The Economy and You Answers

A store’s supply/demand graph for MP3 players is shown above. If the price is at the equilibrium point, how much money will the store make by selling MP3 players? a. $1,275 b. $1,600 c. $3,150 d. $3,300 Please select the best answer from the choices provided

Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium? a. 20 b. 30 c. 40 d. There is not enough information given to determine the point of equilibrium. Please select the best answer from the choices provided

A store’s supply/demand graph for ceiling fans is shown above. If the price is at the equilibrium point, how much money will the store make selling ceiling fans? a. $4,500 b. $1,800 c. $1,200 d. $900 Please select the best answer from the choices provided

Which of these describes the fundamental conflict of economics?a.the need for government control and the desire for an unregulated marketb.the management of limited resources to satisfy unlimited wantsc.the competition of different sellers in the marketplaced.the balance of supply and demand

Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.a.$2,365.00b.$1,604.17c.$1,462.77d.$1,457.50

What is equilibrium, from an economic perspective?a.the theoretical price point at which demand equals supplyb.a state of “all other things being equal”c.a condition in which no buying or selling is occurringd.an economy functioning without outside intervention

Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth? a. 56.0 b. 43.3 c. 37.4 d. 36.7 Please select the best answer from the choices provided

Below are the supply and demand equations for umbrellas in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth? a. 19.3 b. 16.5 c. 13.4 d. 12.0 Please select the best answer from the choices provided

Below are the supply and demand equations for stereo headphones in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is D at the point of equilibrium, to the nearest whole number? a. 151 b. 104 c. 71 d. 54 Please select the best answer from the choices provided

The supply/demand graph for bicycle helmets in a certain market is shown above.Find the price when supply and demand are in equilibrium. a. $30 b. $40 c. $70 d. $80 Please select the best answer from the choices provided

Which of the following terms best applies to a reversal of economic output which occurs just before a period of new economic growth?a.boomb.expansionc.recoveryd.recession

Which of the following is not something that states saw a significant decrease in as a result of the recession?a.housingb.retail salesc.jobs and incomed.transportation costs

What is the difference between microeconomics and macroeconomics?a.Macroeconomics deals with abstract economic theories, while microeconomics applies those theories to the real world.b.Microeconomics looks at economic systems in a vacuum, while macroeconomics looks at how those systems interact with one another.c.Microeconomics deals with economics on the level of individuals or businesses, while macroeconomics deals with economics on the level of states or countries.d.Macroeconomics looks at the history of economics, while microeconomics is concerned with the present and the future.

It is possible, through careful consideration of economic principles and interactions, to reach a state of equilibrium in practice.

Below are the supply and demand equations for umbrellas in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth? a. 19.3 b. 16.5 c. 13.4 d. 12.0 Please select the best answer from the choices provided

The figure above shows a store’s supply-demand graph for lawn chairs. If the store makes $800 by selling lawn chairs, which of the following is a possible valid price for them? a. $50 b. $40 c. $25 d. $20 Please select the best answer from the choices provided

Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.a.$2,365.00b.$1,604.17c.$1,462.77d.$1,457.50

The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them? a. $15 b. $25 c. $40 d. $55 Please select the best answer from the choices provided

Using the above supply/demand graph, what is the price at the point of equilibrium? a. 100 b. 75 c. 70 d. 55 Please select the best answer from the choices provided

Based on the demand graph and the supply graph shown above, what is the price at the point of equilibrium? a. 100 b. 70 c. 40 d. There is not enough information given to determine the point of equilibrium. Please select the best answer from the choices provided

Say that the economy is in a recession, causing vehicle prices to drop by eight percent. If your car was previously worth $25,295, what is it worth now, to the nearest dollar?a.$23,851b.$23,421c.$23,271d.$22,133

A store’s supply/demand graph for MP3 players is shown above. If the price is at the equilibrium point, how much money will the store make by selling MP3 players? a. $1,275 b. $1,600 c. $3,150 d. $3,300 Please select the best answer from the choices provided

Which of the following is not a question college students find themselves asking when considering the costs of school during the recession? a. How will I pay my tuition? b. What should my major be? c. What school should I attend? d. How often should I go to class? Please select the best answer from the choices provided

The graph above shows one store’s projected demand curve for garden gnomes. If the demand at point P1 is fully satisfied, how much money will the store make through garden gnome sales? a. $600 b. $550 c. $150 d. $55 Please select the best answer from the choices provided

The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them? a. $15 b. $25 c. $40 d. $55 Please select the best answer from the choices provided

Say that the economy is in a recession, which is causing the value of gold to fall by three percent. If you have gold reserves which were previously worth $8,590, how much value have you lost as a result of this recession, to the nearest cent?a.$590.00b.$286.33c.$257.70d.$250.19

Which of these describes the fundamental conflict of economics?a.the need for government control and the desire for an unregulated marketb.the management of limited resources to satisfy unlimited wantsc.the competition of different sellers in the marketplaced.the balance of supply and demand

The simplest circular model of the United States economy depicts the economy as a cycle in which resources flow between which two entities?a.supply and demandb.businesses and householdsc.the government and foreign countriesd.goods and services

Using the above supply/demand graph, what is the price at the point of equilibrium? a. 105 b. 100 c. 95 d. 80 Please select the best answer from the choices provided

The graph above shows one store’s projected demand curve for hand-held vacuum cleaners. If the demand at point P3 is fully satisfied, how much money will the store make by selling hand-held vacuum cleaners? a. $900 b. $600 c. $400 d. $270 Please select the best answer from the choices provided

Which of the following terms best applies to a very fast increase in economic output which usually occurs before a peak?a.recessionb.expansionc.boomd.recovery

Below are the demand and supply equations for overhead projectors in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is S at the point of equilibrium, to the nearest whole number? a. 12 b. 15 c. 58 d. 67 Please select the best answer from the choices provided