Answer 20 question

Econ 1

1. Amka is the head analyst for the Alaska Department of Fish and Game Service. Recently the agency has become concerned about overfishing in the waters off Alaska. Amka is estimating the demand curve for salmon as part of the agency’s mitigation efforts. From past statistics she knows that when the price of a freshly caught salmon is $400, the public will demand a quantity of 1 million fish. If the price is $200 then the public will demand 5.6 million fish. Finally, if the price was $125 consumers will demand a quantity of 8 million fish. Which curve below could be the correct demand curve for Alaskan salmon given these three data points?

the silver curve

the orange curve

None of the curves

the blue curve

2.Which country has characteristics of a command economy?

Cuba

Canada

Singapore

United States

3.When ________, business firms will collectively supply a lower quantity of output at any given price, and the supply curve will shift to the left.

Closing of a competitor’s business

costs of production increase

there is a population decrease

prices decrease

4. If a technology change reduces a company’s production costs, it will

increase prices

decrease consumer demand.

shift the supply curve to the right.

increase consumer demand.

5.A free market is described by which of the following statements?

Inputs are free to sellers.

The government does not set or influence market prices in any way.

Decisions are centralized

The price of outputs is controlled by the government.

6.When higher prices result in higher quantity supplied, economists call this relationship

price and supply model.

the demand curve.

inverse

the law of supply.

7.What is the second step of the four-step process?

Determine whether the economic changes affect demand or supply.

Identify the new equilibrium.

Draw the demand and supply curves before the change took place.

Determine the old equilibrium

8.

Considering the graph for microchips, if prices decrease from $200 to $150, suppliers will want to

produce almost 70 more microchips.

produce nearly 70 fewer microchips.

produce half as many microchips.

produce 270 microchips

9.When quantity demanded decreases in response to a change in price

the demand curve shifts to the right.

the supply curve shifts right

the demand curve shifts to the left.

there is a movement from one point to another along the demand curve.

10.A decrease in the quantity supplied can result from

increased demand.

a decrease in price.

a decrease in cost of production.

improvements in technology

11.In a planned economy, government determines the prices for goods and services, and

what goods will be produced.

firms determine what goods to produce to maximize profits.

firms determine how to produce goods and services.

allows consumers to influence prices based on demand behavior.

Lian is a production analyst at the cardboard box manufacturer Flexpac. Last year, because of an increase in online shopping, shipping companies have increased the use of boxes for shipping. Management has charged Lian with generating a supply curve graph to illustrate the rise in price and supply of their boxes. These are the figures Lian discovered and put in a table. If you were assisting Lian, what steps would you tell her to take next?

Price ($)	Quantity Supplied
$100	100
$125	150
$150	200
$175	250
$200	280
$225	310
$250	350

Plot these points as a demand curve graph sloping down to the right with price on the y-axis and quantity supplied on the x-axis.

Plot these points on a graph sloping up to the right with price on the y-axis and quantity supplied on the x-axis.

Plot these points on a graph with graph sloping down to the right quantity supplied on the y-axis and price on the x-axis.

Plot these points on a graph with graph sloping up to the right quantity supplied on the y-axis and price on the x-axis.

The marketing manager for the company Doggie Heaven Toys, has a table of prices and quantity demanded of the market for plastic ball throwing sticks for dog owners. He has plotted the quantity demanded downward sloping curve and now must plot the supply curve. Take a look at the table and identify which of the following supply curves will be the correct supply curve for his supply and demand graph.

Dog Ball Thrower Toy Market
Price ($)	Demanded	Supplied
$10	25	10
$20	20	20
$30	15	30
$40	10	40
$50	5	50

Graph showing the supply for dog toys. The x axis shows the quantity supplied and the y axis shows the price. There is an upward sloping line that starts at (25,10) and ends at (45,50).

D.

If an increase in the price of Nike shoes increases the demand for Adidas shoes, this means that

Nike shoes and Adidas shoes are complements

Nike shoes and Adidas shoes are inferior goods.

Nike shoes and Adidas shoes are substitutes.

Nike shoes and Adidas shoes are normal goods.

15.The operations vice president is adjusting the production quantities for the upcoming month of March for the coal company. Last month the price of a ton of coal was $45, and it has now increased to $64 per ton. According to the law of supply, what would be a rational response of the VP of operations in adjusting his coal output with the change in the market price?

Reduce output and layoff workers.

Reduce output because consumers will buy less.

Increase output and hire more workers.

Shut down 2 out of the 4 mining sections in the coal mine.

16.The largest national herbal supplement store is running a sale on its excess supply of Vitamin C supplements. With this new price change what do you think will happen to the Vitamin C supplement market?

There will be a decrease in the quantity demanded.

There will be a shift if the demand curve as demand increases.

There will be an increase only in the quantity demanded.

There will be a shift in the supply curve as supply increases.

17.The relationship between the price in a market and the amount that producers collectively make available for sale, is referred to as

demand

equilibrium quantity.

supply.

quantity supplied.

18.The country of Armenia has an economy that includes people buying and selling freely, a government setting some price restrictions such as a minimum wage equivalent to $5 hour and regulates certain industries (pharmaceutical, mining, and farming). Armenia’s economy is likely a________ economy.

Command

free market

Socialist

mixed

19.

Which of the following data sets depicts the correct version of the above quantity Demand graph representing the number and price of watches. The x-axis shows quantity and the y-axis shows price.

4.

Table 2
Prices ($)	Quantity Demanded
$300	10
$250	150
$200	200
$150	300
$100	400
$50	500
$25	600
$5	700

Table 3
Quantity Demanded	Prices ($)
50	$300
100	$250
200	$200
300	$150
400	$100
500	$50
600	$25
650	$5

Table 1
Prices ($)	Quantity Demanded
$10	300
$50	250
$100	200
$200	150
$300	100
$400	50
$500	25
$600	5

Table 2
Prices ($)	Quantity Demanded
$300	10
$250	50
$200	100
$150	200
$100	300
$50	400
$25	500
$5	600

20.Last year Hawaii did not received many rain storms and with eight months of little rain there was low demand for umbrellas. This year however, there have been three months of big rain storms and only a few weeks of sunny weather. If you were to draw a graph depicting the changing market for umbrellas from last year to this, how would the new equilibrium price and quantity demanded compare to last year’s market?

With supply of umbrellas being constant, equilibrium price increases and quantity demanded decreases for umbrellas compared to last year.

With supply of umbrellas being constant, equilibrium price and quantity demanded decrease for umbrellas compared to last year.

With supply of umbrellas being constant, equilibrium price and quantity demanded increase for umbrellas compared to last year.

With supply of umbrellas being constant, equilibrium price decreases and quantity demanded increases for umbrellas compared to last year.

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