Category: Economics

193.333 pointsIn which of the following scenarios does compound growth occur? Mark all that apply.
Economic growth
Saving $1 per day under your mattress
Bacterial growth
Disease spread
Your height

55 points
According to Cesar Chavez’s “Commonwealth Club Address,” does he advocate for the overthrow of a U.S. labor system? Select True OR False, if does not support overthrow.
True
False

According to lecture, the first welfare state prior to the New Deal in the Unitited Statesprimarily benefitted:
people of color.
the elderly.
single mothers and veterans.
children.
All of the above.

➤ Why does the substitution effect matter for demand curves?
Because it makes the demand curve slope downward, the substitution effect explains how consumers shift to cheaper options when a price rises. It determines responsiveness captured by price elasticity and shapes market outcomes. Firms and policymakers use it to predict quantity demanded and welfare effects when relative prices change.

In the U.S., it takes 3 hours of labor to produce a bottle of wine and 1/2 hours of labor to produce a loaf of bread. What is the opportunity cost of a bottle of wine?
Group of answer choices

1. The social optimum occurs when:
a. total benefits have been maximized.
b. total benefits have been minimized.
c. total costs equal total benefits.
d. marginal costs equal marginal benefits.

➤ How do I calculate the magnitude of a surplus or shortage?
Look up quantity supplied and quantity demanded at the specified price from the supply and demand schedule or graph. Subtract the smaller from the larger to get the magnitude in units: |QS − QD|. Report units, not dollars. If QS > QD you have a surplus; if QD > QS you have a shortage.