SPEA V202 FINAL EXAM – Questions With
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Terms in this set (80)
As a result of COVID-19, many states A reduction in supply
have implemented rules restricting
bars and restaurants to operating at
some fraction of their full capacity
(restricting the number of customers
allowed at one time). Which of the
following would best describe the
impact of this policy?
How would this policy for bars and Increase price and reduce quantity
restaurants impact the price and
quantity of food and drinks
consumed at bars and restaurants?
,Early on in the pandemic, shoppers There was an increase in demand for toilet paper
bought lots of toilet paper, such that
shelves were soon empty. This would
best be described by which of the
following:
As states reopen, many people are Reduces demand
still scared to eat at restaurants.
Which of the following best describes
how this fear impacts the restaurant
market?
How would people's fear of eating at Reduce price and quantity
restaurants affect the market
equilibrium price and quantity of
restaurant food consumed?
Many doctors and nurses were It reduced the supply of healthcare services
infected with the Coronavirus, and
were then unable to work, leaving
many hospitals understaffed. Patients
often waited hours to be seen by a
doctor. Which of the following best
describes how the illness among
doctors and nurses affected the
healthcare market?
Suppose that the weekly demand and $8
supply curves for pizza can be
described as Qd =300-15P and Qs=
100 + 10P. What is the market-clearing
price?
How many pizzas would be bought 180
each week?
, Annual supply and demand of P=$20 and Q=27 million sweatshirts
sweatshirts are shown in the table
below.
Price
14, 16, 18, 20, 22, 24
Supply (millions)
18, 21, 24, 27, 30, 33
Demand (millions)
30, 29, 28, 27, 26, 25
What is the market-clearing price and
how many sweatshirts would be
bought in equilibrium?
Referring to the above table, how There is a surplus of sweatshirts
would you describe the situation in
the sweatshirt market if the price of
sweatshirts is $28?
What is the approximate marginal $22
cost of the 30 millionth sweatshirt
produced?
What is the approximate marginal $34
benefit of the 20 millionth sweatshirt
that is purchased?
The monthly demand curve for $6
mangos is P=18-3Q (Q is millions of
mangos). The monthly supply curve is
P=Q+2. What is the equilibrium price
of mangos? (note: I'm asking about
price, not quantity)
In equilibrium, how much producer $8 million
surplus would mango sellers get?
If the price were $3, how many 1 million
mangos would farmers produce?
Complete Solutions
Add to calendar
Play your way to mastery with fun games
Match Blocks Charms NEW
Terms in this set (80)
As a result of COVID-19, many states A reduction in supply
have implemented rules restricting
bars and restaurants to operating at
some fraction of their full capacity
(restricting the number of customers
allowed at one time). Which of the
following would best describe the
impact of this policy?
How would this policy for bars and Increase price and reduce quantity
restaurants impact the price and
quantity of food and drinks
consumed at bars and restaurants?
,Early on in the pandemic, shoppers There was an increase in demand for toilet paper
bought lots of toilet paper, such that
shelves were soon empty. This would
best be described by which of the
following:
As states reopen, many people are Reduces demand
still scared to eat at restaurants.
Which of the following best describes
how this fear impacts the restaurant
market?
How would people's fear of eating at Reduce price and quantity
restaurants affect the market
equilibrium price and quantity of
restaurant food consumed?
Many doctors and nurses were It reduced the supply of healthcare services
infected with the Coronavirus, and
were then unable to work, leaving
many hospitals understaffed. Patients
often waited hours to be seen by a
doctor. Which of the following best
describes how the illness among
doctors and nurses affected the
healthcare market?
Suppose that the weekly demand and $8
supply curves for pizza can be
described as Qd =300-15P and Qs=
100 + 10P. What is the market-clearing
price?
How many pizzas would be bought 180
each week?
, Annual supply and demand of P=$20 and Q=27 million sweatshirts
sweatshirts are shown in the table
below.
Price
14, 16, 18, 20, 22, 24
Supply (millions)
18, 21, 24, 27, 30, 33
Demand (millions)
30, 29, 28, 27, 26, 25
What is the market-clearing price and
how many sweatshirts would be
bought in equilibrium?
Referring to the above table, how There is a surplus of sweatshirts
would you describe the situation in
the sweatshirt market if the price of
sweatshirts is $28?
What is the approximate marginal $22
cost of the 30 millionth sweatshirt
produced?
What is the approximate marginal $34
benefit of the 20 millionth sweatshirt
that is purchased?
The monthly demand curve for $6
mangos is P=18-3Q (Q is millions of
mangos). The monthly supply curve is
P=Q+2. What is the equilibrium price
of mangos? (note: I'm asking about
price, not quantity)
In equilibrium, how much producer $8 million
surplus would mango sellers get?
If the price were $3, how many 1 million
mangos would farmers produce?
