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macroeconomics principles

Questions and Answers of Macroeconomics Principles

8. (LO 4) Figure 2.18 shows the market for the new Guns and Butter album, Live at Saskatoon.a) Suppose that the album producers put it on sale for $8 each. How much will be the surplus or
7. (LO 1, 4) In Kirin, at a market price of $1 per kilo, there is a shortage of 60 kilos of avocados. For each 50-cent increase in the price, the quantity demanded drops by 5 kilos while the quantity
6. (LO 4, 5, 6) Table 2.15 shows the demand and supply for the World Cup Final game in the Maracana Stadium in Rio.2011 2012 2013 Quantity Quantity Quantity Price $ Demanded Demanded Demanded 320 000
5. (LO 4, 5, 6) Table 2.14 shows the demand for new townhouses for 2011, 2012, and 2013.a) When the price in 2011 changed from $400 000 to $420 000, what happened in the market for
4. (LO 3) Figure 2.17 shows the market for halibut fillets.For the halibut market, fill in Table 2.13 showing the amount of surplus (+) or shortage (-) at each price.Intermediate (Problems 5–6)
3. (LO 4, 5, 6) Table 2.12 shows the market demand and supply for Fuji apples in Peterborough.a) What is the equilibrium price and quantity traded?Price: Quantity:b) Suppose that supply increases by
2. (LO 3) Figure 2.16 shows the market for large bags of potato chips.S D0 20 30 40 50 60 70 80 10 Quantity per week 0.50 0.00 1.00 1.50 2.00 3.00 2.50 Price ($)FIGURE 2.16 Quantity per week Price
1. (LO 4)a) Given the data in Table 2.11, draw the demand curve in Figure 2.15.Price Quantity Demanded 1 80 2 70 3 60 4 50 5 40 6 30 TABLE 2.11 Price Quantity of copy paper 12 0 20 40 60 80 100 120
8. The following are changes that occur in different markets.Explain what will happen to either demand or supply and to the equilibrium price and quantity traded.a) an increase in income on the
7. What effect will the following changes have on the supply, price, and quantity traded of wine?a) A poor harvest in the grape industry results in a big decrease in the supply of grapes.b) The
6. Suppose that the demand and supply for strawberries in Corona are as follows (the quantities are in thousands of kilos per week):QUANTITY Quantity Quantity Quantity Price Demanded Supplied 1
5. What effect will the following changes have on (i) the demand for, (ii) the price of, and (iii) the quantity traded of commercially brewed beer?a) a new medical report affirming the beneficial
4. The accompanying table shows the initial weekly demand (D1 ) and the new demand (D2 ) for packets of pretzels (a bar snack). To explain the change in demand from D1 to D2 , what might have
3. The following table shows the demand and supply of eggs (in hundreds of thousands per day).a) What are the equilibrium price and the equilibrium quantity?b) Complete the surplus/shortage column.
2. What effect does a surplus have on the price of a product?What about a shortage?
LO7 Explain why demand and supply determine price and the quantity traded, and not the reverse.
LO6 Demonstrate the causes and effects of a change in supply.
LO5 Demonstrate the causes and effects of a change in demand.
LO4 Explain the concept of (price and quantity) equilibrium.
LO3 Explain the term market.
LO2 Explain the concept of supply.
LO1 Explain the concept of demand.
The opportunity cost of pushing the PPF outward isa. the price of resources.c. the quantity of resources.b. the unemployment rate.d. preferences for wine and wool.e. all of the above.a. capital
The PPF for wine and wool will shift if there is a change in
A movement along a given PPF will result froma. benefit equals marginal cost. h. benefit is at its maximum.c. benefit exceeds marginal cost by as much as possible.d. cost exceeds marginal benefit by
With allocative efficiency, for each good produced, marginal |
Suppose the PPF for skirts and pants is a straight line. As the production of skirts increases, the marginal benefit of skirtsa. increases and marginal cost is constant.b. is constant and marginal
The marginal benefit curve for a gooda. shows the benefit a firm receives from producing one more unit.b. shows the amount a consumer is willing to pay for one more unit.c. is upward sloping.d. is
With increasing production of food, its marginal benefita. increases and marginal cost increases.b. increases and marginal cost decreases.c. decreases and marginal cost increases.d. decreases and
According to this PPFa. b. resources are equally productive in all activities. a combination of 3 hockey sticks and 9 maple leaves is attainable.c. a combination of 3 hockey sticks and 9 maple leaves
In moving from combination e to combinationb, the oppor tunity cost of producing one additional hockey stick isa. 2 maple leaves.b. 1/2 a maple leaf.c. 6 maple leaves.d. 1/6 a maple leaf.e. 3 maple
Refer to Fig. 4, which shows the PPF for an economy without discrimination operating at maximum efficiency. If discrimi- nation against women workers is currently occurring in this economy, the
TABLE 1 Production Possibilities Units of Hockey Sticks 3 Units of Maple Possibility Leaves 0 b 2 3 0 9
Use the information in Table 1 to answer Questions 6 and
Which of the following state- ments is false?a. Resources are not equally productive in all activities.b. Points inside the frontier represent unemployed resources.c. Starting at pointa, an increase
Refer to the PPF in Fig.
Economic growth, by shifting out the PPF, eliminates the problem of scarcity.
The marginal benefit of good X is the amount of good Y a person is willing to forgo to obtain one more unit of X. Economic Growth
All points on a PPF represent both production efficiency and allocative efficiency.
The marginal cost of the 4th pizza is the cost of producing all 4 pizzas.
The principle of decreasing marginal benefit states that the more we have of a good, the less we are willing to pay for an additional unit of it. Using Resources Efficiently
In moving from point to pointd, the opportunity cost of increasing the production of good 2 equals the absolute value of the slope of the PPF between b and d.
3. Pointe is not attainable.
The opportunity cost of increasing the production of good 2 from 7 to 8 units is 4 units of good
Point a is not attainable. Good2
D A FIGURE 2
Is the relationship between y and z positive or negative?Refer to the production possibility frontier (PPF) in Fig. 2 for Questions 1 to
In Table A4, x represents the number of umbrellas sold per month, y represents the price of an umbrella, and z repre- sents the average number of rainy days per month. TABLE A4 Umbrellas Sold Price
Use the graph in Fig. A9 to compute the slope FIGURE A9a. across the are between points a and bb. al point b.c. at pointc, and explain your answer.
Explain two ways to measure the slope of a curved line.
The equation for a straight line is y = 4-2x.a. Calculate the y-intercept, the x-intercept, and the slope.b. On the grid, draw the graph of the line.
On the grid, draw each of the following:a. a straight line with slope -10 and passing through the point (2,80).b. a straight line with slope 2 and passing through the point (6, 10).
On the grid on the next page, draw a graph of variables x and y that illustrates each of the following relationships:a. x and y move up and down together.b. x and y move in opposite directions.c. as
In Fig. A7, a decrease in the value of will cause, ceteris paribus,a. a decrease in the value of x.b. an increase in the value of x.c. an increase in the value of y.d. no change in the value of y.e.
In Fig. A7, xisa. positively related to y and negatively related to zb. positively related to both y and zc. negatively related to y and positively related to zd. negatively related to both y and ze.
Given the data in Table A3, holding price constant, the graph relating family income (vertical axis) to the purchases of strawberries (horizontal axis) is aa. vertical line.b. horizontal line.c.
Given the data in Table A3, suppose family income decreases from $400 to $300 per week. Then the graph relating the price of strawberries (vertical axis) to the pur- chases of strawberries
Given the data in Table A3, holding income constant, the graph relating the price of strawberries (vertical axis) to the purchases of strawberries (horizontal axis)a. is a vertical line.b. is a
To graph a relationship among more than two variables, what kind of assumption is necessary?a. normativeb. positivec. lineard. independence of variablese. ceteris paribus
d. 3 and the y-intercept is -2. 1.3.e. 3 and the y-intercept is -6. Graphing Relationships Among More Than Two Variables
b. -3 and the y-intercept is -2.c. 3 and the y-intercept is
18. If the equation of a straight line is y6+3x, the slope isa. -3 and the y-intercept is
d. 2 and the x-intercept is -4.e. 2 and the x-intercept is
c. -2 and the x-intercept is
If the equation of a straight line is y = 8-2x, then the what would the value of x be when y is zero?a. 0b. 2c. 2/3d. -2/3e. -3/2 slope isa. -2 and the x-intercept is -4.b. -2 and the x-intercept is
If the line in Fig. A6 were to continue down to the x-axis. |
What is the slope of the line in Fig. A6?a. 2b. 1/2c. 3d. 1/3e. -3 FIGURE A6
In Fig. A5, if household expenditure is $28,000, household income isa. $36,000.b. $32,000.c. $28,000.d. $25,000.e. none of the above.
At all points along a straight line, slope isa. positive.b. negative.c. constant.d. zero.e. none of the above.e. impossible to determine from the graph.
b. -$4,000.c. $4,000.d. $8,000.
In Fig. A5, if household income is zero, household expen- diture is a.
In Fig. A5, if household income increases by $1,000, house- hold expenditure willa. increase by $1,333.b. decrease by $1.333.c. remain unchanged.d. increase by $1,000.e. increase by $750. H per year
8 6 3
In Table A2, suppose that w is the independent variable measured along the horizontal axis. The slope of the line relating w and isa. positive with a decreasing slope.b. negative with a decreasing
able measured along the horizontal axis. The slope of the line relating w and isa. +3. b.-3.c. -2/3.d. +3/2e. -3/2
e. less than
d. about
Refer to Table A2. Suppose that w is the independent vari at point b is difficult to determine exactly, but it must bea. greater than 5/2.b. about 5/2.c. between 5/2 and
In Fig. A4, consider the slopes of are ab and are be. The slope |
What is the slope across the are between b and c in Fig. A4?a. 1/2b. 2/3c. 1d. 2e. 3
The relationship between two variables that move in oppo- site directions is shown graphically by a line that isa. positively sloped.b. relatively steepc. relatively flat.d. negatively sloped.e.
In Fig. A4 the relation- ship between x and y as x increases isa. positive with slope decreasing.b. negative with slope decreasing.c. negative with slope increasing.d. positive with slope increasing
If variables x and y move up and down together, they are said to bea. positively related.b. negatively related.c. conversely related.d. unrelated.e. trendy.
From the data in Table Al, it appears that x and y have a negative relationship.a. b. x and y have a positive relationship.c. there is no relationship between x and y.d. there is first a negative and
A point's position on a graph is best described by itsa. slope.b. coordinates.c. origin.d. causation.e. correlation. Graphs Used in Economic Models
Which of the following statements is false?a. The intersection of the x-axis and y-axis is the origin.b. Breaks in a graph's axes can be misleading.c. Breaks in a graph's axes can highlight a
A point with a negative x-coordinate must bea. below the horizontal axis.b. above the horizontal axis.c. d. to the left of the vertical axis. to the right of the vertical axis.e. below the vertical
Relationships between three variables can be displayed on a small change in x, the line is steep. two-dimensional graph.
For a straight line, if a large change in y is associated with a
Ceteris paribus means "other things change." large change in x, the slope is large.
For a straight line, if a small change in y is associated with a
The slope of a curved line is not constant. change in the value of the variable measured on the hori- zontal axis by the change in the value of the variable mea- sured on the vertical axis. Graphing
The slope of a straight line is calculated by dividing the
In Fig. A3, the slope of the curve is approaching zero as we move from point a to point b.
In Fig. A3, the value of x is a minimum at point b.
In Fig. A3, the slope of the curve is increasing as we move from point b to pointc. FIGURE A3
In Fig. A3, the relationship between y and x is first nega- tive, reaches a minimum, and then becomes positive as x increases.
If a scatter diagram shows a clear relationship between vari- ables x and y, then x must cause y.
The graph of the relationship between two variables that are in fact unrelated is always vertical.
A graph with a break in the axes must be misleading.

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