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

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

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

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 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 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

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

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 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

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