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economics 14th global

Questions and Answers of Economics 14th Global

Use economics to explain why people leave tips in the following two cases: (a) at a restaurant they visit often;(b) at a restaurant they visit only once.
In presidential campaigns, candidates always seem to make more promises than they can fulfill: more and better health care; a better environment; only minor reductions in defense; better education;
Perhaps you’ve heard of the old saying “There is no such thing as a free lunch.” What does it mean? If someone invites you to a lunch and offers to pay for it, is it free for you?
During China’s Cultural Revolution in the late 1960s and early 1970s, many people with a high school or college education were forced to move to farms and work in the fields. Some were common
Most economic data are positive numbers, so often only the upper right quadrant of the coordinate system is used in economics.
Plot the data listed in the table below.a. Measure price along the vertical axis and quantity along the horizontal axis and plot the first two columns.b. Show what quantity is sold when the price is
In this graph, measure quantity on the horizontal axis and total revenue on the vertical axis.d. What is total revenue when the price is $550? Will total revenue increase or decrease when the price
Listed below are the production possibility curves for two countries producing health care and food. If they devote all resources to health care, Haiti can care for 1,000 people a month, while Cuba
Plot the PPC given by the following data.Combination Health Care All Other Goods A 0 100 B 25 90 C 50 70 D 75 40 E 100 0a. Calculate the opportunity cost of each combination compared to the
1 Ecomomics is the study of the relationship between■a. people’s unlimited wants and their scarce resources.■b. people’s limited wants and their scarce resources.■c. people’s limited
2 Janine is an accountant who makes $30,000 a year.Robert is a college student who makes $8,000 a year.All other things being equal, who is more likely to stand in a long line to get a cheap concert
3 Which of the following should not be considered an opportunity cost of attending college?■a. money spent on living expenses that are the same whether or not you attend college■b. lost
4 Exchange among people occurs because■a. everyone involved believes they will gain.■b. one person gains, and the others lose.■c. only one person loses while everyone else gains.■d. people
5 You have a comparative advantage in producing something when you■a. have a higher opportunity cost than someone else.■b. have a special talent.■c. have a lower opportunity cost than someone
6 The opportunity cost of corn in Beta is■a. 300 wheat.■b. 1 wheat.■c. 3 wheat.■d. 100 corn.■e. .5 corn.
7 The opportunity cost of corn in Alpha is■a. 400 wheat.■b. 2 wheat.■c. 4 wheat.■d. 100 corn.■e. .5 corn.
8 The opportunity cost of wheat in Beta is■a. .333 corn.■b. 1 wheat.■c. 3 wheat.■d. 300 wheat.■e. .5 corn.
7• 9 The opportunity cost of wheat in Alpha is■a. 400 wheat.■b. 2 wheat.■c. 4 wheat.■d. 100 corn.■e. .5 corn.
7• Which of the following statements is (are) true?■a. Alpha has a comparative advantage in corn, and Beta has a comparative advantage in wheat.■b. Alpha has a comparative advantage in wheat,
7• List the three categories of resources and the payments associated with each.
7• Janine decides to buy a ticket to a classical music concert.The ticket costs $10. She spends 30 minutes driving to the ticket office, 60 minutes waiting in line, and 30 minutes eating a snack
7• Exchange occurs because (one person, everyone involved) believes the exchange can be beneficial.
7• It is in your best interest to specialize in the area in which your opportunity costs are (highest, constant, lowest).
7• A person or even a nation has a comparative advantage in those activities in which it has (the highest, constant, the lowest) opportunity costs.
7• Chris works at a part-time job that pays $15 per hour.He wants a new shirt to wear next Friday night. He can buy one at the mall for $30, or he can make one (using materials he already has) with
7• The following table shows the number of shirts or ties that two tailors, Joe and Harry, can make in one day.Shirts Ties Joe 1 4 Harry 2 6a. Joe’s opportunity cost of making one shirt is .b.
How are goods and services allocated?
How does a market process work?
What is demand?
What is supply?
How is price determined by demand and supply?
What causes price to change?
Raising the price until the number of patients the doctor sees is exactly equal to those patients willing and able to pay the doctor’s feea. agree completelyb. agree with slight reservationc.
Selling the services at $100 per patient on a first-come, first-served basisa. agree completelyb. agree with slight reservationc. disagreed. strongly disagreee. totally unacceptable
The local authority’s (government’s) paying the physician $100 per patient and choosing who is to receive the services according to its own judgmenta. agree completelyb. agree with slight
Selling the physician’s services for $100 per patient following a random selection procedure or lotterya. agree completelyb. agree with slight reservationc. disagreed. strongly disagreee. totally
Allocating the kidneys on a first-come, first-served basisa. agree completelyb. agree with slight reservationc. disagreed. strongly disagreee. totally unacceptable
The government’s deciding who gets the kidneysa. agree completelyb. agree with slight reservationc. disagreed. strongly disagreee. totally unacceptable
Providing the kidneys according to a random procedure such as a lotterya. agree completelyb. agree with slight reservationc. disagreed. strongly disagreee. totally unacceptable
Allocation mechanisms are the means used to distribute scarce goods and resources.Common allocation mechanisms are first-come, first-served; government;random; and the market system.
The outcome of an exchange system is evaluated on the basis of efficiency.An efficient allocation of resources is one in which resources are allocated so that no one can be made better off without
The price or market system is relied on for most exchanges because it is generally the most efficient. It creates incentives that lead to growth and improvements in standards of living.
A market need not be a specific location. A market exists when buyers and sellers interact to buy and sell a specific product.
The market process refers to the buying and selling of a good and the resulting allocation of resources to their highest-valued uses.
According to the law of demand, as the price of any good or service rises(falls), the quantity demanded of that good or service falls (rises) during a specific period of time, everything else held
A demand schedule is a listing of the quantity demanded at each price.
The demand curve is a downward-sloping line plotted using the values of the demand schedule.
Market demand is the sum of all individual demands.
Demand changes when one of the determinants of demand changes. A demand change is a shift of the demand curve.
The quantity demanded changes when the price of the good or service changes. This is a change from one point on the demand curve to another point on the same demand curve.
The determinants of demand are income, tastes, prices of related goods and services, expectations, and number of buyers.
According to the law of supply, the quantity supplied of any good or service is directly related to the price of the good or service, during a specific period of time, everything else held constant.
Market supply is found by adding together the quantities supplied at each price by every producer in the market.
Supply changes if prices of relevant resources change, if technology or productivity changes, if producers’ expectations change, if the number of producers changes, or if prices of related goods
Changes in supply are reflected in shifts of the supply curve. Changes in the quantity supplied are reflected in movements along the supply curve.
Equilibrium occurs when the quantity demanded and the quantity supplied are equal: it is the price-quantity combination where the demand and supply curves intersect.
A price that is above the equilibrium price creates a surplus. Producers are willing and able to offer more for sale than buyers are willing and able to purchase.
A price that is below the equilibrium price leads to a shortage. Buyers are willing and able to purchase more than producers are willing and able to offer for sale.
When demand changes, price and quantity change in the same direction.Both rise as demand increases and both fall as demand decreases.
When supply changes, price and quantity change but not in the same direction.When supply increases, price falls and quantity rises. When supply decreases, price rises and quantity falls.
Using the following schedule, define the equilibrium price and quantity. Plot the demand and supply curves and show the equilibrium price and quantity.Quantity Quantity Price Demanded Supplied$ 1 500
A severe drought in California has resulted in a nearly 30 percent reduction in the quantity of citrus grown and produced there. Explain what effect this event might have on the Florida citrus market.
The prices of the Ralph Lauren Polo line of clothing are considerably higher than comparable quality lines.Yet it sells more than a J.C. Penney brand line of clothing. Does this violate the law of
The federal government requires that all foods display information about fat content and other ingredients on food packages. The displays have to be verified by independent laboratories. The price of
Draw a downward-sloping demand curve and an upward-sloping supply curve for orange juice. Show what happens in each of the following cases:a. A freeze in Florida kills 30 percent of the oranges.b. A
Explain what it means when the supply of television sets rises. Explain what it means when the quantity supplied of television sets rises. Explain how the price of television sets could rise, and yet
Which of the following would not cause a decrease in the demand for bananas?■a. Reports surface that imported bananas are infected with a deadly virus.■b. Consumers’ incomes drop.■c. The
Which of the following would cause an increase in the demand for eggs?■a. The price of eggs drops.■b. The price of bacon rises.■c. A government report indicates that eating eggs three times a
If the price of barley, an ingredient in beer, increases,■a. the demand for beer will increase.■b. the demand for beer will not change.■c. the demand for beer will decrease.■d. the quantity
A freeze in Peru causes the price of coffee to skyrocket.Which of the following will happen?■a. The demand for coffee will increase, and the demand for tea will increase.■b. The demand for coffee
Japanese producers of a type of microchip offered such low prices that U.S. producers of the chip were driven out of business. As the number of producers decreased,■a. the market supply of
Suppose that automakers expect car prices to be lower in the future. What will happen now?■a. Supply will increase.■b. Supply will decrease.■c. Supply will not change.■d. Demand will
Medical research from South Africa indicates that vitamin A may be useful in treating measles. If the research can be substantiated, the■a. supply of vitamin A will increase, causing equilibrium
An increase in demand■a. shifts the demand curve to the left.■b. causes an increase in equilibrium price.■c. causes a decrease in equilibrium price.■d. causes a decrease in equilibrium
Which of the following is not a determinant of demand?■a. income■b. tastes■c. prices of resources■d. prices of complements■e. consumers’ expectations
Which of the following is not a determinant of supply?■a. prices of resources■b. technology and productivity■c. prices of complements■d. producers’ expectations■e. the number of producers
1 Write the type of allocation method each example represents. Choose from the following: random allocation;market allocation; first-come, first-served allocation;or government allocation.a. Winning
List five determinants of demand. Appendix
An increase in income (increases, decreases) the (demand, quantity demanded) for haircuts. Appendix
Many Americans have decreased their consumption of beef and switched to chicken in the belief that eating chicken instead of beef lowers cholesterol. This change in tastes has (increased, decreased)
If a crisis in the Middle East causes people to expect the price of gasoline to increase in the future, then demand for gasoline today will(increase, not change, decrease). Appendix
If the price of Pepsi increases, the demand for Coke and other substitutes will . Appendix
List five determinants of supply. Appendix
Suppose that a crisis in the Middle East cuts off the supply of oil from Saudi Arabia. If S1 is the original market supply of oil, draw another supply curve, S2, on the graph to show the effect of
If the price of tomato sauce increases, the(supply, quantity supplied)of pizza will (increase, decrease).10 A new process for producing microchips is discovered that will decrease the cost of
A paper manufacturer can produce notebook paper or wedding invitations. If the price of wedding invitations skyrockets, we can expect the supply of(notebook paper, wedding invitations) to (increase,
Shortages lead to an (increase, decrease) in price and quantity supplied and to an (increase,decrease) in quantity demanded. Appendix
Surpluses lead to an (increase, decrease) in price and quantity supplied and Quantity Price S1 50 Part One / The Price System to an (increase,decrease) in quantity demanded.
If design changes in the construction of milk cartons cause the cost of production to decrease, we can expect the (demand for, supply of) cartons to (increase, decrease), the equilibrium price to ,
The following graph shows the market for corn. The equilibrium price is , and the equilibrium quantity is . If the price of corn is $14, the quantity demanded will be , and the quantity supplied will
The equilibrium price is . Appendix
The equilibrium quantity is . Appendix
If the price is $2, a of units will develop, causing the price to . Appendix
If the price is $5, a of units will develop, causing the price to . Appendix
I The Market for Battery-Operated Dancing Flowers For each event listed below, indicate whether it affects the demand or supply of battery-operated dancing flowers and the direction (increase or
Explain how unemployment can cause economic insecurity. LO1
Explain the meaning of full employment. LO2
Describe the major types of unemployment in the United States. LO3
Explain how unemployment is measured. LO4
Identify the major groups that have relatively high unemployment rates. LO5

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