Reference no: EM132246852

Can Someone explain me the answers to these questions. My professor explained it to me but I didn't really understand it,

Which of the following represents the market clearing price and market clearing quantity for CDs in a market where the demand and supply equations are D=240-2P and S=180+3P?

(a)P=$8 and Q=156 CDs

(b)P=$12 and Q=216 CDs

(c)P=$24 and Q=136 CDs

(d)P=$15 and Q=245 CDs

)What would be the new market clearing price and market clearing quantity for CDs given that the supply equation in Q#19 above remains the same and the demand equation is now D=240?

(a)P=$10 and Q=285 CDs

(b)P=$20 and Q=240 CDs

(c)P=$19 and Q=345 CDs

(d)None of the above

)Does the demand equation in Q#20 above conform to the law of demand?

(a)Yes

(b)No

(c)Maybe

(d)More information needed

Scarcity exists in an economy even if there is a surplus in all markets in the economy is a:

(a)False statement

(b)True statement

(c)More information needed to respond

(d)None of the above

Which of the following statements is false?

(a)The main goal of production in an economic system is consumption

(b)Scarcity is a reality in economic systems

(c)Efficiency in an economic system guarantees equity

(d)All of the above

Which of the following statements is false?

Central Planners are:

(a)The managers of socialist economies

(b)The technocrats who provide answers to the questions of resource allocation in command economies

(c)The ones who monitor the progress of the centralized plans in socialist societies

(d)None of the above

Which of the following statements is true?

The price system:

(a)Acts as signals for providing incentives and disincentives for buyers and sellers

(b)Provides information for buyers and sellers of resources in markets

(c)Acts as a rationing device for buyers and sellers of resources in markets

(d)All of the above

The decision of oysters farmers to supply 1,000,000 lbs. of oysters to local markets on a monthly basis in order to satisfy their clients' consumption needs is in keeping with which of the following questions:

(a)How to produce oysters?

(b)Where to produce oysters?

(c)When to produce oysters?

(d)None of the above

Which of the following statements is true?

A command economy is:

(a)Another name for a first come first serve economy

(b)Another name for a capitalist market economy

(c)Another name for a traditional economy

(d)Another name for a centrally planned economy