Reference no: EM13317462
The law of supply states that as the price of a good rises, the quantity supplied decreases. true false
The law of demand states that as the price of a good rises, the quantity demanded decreases. true false
A decrease in consumer income shifts the demand curve leftward. true false
A rise in the price of chicken feed shifts the supply curve of chickens leftward. true false
If both the demand and supply curves shift equal distances rightward, the equilibrium price rises. true false
A rise in the price of popcorn shifts the demand curve for popcorn rightward. true false
New technology for manufacturing computer chips is developed. The new technology will contribute to cheaper production of computer chips contribute to a decrease in the supply of computer chips not affect the supply of computer chips
New cars are a normal good. Suppose the economy enters a period of strong economic expansion so that consumer incomes increase substantially. What will happen to the demand for new cars? It will increase because a rise in overall income produces an increase in demand for normal goods. It will stay the same because people will increase the purchase of other goods. It will decrease because a rise in overall income produces a decrease in demand for normal goods.
A rise in the price of a game of bowling will decrease the demand for bowling balls increase the demand for bowling balls result in a lot more people bowling decrease the demand for cars
Gruel is an inferior good. Hence, an increase in consumer income decreases the supply of gruel increases the supply of gruel decreases the demand for gruel increases the demand for gruel
It costs Balls-R-Us, a supplier of soccer balls, $3.00 to produce each soccer ball and $300.00 to make one hundred soccer balls. It is able to sell these soccer balls for $10.00 each. What is the marginal cost of producing soccer balls? $10.00 $300.00 $3.00 $1.00
Since prices don t favor producers or consumers, they are described as fixed neutral flexible biased
At any given price, a surplus of oranges will occur when the quantity demanded is more than the quantity supplied the quantity demanded is the same as the quantity supplied the quantity supplied is less than the quantity demanded the quantity supplied is greater than the quantity demanded
A price compromise between buyer and seller is known as a(n) equilibrium price target price deficiency payment adjustment price
The government sets a price ceiling on pizza that is below the equilibrium price of pizza, causing a shortage of pizza a surplus of pizza no shortage of pizza none of the above
In an unregulated market, which of the following will occur as a result of sudden destruction of a large proportion of the supply of housing? (Hint: This will cause a decrease in the supply of housing.) Drawing a diagram will help you. a decrease in demand for rental housing a surplus of rental housing higher rental prices a decrease in rental prices
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Explain how a government collects revenue via seigniorage
: Explain how inflation affects consumption in a cash in advance model (with transfers). What causes this to happen and explain how a government collects revenue via seigniorage
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The laffer curve is a central concept
: Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound. Assuming no transportation costs, the United States will
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Which should be identical to the json
: Modify the attached code to include a exportToJSON method within the Cave object. This method should output the JSON version of our Cave, which should be identical to the JSON within Cave.dat for that particular Cave.
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Assess the potential abuses of companies using a market
: While US GAAP requires assets to be valued at the lower of cost or market, there is a belief that assets with value fluctuations should be valued at market and adjusted on a regular basis. Create an argument supporting the use of market value for inv..
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A price compromise between buyer and seller is known
: Gruel is an inferior good. Hence, an increase in consumer income decreases the supply of gruel increases the supply of gruel decreases the demand for gruel increases the demand for gruel
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A private closed economy includes households
: A private closed economy includesA.households, businesses, and international trade, but not government. B.households, businesses, and government, but not international trade. C.households only. D.households and businesses, but not government or inter..
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Find entity relationship and relational database modelling
: You are required to design (using an E-R diagram) an entity-relationship model of the problem, convert the model into a relational model, and assess the normal form of each schema.
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Researchers discover that tomatoes reduce cancer and the
: Susan begins to examine shifts in demand for shoes. She discovers that as the population increases then it is likely that there will be a shift in demand to the right for shoes. She also discovers that when there are more houses being built, sometime..
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Explain how ricardian equivalence works
: Explain how Ricardian Equivalence works and explain how to get the quantity theory from the equation of exchange
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