodsd) normal goods
Change in which of the following would not quickly cause a shift in demand?a) number of buyersb) tastesc) buyers’ perception of quality of productd) incomee) price
A shift in the supply curve for gasoline in the United States would result if ______.a) people decided to travel more by automobileb) the OPEC nations decided to stop sales of crude oil to the
If the price of a product rises and as a result businesses increase their production, then _______.a) supply has increasedb) supply has decreasedc) quantity supplied has increasedd) quantity
Changes in supply may be caused by changes in _____-.a) the cost of factors of productionb) the level of technologyc) the number of suppliersd) all of the abovee) none of the above
Each of the following may lead to a change in the demand for product A except _________.a) a change in the price of product Ab) a change in people’s taste for product Ac) a change in people’s
The retail market for gasoline is ______.a) localb) regionalc) nationald) international
Suppose the price of a service falls and people buy more of that service. What has happened?a) Quantity demanded changed.b) Demand increased.c) Demand decreased.
An increase in the wage rate paid to construction workers will tend to _________. a) decrease the demand for homesb) cause a movement along the supply curve for new homesc) decrease the supply of
If the rise in the price of service A leads to a fall in the price of service B, we may conclude that __________.a) services A and B are substitutesb) services A and B are complementsc) services A
An increase in the demand for steak could be caused quickly by a(n) ________.a) fall in the price of steakb) increase in the supply of steakc) expectation of a future cutback in the supply of
The demand for an inferior good is _________.a) positively related to its own priceb) negatively related to incomec) unaffected by consumer tastes and preferencesd) insensitive to changes in
A decrease in supply can be brought about by _________.a) a price increaseb) a price decreasec) a random event like a hurricane or an earthquaked) a change in consumers’ tastes or preferences
Which statement is true?a) A change in demand is the same thing as a change in the quantity demanded.b) The supply curve moves upward to the left.c) The law of demand is no longer valid.d) A rise
When market price is above equilibrium price, the market price will be driven ______. a) up by unhappy buyersb) up by unhappy sellersc) down by unhappy buyersd) down by unhappy sellers
Equilibrium price is ________. a) below $8b) $8c) between $8 and $10d) above $10 Price ($) 20 16 12 8 4 0 2 4 6 6 Figure 1 10 10 12 14 16 18 20 Quantity 8 8 D S.
Equilibrium quantity is _____.a) below 13b) 13c) between 13 and 15d) above 15 Price ($) 20 16 12 8 4 02 4 6 8 10 Quantity Figure 1 12 14 16 18 20 D S
If the price of cameras falls, there will be a(n) ________. a) decrease in the demand for filmb) decrease in the quantity of cameras demandedc) decrease in the supply of camerasd) increase in
The market demand for a good will decrease ______.a) as income decreases if the good is an inferior goodb) if the market price of a substitute good increasesc) as income decreases if the good is a
A decrease in demand means that the quantity demanded ________.a) does not fall at any priceb) falls only at the equilibrium pricec) falls at a few pricesd) falls at most pricese) falls at all
An increase in the supply of running shoes will— assuming demand is unchanged—lead to _________.a) an increase in equilibrium price and an increase in equilibrium quantityb) a decrease in
The American Cancer Society announces the results of a study of 10,000 smokers and nonsmokers. A 21-year-old smoker who continues smoking two packs a day has a lifetime expectancy that is 20 years
The reason many homeowners cannot sell their homes when housing prices are falling is because ______. a) there are no buyers in the marketb) there are too many houses on the marketc) no one can
As price rises, quantity supplied _______.
At __________, quantity demanded equals quantity supplied.
As price falls, quantity demanded ________.
An increase in supply is shown graphically by a shift of the supply curve to the ________.
The main reason for changes in supply is changes in the ____________.
If business owners expected a steep drop in prices, they would take action that would tend to ________supply.
Given the information in Table 1, draw a graph of the demand and supply curves on a piece of graph paper. TABLE Price $10 9 8 7 6 5 4 1 Quantity Demanded 1 10 18 24 28 30 31 Quantity Supplied 35 33
Equilibrium price is $ ________; equilibrium quantity is ______.
Given the information in Table 2, draw a graph of the demand and supply curves on a piece of graph paper. TABLE Price $15 14 13 12 11 10 2 Quantity Demanded 1 4 9 16 22 26 Quantity Supplied 27 25
Equilibrium price is $ _________; equilibrium quantity is _______.
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