QUESTION 2 Consider the market for electric cars. If the price of gasoline decreases, what will happen to the equilibrium price and equilibrium quantity of electrics cars? Equilibrium price will decrease and equilibrium quantity will increase Equilibrium price and equilibrium quantity will both decrease O Equilibrium price and equilibrium quantity will both increase O Equilibrium price will increase and equilibrium quantity decreaseQUESTION 3 Consider the market for packaged hotdogs sold at the grocery store. If the price of hotdog buns decreases, what will happen to equilibrium price and equilibrium quantity of hotdogs? Equilibrium price will decrease and equilibrium quantity will increase O Equilibrium price and equilibrium quantity will both increase Equilibrium price will increase and equilibrium quantity decrease O Equilibrium price and equilibrium quantity will both decreaseQUESTION 4 If the equilibrium price and equilibrium quantity both decrease in a particular market, which of the following could not have caused this change? O The demand curve shifting right and the supply curve shifting right The demand curve shifting left and the supply curve shifting right O The demand curve shifting left and the supply curve shifting left O The demand curve shifting leftQUESTION S Soybeans and com are both used as animal feed. (70% of Soybeans are used as animal feed, and Corn is the primary animal feed in the US.) Aho, on many firms, farmers can grow either soybeans or comm. Ethanol is a fuel derived from comm. Ceteris parabus: If demand for ethanol fuel decreases causing the equilibrium price of corn to decrease, what will happen to the market for soybeans? Specifically, what will happen to the equilibrium price and equilibrium quantity of soybeans? For the toolbar, press ALT+F10 (PC] or ALT+FN+F10 (Mac). BIUS Paragraph Arial 10pt E A T. E E E E SIT - A E1 (> (:) O WORDS POWERED BY TINYQUESTION 6 Tom and Mary have their daughter Erin baby-nit baby-sit their 3 year old but do not pay her. Tom and Mary stop having Erin baby-it pay their neighbor Sam to baby. sit their 3 year old, What is the impact of this change on GDP? O a. Increases O b. Decreases C. Stays the SameQUESTION 7 SHOESINC sells shoes. At the beginning of 2020. SHOESINC had total inventory of 2,000 pairs shoes. During 2020, SHOESINC produced 4,000 pairs of shoes and sold 5,000 pairs of shoes. Each pair of shoes sold for $100. In 2020, what is the contribution of SHOESINC economic adtivity towards GDP? O a. $300,000 O b. $400,000 O c. 5600,000 O d. $100,000QUESTION & Consider Country S: In 2019, Country S had $650 billion in consumption spending, $100 billion dollars in government consumption, $250 billion in business investment, $80 billion in intermediate goods, $20 billion in exports, and $70 billion in imports, In addition, $30 billion of used goods were sold and $90 billion was collected in taxes. Net factor paymets were $20 billion. Using the expenditure approach to GDP, calculate the GDP of Country $ in 2019: O a. 5940 billion Ob. $950 billion O c. $960 billion O d.$1,040 billion ($1.040 Trillion) O e. $1,060 billion ($1.050 Trillion) Of. $1,070 billion ($1.070 Trillion) 8. $1,090 billion ($1.090 Trillion)QUESTION 9 You are in London and purchase a sandwich for 6 British Pounds and the exchange rate is 0.$1 Pound US dollar, then how much did your sandwich cost in US dollar 50.486 O $0.741 O $4.86 O $7.41 O $48.60QUESTION 10 The company that you work for has announced that you can transfer to their offices in Dublin Ireland. If you transfer your salary will be 108,000 Euros and the exchange rate is 1.08 Dollars Euro. How much will your salary be in US dollars? O a. $118,800 O b. $100,000.00 O c. $110,000 O d. $116,640 O e. $105,000 Of. $101,$31.$3QUESTION 11 In Country Y Nominal GDP in 2010: $40 billion Nominal GDP in 1990: $12 billion GDP deflator in 2010: 120 GDP deflator 2000: 100 GDP deflator in 1990: 60 a. What is real GDP of Country Y in 1990 (in 2000 dollars)? b. What is real GDP of Country Y in 2010 (in 2000 dollars)? C. What is the % change in nominal GDP in Country Y between 1990 amd 2010? d. What is the % change in real GDP in Country Y between 1990 amd 2010? e. What is the average annual % change in real GDP between 1990 and 2010?QUESTION 12 In 2000 in Woodland, there are three residents: The Lumberjack, The Woodworker, and The Farmer. Use the following (1)-(v) to answer parts a- f. (i) The former grown $8,000 worth of carrots. She sells $5,090 worth of carrots to the residents of Woodland and exports $3,000 worth of carrots to Metalland (if) The Lumberjack cuts down $5,000 worth of lumber which she sells to the Woodworker for $5,000. (in) The Woodworker uses the $5,000 worth of lumber to make $15,000 worth of furniture. $8,000 worth of the furniture is sold to residents of Woodland and $7,000 worth of the furniture is exported to Metalland. (iv) The Farmer, the Lumberjack, and the Woodworker each pay $500 in taxes to the government, which then pays the Lumberjack $1,000 to build a road. (V) The Farmer wants to expand her business: She purchases a 52,000 thed from Metalland and pays the Lumberjack $1,000 to assemble i Please answer the following questions; a. What is total consumption (personal expenditures) in Woodland? b. What is total business investment in Woodland? C. What are total government expenditures in Woodland? d. What are total exports in Woodland? e. What are total imports Woodland? f. Calculate GDP in Woodland