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linda_us, Master's Degree
Category: Multiple Problems
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Experience:  Business Analyst and Solution Consultant with over 9 years of experience.
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All of the following are examples of spending on factors of

Customer Question

All of the following are examples of spending on factors of production in the circular flow model except (Points : 1)
Bima hires two students to work at his ice-cream store.
"Get Fit Together'" purchases 3 new treadmills for its gym.
Iris buys a dozen roses for her mother's birthday.
The Banyan Tree rents a much larger property so that it can add a restaurant to its facilities.


12.
Figure 3-5





Refer to Figure 3-5. Assume that the graphs in this figure represent the demand and supply curves for used clothing, an inferior good. Which panel describes what happens in this market as a result of a decrease in income? (Points : 1)
Panel (a)
Panel (b)
Panel (c)
Panel (d)


13. How does the increasing use of digital cameras affect the market for traditional camera film? (Points : 1)
The demand curve for traditional camera film shifts to the right.
The supply curve for traditional camera film shifts to the left.
The supply curve for traditional camera film shifts to the right.
The demand curve for traditional camera film shifts to the left.


14.
Figure 3-6





Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples how will the equilibrium point change? (Points : 1)
The equilibrium point will move from A to B.
The equilibrium point will move from A to C.
There will be no change in the equilibrium point.
The equilibrium point will move from A to E.


15. If in the market for apples the supply has decreased then (Points : 1)
the supply curve for apples has shifted to the right.
there has been a movement upwards along the supply curve for apples.
the supply curve for apples has shifted to the left.
there has been a movement downwards along the supply curve for apples.


16. If the price of automobiles were to increase, then (Points : 1)
the demand for gasoline would decrease.
the demand for gasoline would increase.
the supply of gasoline would increase.
the quantity demanded of gasoline would decrease.


17.
Figure 4-7



Figure 4-7 shows the demand and supply curves for the almond market. The government believes that the equilibrium price is too low and tries to help almond growers by setting a price floor at Pf.


Refer to Figure 4-7. What is the area that represents producer surplus after the imposition of the price floor? (Points : 1)
A + B + E
B + E
B + E + F
B + C + D + E


18. Suppose the demand curve for a product is downward sloping and the supply curve is upward sloping. If a unit tax is imposed in the market for this product, (Points : 1)
sellers bear the entire burden of the tax.
the tax burden will be shared among the government, buyers and sellers.
buyers bear the entire burden of the tax.
the tax burden will be shared by buyers and sellers.


19.
Table 4-3






Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover.


Refer to Table 4-3. If a minimum wage of $7.50 an hour is mandated, what is the quantity of labor supplied? (Points : 1)
390,000
370,000
340,000
380,000


20.
Figure 4-2






Refer to Figure 4-2. What area represents producer surplus at a price of P2? (Points : 1)
A + B
B + D
A + B + C
A + B + C + D + E
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  linda_us replied 2 years ago.
Thanks for requesting me but there are question with figure, which are missing.

Please post the figures.

Regards

Linda
Customer: replied 2 years ago.

Ok sorry.

 

Expert:  linda_us replied 2 years ago.
Thanks.
Customer: replied 2 years ago.
I never got a response back. Were you able to work on this?
Expert:  linda_us replied 2 years ago.
The questions had figures missing.
Customer: replied 2 years ago.
Sorry those were for the other posting that I did.
Expert:  linda_us replied 2 years ago.
Ok I will work on these.

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