Answer all questions number them each.

Question 1 (Essay Worth 15 points) 51 P1 D1 Q1 Q Fruit Roll-Ups The graph above shows the market for fruit roll-ups. Explain, using supply and demand analysis, what will happen to equilibrium quantity and price in each of the following situations. A. The price of fruit increases. B. The price of trail mix increases C. The price of fruit roll-ups increase. D. Income falls and fruit roll-ups are an inferior good. E. A new fruit press is invented.Question 19(Multiple Choice Worth 1 points) According to the circular flow diagram, which of the following statements is correct? I. The government is a borrower in the financial market Il. Foreign investors purchase US stocks in the financial market Ill. Households borrow money from the financial market Ol only Oil only O Ill only OI and II only Ol and Ill onlyQuestion 20(Multiple Choice Worth 1 points) In the circular flow diagram, the government collects taxes from O the product market. O the factor market. businesses and spends them on goods and services from the factor market. O households and spends them on goods and services from the factor market. O households and spends them on goods and services from the product market.Question 21(Multiple Choice Worth 1 points) A leftward shift in the demand for hot dogs could be caused by which of the following? O An increase in the price of hot dogs. O A decrease in the price of hot dogs. O An increase in the price of hot dog buns. O A decrease in the price of hot dog buns. O An increase in the price of hamburgers.Question 22(Multiple Choice Worth 1 points) Given a normal market demand curve for airline tickets, if airlines decrease the price of tickets from Detroit to Orlando, then there is a/an O increase in demand for airline tickets from Detroit to Orlando. O decrease in demand for airline tickets from Detroit to Orlando. O increase in quantity demanded of airline tickets from Detroit to Orlando. O decrease in quantity demanded of airline tickets from Detroit to Orlando. O decrease in supply of airline tickets from Detroit to Orlando.Question 23(Multiple Choice Worth 1 points) A point inside the production possibilities curve would represent the full employment amount of two goods that might be produced. O the full employment amount of one good that might be produced. O inflation in the economy. underemployment of resources in the economy. O full employment of resources in the economy.Question 24(Multiple Choice Worth 1 points) Which of the following is true regarding nominal and real GDP? I. Real GDP is stated in current prices. Il. Nominal GDP is stated in current prices. III. Real GDP is adjusted for inflation. Ol only. Oil only. OI and Ill only. Oil and Ill only. Ol, II, and Ill.Question 25(Multiple Choice Worth 1 points) The purchase of 100 shares of stock in Nabisco for $50,000 is O included in GDP and counted as consumption. O included in GDP and counted as investment. O included in GDP and counted as government spending. O included in GDP and counted as net exports. O excluded from GDP.Question 26(Multiple Choice Worth 1 points) If an American woman purchases a pair of shoes in a local shoe store, what would happen to Consumption and GDP as a result? Consumption / GDP O No change / Increase O Increase / No change O Increase / Increase O Decrease / No change O No change / DecreaseQuestion 27(Multiple Choice Worth 1 points) All of the following are examples of final goods and services that would be included in GDP except the O computer you use to do your Macro homework. O car you drive to your after-school job. O sandwich you pack in your lunch. O sugar used to bake the donuts you eat for breakfast. O notebook you take notes in for math class.Question 28(Multiple Choice Worth 1 points) Which of the following would generate a decrease in U.S. GDP? The sale of a home in Florida to a buyer from Georgia O The purchase of books from a yard sale O A decrease in unemployment payments by the government O The purchase of souvenirs from South America by a vendor in Florida O The sale of stock back to General MotorsQuestion 29(Multiple Choice Worth 1 points) Goods that are produced but not sold during a given time period O are included in the following year's GDP when the goods are sold. O are not counted in GDP for the period. O increase government inventories but leave GDP unchanged. O increase business inventories but leave GDP unchanged. O are counted as business inventories, a part of the GDP calculations.Question 30(Multiple Choice Worth 1 points) Gross domestic product does not count transfer payments because sometimes they are sent overseas in the form of foreign aid. O they are part of the underground economy. O we don't want to double count them as government spending. O they are considered intermediate goods. O no goods or services are exchanged for them.Question 31(Multiple Choice Worth 1 points) Gross Domestic Product (GDP) can be defined as: I. The sum of all incomes while adjusting for indirect business taxes and foreign incomes. Il. The market value of goods and services sold in an economy in some time period. Ill. The total market value of final goods and services produced in an economy in some time period. OilI only O I and II only Ol, II and Ill Oil and Ill only OI and Ill only