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Chris M., M.S.W. Social Work
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Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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1. An economist would tell you that prices are A. the outcome

Resolved Question:

1. An economist would tell you that prices are
A. the outcome of some haphazard process.
B. not to be relied on as a method of allocating society’s
scarce resources.
C. the result of the millions of business and consumer
decisions.
D. the responsibility of government planners.
2. A market demand is
A. a vertical summation of individual demand curves.
B. a horizontal summation of individual demand curves.
C. not responsive to change in tastes and preferences.
D. determined solely by the number of buyers in the market.3. Buyers generally buy more of a good when the prices of
A. substitutes for the good fall.
B. substitutes for the good rise.
C. substitutes for the good remain fixed.
D. complements of the good rise.
4. Government drug interdiction tends to increase drug-related crime because the
A. demand for such drugs tends to be very inelastic.
B. demand for such drugs tends to be very elastic.
C. total amount of money needed to buy the amount of drugs desired decreases.
D. number of addicts grows.
5. Suppose that John receives a pay increase.We would expect John’s demand for
A. normal goods to remain unchanged.
B. inferior goods to decrease.
C. luxury goods to decrease.
D. normal goods to decrease.
6. Holding all else constant, a higher price for ski lift tickets would be expected to
A. increase the number of skiers.
B. increase the incidence of ski injuries.
C. decrease ski sales.
D. decrease the demand for other winter recreational activities.
7. When policymakers set prices by legal decree,
A. they obscure the signals that normally guide the allocation of society’s resources.
B. they improve the efficiency of resource allocation in society.
C. they’re able to use all of the information the market uses in determining prices.
D. it saves the taxpayer money.
8. The downward-sloping demand curve reflects which of the following statements?
A. The price is positively related to the quantity supplied.
B. There’s an inverse relationship between price and quantity demanded.
C. There’s a direct relationship between price and quantity demanded.
D. When the price falls, buyers willingly buy less.
9. A perfectly elastic demand curve will be
A. vertical and parallel to the vertical axis.
B. horizontal and parallel to the horizontal axis.
C. downward-sloping to the right.
D. upward-sloping to the right.
10. The minimum wage isn’t of great concern to those workers who are skilled and
experienced, but the minimum wage level does significantly impact
A. the market for female labor. C. the market for black workers.
B. the market for white workers. D. the market for teenage labor.
11. Which of the following statements about the labor market is correct?
A. Workers determine the supply of labor, and firms determine the demand for labor.
B. Workers determine the demand for labor, and firms determine the supply of labor.
C. Workers determine the supply of labor, and government determines the demand
for labor.
D. Firms determine the demand for labor, and government determines the supply of labor.
12. Holding the nonprice determinants of quantity supplied constant, a change in price would
A. result in a change in supply.
B. result in a shift of demand.
C. result in a movement along a stable supply curve.
D. have no effect on the quantity supplied.
13. Which of the following statements about the minimum wage is correct?
A. Typical studies find little relationship between changes in the minimum wage and
changes in teenage employment.
B. Typical studies find that each 1 percent increase in the minimum wage reduces
teenage employment by 1 percent.
C. Typical studies find that each 1 percent increase in the minimum wage increases
teenage wages by 1 percent.
D. Typical studies find a substantial drop in teenage employment as a result of an
increase in the minimum wage.
14. Which of the following statements about the workings of supply and demand is correct?
A. A cold snap hits Florida, resulting in lower orange juice prices in supermarkets.
B. Warm weather in New England in the summer results in higher hotel prices in
the Caribbean.
C. A war breaks out in the Middle East, causing gasoline prices in the United States
to fall.
D. Hog farmers produce an overabundance of hogs, causing the price of ham to
decrease sharply.
15. When demand is elastic in a current price range,
A. an increase in price would decrease total revenue because the reduction in quantity
demanded is so great that it more than offsets the increase in price.
B. an increase in price would increase total revenue because the reduction in the
quantity demanded is so great that it more than offsets the increase in price.
C. a decrease in price would decrease total revenue because less would be sold.
D. a decrease in price wouldn’t affect the total revenue.
16. A legal maximum price at which a good can be sold is a price
A. floor. C. support.
B. stabilization. D. ceiling.
17. Assuming a linear demand curve, we would expect lower prices to correspond with
A. a more price-sensitive demand. C. greater total revenue.
B. a less price-sensitive demand. D. lower total revenue.
18. At $10 each, the demand for a certain good is 10,000 units. If the price increases to $12,
the demand changes to 9,000 units. How does this price change affect total revenue?
A. It increases by $8,000. C. It increases by $20,000.
B. It decreases by $8,000. D. It decreases by $20,000.
19. Which of the following statements is correct?
A. Rationing by long lines is inefficient, because it wastes buyers’ time.
B. Rationing by long lines is efficient, because those who are willing to wait the longest
get the goods.
C. Rationing by long lines is the only way scarce goods can be distributed.
D. Rationing by long lines is necessary only if price ceilings aren’t binding.
20. From the law of supply, it follows that
A. lower prices result in a greater output supplied.
B. higher prices result in a smaller output supplied.
C. higher prices shift the supply curve to the right.
D. lower prices result in a smaller output supplied.
Submitted: 3 years ago.
Category: Homework
Expert:  Chris M. replied 3 years ago.

Hello Customer,

 

I can help with this exam, however you have not "accepted" answers to the previous two exams I answered -- #05044801 and #05065100. Experts receive no payment without your "accept." If you were satisfied with those answers please "accept," in order that I can further assist you.

 

Thanks,

Chris M.

Expert:  Chris M. replied 3 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2505
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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