Tag: Economics – Others

Question 11 ptsFor each of the following goods, would you expect the supply to be elastic or inelastic? Provide explanations for each of your rationales.a. oilb. toothpicksc. Picasso paintings

Question 5
Which of the following terms is the sum of all final goods and services purchased in an economy?
Factor market
Resource cost/income approach
GDP growth
Expenditure approach

In this lecture, we defined an economy that is organized around mass production and mass consumption as a:
Fordist economy
Individual economy
Flexible economy
Democratic economy

Question 24
The case of Jared Loughner, who shot Congresswoman Gabrielle Giffords, isan example of which layer or level of the criminal justice “Wedding Cake” model?
Level II
Level I
Level III
Level IV

Which two of the following are achieved at the equilibrium quantity of a good or service?
A shortage of the good or service
Productive efficiency
A surplus of the good or service
Allocative efficiency

Which of the following is not a rule which provides an incentive for productive economicactivity?Competitive and Open MarketsCommunal Ownership of ResourcesDependable Legal SystemHonest Government

Initially, the equilibrium price in a market is $20. After a $10 per unit tax is applied, buyers pay $26 per unit and sellers receive $16 per unit. Which of the following are true statements?

Bintu’s opportunity cost of producing bowls is than Juba’s, and if they decide to specialize and trade, should produce bowls.
Group of answer choices
lower
Jubalower
Bintuhigher
Jubahigher
Bintu

Good
2016 Quantity
2016 Price
2017 Quantity
2017 Price
Avocados
550
$1.00
700
$1.20
Butter
825
$5.00
1050
$5.25
Cherries
900
$7.00
900
$8.00
If 2016 is the base year, real GDP for 2017 is:

If the United States imposes an import quota on Portuguese port, the result in the short run is likely to be for American wine producers and lower; higher lower; lower higher; higher higher; lower