ECON FINAL EXAM 2023,GRADED A+
Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply
shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00,
there will be
An Excess demand of 6 cheeseburgers
Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply
shifts from S1 to S2, the new equilibrium price will be ________ and the new
equilibrium quantity will be ________.
7.00$
When Hurricane Andrew passed through Louisiana in the summer of 1992,
approximately a quarter of the sugar cane crop was destroyed. Ceteris paribus,
the supply of sugar decreased, and the price of sugar increased.
Refer to Table 3.2. If the price per cheeseburger is $9, there is a(n)
excess supply of 1,000 units.
Refer to Table 3.2 if the price per cheeseburger is 5$ there is an excess
Demand of 1,000 cheesburgers
Refer to stable 3.2 if the price per cheeseburger is 7$ the price will
Remain constant because the market is in a equilibrium
An insect that is resistant to currently used pesticides has infested the cotton
crop and this year's crop is only half of what was produced last year. You
accurately predict that this
Will shift the supply curve of cotton to the left the equilibrium price of cotton will increase
and the demand for cotton will fall
Queuing means
Waiting in line
A shortage will occur if a ___ is ____ the equilibrium price
Price ceiling; Below
Refer to Figure 4.4 if the United States levies no taxes on imported oil, which of
the following would occur
The price of oil in the United States would be 125$ per barrel, and the United States
would import 6 million barrels of oil perday
Refer tot figure 4.4 if 25$ per barrel tax is levied on imported oil, the United States
will
Import 2 million barrels of oil per day
Refer to figure 4.6 at equilibrium consumer surplus is area
A+B+C
Refer to figure 4.6 At equilibrium Producer surplus area
E+F+G
Refer to Figure 4.6 If Price is P1, the deadweight loss due to under production is
area
C+F
A deadweight loss occurs ___ in a market
When there is underproduction or overproduction
Which of the following is not a category of fiscal policy?
Government policies regarding money supply in the economy
, Bills income is 1,000 and his net taxes are 350. His disposable income is?
650$
When the government sector is included in the income- expenditure model, the
equation for aggregate income is
Y=C+I+G
The Difference between what a government spends and what it collects in taxes
in a year is?
The government budget deficit or surplus
After government is added to the income-Expenditure model, the formula for the
aggregate consumption function is?
C = A + B (Y - T)
The aggregate consumption function is C = 800 + 0.8 Yd. If income is 2,000 and
net taxes are 500$ Consumption equal
2,000
Refer to table 9.2 at an output level of 1,5000 billion, the level of aggregate
expenditure is ___ Billion
1,400$
Refer to table 9.2 The equilibrium level of output is ____ Billion
1,000
Refer to equation 9.1 The equilibrium level of output for the Italian economy is
3,700$
If the MPC is .75, the government spending multiplier is
4
If the government spending multiplier is 5 and the government spending
decreases by 200 billion, output will ___ by $___ billion
decrease; 1,000
If the MPC is 0.5, the tax multiplier is
-1
Personal taxes are the ___ in the government's Budget
Largest Revenue source
Which of the following is a correct sequence of events during a recession?
Unemployment rises, income falls tax revenue falls, unemployment benefits rise, and
the budget deficit rises
In which case will the government collect more tax revenue?
50% tax rate and 50,000 average income
Which of the following factors causes the barter system to be inefficient?
It requires a double coincidence of wants
Veronica received a federal income tax refund of $600 in May 2012. Veronica put
this money in a saving account so that she could spend it when she went on
vacation in July 2012. This is an example of money serving as a(n)
Store of Value
Which of the following is an example of fiat money?
a U.S one hundred dollar bill
Which of the following is included in M2 but not include in M1?
Saving accounts
Things that a firm owns that are worth something are classified as
Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply
shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00,
there will be
An Excess demand of 6 cheeseburgers
Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply
shifts from S1 to S2, the new equilibrium price will be ________ and the new
equilibrium quantity will be ________.
7.00$
When Hurricane Andrew passed through Louisiana in the summer of 1992,
approximately a quarter of the sugar cane crop was destroyed. Ceteris paribus,
the supply of sugar decreased, and the price of sugar increased.
Refer to Table 3.2. If the price per cheeseburger is $9, there is a(n)
excess supply of 1,000 units.
Refer to Table 3.2 if the price per cheeseburger is 5$ there is an excess
Demand of 1,000 cheesburgers
Refer to stable 3.2 if the price per cheeseburger is 7$ the price will
Remain constant because the market is in a equilibrium
An insect that is resistant to currently used pesticides has infested the cotton
crop and this year's crop is only half of what was produced last year. You
accurately predict that this
Will shift the supply curve of cotton to the left the equilibrium price of cotton will increase
and the demand for cotton will fall
Queuing means
Waiting in line
A shortage will occur if a ___ is ____ the equilibrium price
Price ceiling; Below
Refer to Figure 4.4 if the United States levies no taxes on imported oil, which of
the following would occur
The price of oil in the United States would be 125$ per barrel, and the United States
would import 6 million barrels of oil perday
Refer tot figure 4.4 if 25$ per barrel tax is levied on imported oil, the United States
will
Import 2 million barrels of oil per day
Refer to figure 4.6 at equilibrium consumer surplus is area
A+B+C
Refer to figure 4.6 At equilibrium Producer surplus area
E+F+G
Refer to Figure 4.6 If Price is P1, the deadweight loss due to under production is
area
C+F
A deadweight loss occurs ___ in a market
When there is underproduction or overproduction
Which of the following is not a category of fiscal policy?
Government policies regarding money supply in the economy
, Bills income is 1,000 and his net taxes are 350. His disposable income is?
650$
When the government sector is included in the income- expenditure model, the
equation for aggregate income is
Y=C+I+G
The Difference between what a government spends and what it collects in taxes
in a year is?
The government budget deficit or surplus
After government is added to the income-Expenditure model, the formula for the
aggregate consumption function is?
C = A + B (Y - T)
The aggregate consumption function is C = 800 + 0.8 Yd. If income is 2,000 and
net taxes are 500$ Consumption equal
2,000
Refer to table 9.2 at an output level of 1,5000 billion, the level of aggregate
expenditure is ___ Billion
1,400$
Refer to table 9.2 The equilibrium level of output is ____ Billion
1,000
Refer to equation 9.1 The equilibrium level of output for the Italian economy is
3,700$
If the MPC is .75, the government spending multiplier is
4
If the government spending multiplier is 5 and the government spending
decreases by 200 billion, output will ___ by $___ billion
decrease; 1,000
If the MPC is 0.5, the tax multiplier is
-1
Personal taxes are the ___ in the government's Budget
Largest Revenue source
Which of the following is a correct sequence of events during a recession?
Unemployment rises, income falls tax revenue falls, unemployment benefits rise, and
the budget deficit rises
In which case will the government collect more tax revenue?
50% tax rate and 50,000 average income
Which of the following factors causes the barter system to be inefficient?
It requires a double coincidence of wants
Veronica received a federal income tax refund of $600 in May 2012. Veronica put
this money in a saving account so that she could spend it when she went on
vacation in July 2012. This is an example of money serving as a(n)
Store of Value
Which of the following is an example of fiat money?
a U.S one hundred dollar bill
Which of the following is included in M2 but not include in M1?
Saving accounts
Things that a firm owns that are worth something are classified as
