Numerade

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Roee Shalom

Numerade educator

Plywood is used in the construction of houses. If the price of plywood rises, what happens to the supply of houses? A. The quantity supplied decreases and the supply curve shifts leftward. B. The supply decreases so that the supply curve shifts leftward. C. The quantity supplied increases but there is no shift in the supply curve. D. The quantity supplied decreases but there is no shift in the supply curve. E. The supply increases so that the supply curve shifts rightward.

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Farruh Turgunov

Numerade educator

The graph shows the market for paper. At the market equilibrium, what are consumer surplus, producer surplus, and total surplus? Is the market for paper efficient? Why or why not? Draw a shape that represents the consumer surplus from paper. Label it CS. Draw a shape that represents the producer surplus from paper. Label it PS. The consumer surplus on paper equals $ and the producer surplus on paper equals $ . The total surplus on paper equals $ . The market for paper is efficient because ______. A. consumer surplus is greater than zero B. the market is producing the maximum possible quantity given the constraints on technology and capital C. at the market equilibrium marginal benefit equals marginal cost, and total surplus is maximized D. consumer surplus is greater than producer surplus

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Roee Shalom

Numerade educator

The graph shows the market for labor. Prior to the minimum wage law of $15 per hour, ____ workers are hired at ____ per hour. After the law, ____ workers are hired. A. 150,000; $9; 250,000 B. 150,000; $9; 150,000 C. 150,000; $15; 150,000 D. 150,000; $9; 50,000 E. 150,000; $15; 250,000 Wage rate (dollars per hour) 21 18 15 S 12 9 6 3 D 0 50 100 150 200 250 300 Quantity (thousands of workers)

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Roee Shalom

Numerade educator

Consider a demand curve for apples: "A change in the price of apples leads to a ________ the demand curve for apples because ________ A. shift in; changes in the prices of other fruit affect demand B. shift in; all other factors influencing demand are held constant C. movement along; all other factors influencing buying plans are held constant D. movement along; all other factors influencing demand are allowed to change E. movement along; changes in the prices of other fruit affect demand

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Farruh Turgunov

Numerade educator

Suppose that the United States and Cuba decide to open up trade. If each country specializes in the good in which it has a comparative advantage, which country will gain from that trade? Why? If each country specializes in the good in which it has a comparative advantage, ______ will gain from that trade because ______. A. neither country; their consumption possibilities will not change B. only the United States; consumption possibilities in Cuba will lie outside its PPF and U.S. consumption possibilities will not change C. both countries; consumption possibilities in both Cuba and the United States will lie outside their PPFs D. only Cuba; consumption possibilities in Cuba will lie outside its PPF and U.S. consumption possibilities will not change

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Roee Shalom

Numerade educator

For consumers, pasta and pizza are substitutes. If the price of pasta increases, does the demand for pizza change? If the price of pasta increases, the demand for pizza will _______. A. increase or decrease, but the demand for pasta will not change B. decrease, and the demand curve for pizza will shift leftward C. increase, and the demand curve for pizza will shift rightward D. not change, but there will be a movement along the demand curve for pizza

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Roee Shalom

Numerade educator

To ensure all students are protected from getting the flu this year, your school offers free flu shots. What type of externality exists in this example? A. Neutral externality. B. Positive production externality. C. Negative production externality. D. Positive consumption externality. E. Negative consumption externality.

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Roee Shalom

Numerade educator

The graph illustrates the market for Internet service. The curve S + tax shows the supply curve when the government taxes Internet services at $15 a month. How much of the tax is paid by the buyer and how much by the seller? How much tax revenue does the government receive? What is the excess burden of the tax? Is the tax proportional, progressive, or regressive? >> Answer to 2 decimal places. The buyer pays $ [ ] of the tax and the seller pays $ [ ] of the tax. The total revenue received by the government is $ [ ].

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Farruh Turgunov

Numerade educator

Think about the market for football tickets. Draw a demand curve for football tickets that obeys the law of demand. Label it D. Draw a supply curve of football tickets that obeys the law of supply. Label it S. Draw a point at the market equilibrium price and quantity. What is the equilibrium quantity? The equilibrium quantity ______. A. is the quantity supplied at the equilibrium price, but not necessarily the quantity demanded B. is determined at the price at which the quantity demanded equals the quantity supplied C. is any quantity at which the quantity supplied is greater than or equal to the quantity demanded D. is the quantity demanded at the equilibrium price, but not necessarily the quantity sold Price (dollars per ticket) 100 80 60 40 20 0 0 10 20 30 40 50 Quantity (millions of football tickets per year)

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Farruh Turgunov

Numerade educator

Does an increase in the supply of chocolate chip cookies bring a surplus or a shortage of chocolate chip cookies at the original price? How does the price of a pack of chocolate chip cookies change as the market moves to its new equilibrium? An increase in the supply of chocolate chip cookies brings a ______ of chocolate chip cookies at the original price, and the price of a pack of chocolate chip cookies will ______. A. shortage; fall B. shortage; rise C. surplus; rise D. surplus; fall

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Ashari S.