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1) A winter storm kills half the orange crop in the United States. This will cause the price of orange juice to a) Increase b) Decrease c) Stay the same d) Invert 2) The average house in San Francisco, California costs $1 .6 million, while the average house in Cleveland, Chic costs $110,\". What is the most likely explanation for the extreme difference in the two housing markets? a) Desirability of the west coast compared to the midwest b) Lower supply and higher demand for housing in San Francisco c) Higher taxes and heavier restrictions on homebuiding in Cleveland d) Lower cost of mortgages in California compared to Ohio 3) John nonnatlyr goes camping and to the beach on weekends, but because gas prices are high he decided to only take necessary trips for work and shopping and go walking instead of driving. John's demand for gasoline for his car is a) Elastic b}lnelastic c) Hyperelastic d} Neoelastic 4) According to Forbes, the average iPhone costs 363? while the average Android phone costs $254. What is the best explanation for the willingness of the majority of U.S. customers to continue buying iPhones given the price dierence? a) Some consumers have a brand loydty to Apple products and want all their electronics to be compatible with Apple's operating system b) Advertising influences many customers into thinking that iPhones are a superior product and that the newly updated devices are worth paying for. c} For some phone customers. higher prices make more expensive phones a status symbol which allow people to show off by having a costly phone. d) All of the above. 5) What is a nancial reason why the majority of U.S. adults own their home rather than renting? a) The upfront costs of owning a home are lower than for renting one b) Paying off a home mortgage allows owners to build equity c) Owning a home means less responsibility for repair and upkeep d) Cwning a home makes it easier to move to a new location and strange jobs 6) Since 19TH, the average wage of e U.S. worker {when calculated for ination] has A} Increased B} Decreased C} Stayed the same D}