QUESTION 5 Below are various statistics for a hypothetical economy (all figures in millions) Total Population 40 Working age population 32 Discouraged workers 4 Full-time employed 15 Part-time employed Unemployed Refer to the information above to answer this question. What is the unemployment rate? 8.3% 6.25% 11.1% 10% O 13.3% QUESTION 6 Price $1 $2 Quantity per period Refer to the above graph to answer this question. How could you describe the movement from point B to point ? O An increase in supply which leads to an increase in the equilibrium price and an increase in demand. An increase in supply which leads to a decrease in the equilibrium price and an increase in the quantity demanded. An increase in demand which leads to a decrease in the equilibrium price and a decrease in supply An increase in demand which leads to a decrease in the equilibrium price and an increase in supply An increase in supply which leads to a decrease in the equilibriumprice and an increase in demand 15 . C Sunny acerQUESTION 3 Price $1800 1600 Is 1400 1200 1000 800 600 400 200 40 80 120 160 200 240 Quantity per month Refer to the graph above to answer this question. What would be the new equilibrium price and qu O $1,400 and 60. $1,000 and 80 O $1,400 and 80. O $800 and 80. QUESTION 4 Price Quantity Demanded Quantity Supplied 1 $40.0 140 60 425 130 70 45.0 120 80 47.5 110 90 50.0 100 100 625 90 110 55.0 80 120 57.0 70 130 60.0 60 140 Refer to the above information to answer this question. What is true if price is $52.50? O Price will soon rise. The quantity demanded is 90 There is a surplus of HO. The quantity supplied is 90. There is a shortage of 40. 15 . C Sunnycourses/_6/3764_1/cl/outline QUESTION 7 40% Quantity The following table shows the initial weekly demand (D1) and the new demand (D2) for packets of pretzels (a bar snack): Quantity Price ($) Demanded (D1) Demanded (D2) 100 1,000 1,100 1.50 980 1.080 2.00 960 1,060 2.50 940 1,040 3.00 920 1,020 It has decreased. Refer to the information above to answer this question. In order to produce the change in demand from D1 to D2, what might have happened to the price of a substitute product like a packet of nuts? It has not changed, but people must be buying less. It has increased. It has not changed, but people must be buying more. QUESTION 8 Price Quantity Demanded Quantity Supplied 1 $40.0 140 60 42.5 130 70 45.0 120 80 47.5 110 90 50.0 100 100 52.5 90 110 55.0 80 120 57.0 70 130 60.0 60 140 Refer to the above information to answer this question. What are the equilibrium values of price and quantity? $40 and 60. $55 and 120. $40 and 140. $52.50 and 100. $50 and 100. SunnyQUESTION 1 Price Quantity Demanded Quantity Supplied 1 $40.0 140 60 42.5 130 70 45.0 120 80 47.5 110 90 50.0 100 100 52.5 90 110 55 0 80 120 57.0 70 130 60.0 60 140 Refer to the above information to answer this question. What is true if price is $45? O The quantity demanded is 80. O There is a surplus of 40. There is a shortage of 40. O Price will soon fall. O The quantity supplied is 200. QUESTION 2 Price $1800 40 80 120 160 200 240 Quantity per month Refer to the graph above to answer this question. What is the effect if the price is $800? There is a shortage of 30. 160 will be purchased. There is a surplus of 30. There is a shortage of 60. The price will increase. 15 . C OLD - SunnyQUESTION 9 Price $1800 1600 1400 1200 80 120 160 200 2 Quantity per month Refer to the graph above to answer this question. What would be the new equilibrium price and quantity if supply decreased by 120? O $1,000 and 40. Supply would be zero. $800 and 80. $1,400 and 80. QUESTION 10 Price Quantity Demanded Quantity Supplied 1 $40.0 140 60 425 130 70 45.0 120 80 47.5 110 90 50.0 100 100 525 90 110 55.0 80 120 57.0 70 130 60.0 60 140 Refer to the above information to answer this question. If supply increases by 40 units, what will be the new values of equilibrium price and quantity? $40 and 140 $45 and 120. $50 and 140. $60 and 140. $60 and 120. EN 15. C US Sunny acerQUESTION 13 The following information is from a hypothetical economy (all figures are in millions): Full-time employed 36 Part-time employed 8 Unemployed 6 Discouraged workers 10 Consumer Price Index 120 Refer to the information above to answer this question. What is the annual rate of inflation? O 20% O 0%. 120%. It cannot be determined from the data given. QUESTION 14 Year Price Index 2019 110.0 2020 118.0 2021 127.5 2022 1320 Refer to the above information to answer this question. What is the inflation rate in 2020? 0 7 3% 0 9.5% 18.0% 80%QUESTION 11 Price $1800 1600 1400 1200 1000 800 80 120 160 200 240 Quantity per month Refer to the graph above to answer this question. What is the effect if the price is $1,000? O There is neither a shortage nor a surplus. O The quantity traded is 100. Price will rise. O Price will fall. QUESTION 12 Price ($million) Quantity Demanded Quantity Supplied $1.2 20 18 $1.3 19 18 $1.4 18 18 $1.5 17 18 $1.6 16 18 $1.7 15 18 $1.8 14 18 $1.9 13 18 $2.0 12 18 The above information contains supply and demand data for luxurious apartments in a downtown waterfront area. Refer to the above information to answer this question. If two potential buyers decide to leave this market, what are the new equilibrium values of price and quantity? $1.8 million and 12 $1.6 million and 14 $2 0 million and 10 $1 4 million and 16 $1 2 million and 18