economic figures for homework tha i already posted
Figure1 (Questions 16-19)
Combined Supply and Demand Schedule
|
Price of a slice of pizza |
Quantity demanded |
Quantity
supplied |
||
|
$. 50 |
300 |
100 |
||
|
$1.00 |
250 |
150 |
||
|
$1.50 |
200 |
|||
|
$2.00 |
||||
|
$2.50 |
||||
|
$3.00 |
50 |
350 |
16. In Figure 1, when the price of a slice of pizza is $2.50, how many slices are sold?
A) 250
B) 200
C) 150
D) 100
E) 50
17. In Figure 1, what is the equilibrium price?
A) $3.00
B) $2.00
C) $1.50
D) $1.00
E) not enough information
18. In Figure 1, when the price of a slice of pizza is $.50, which choice explains what is occuring the market?
A) quantity demanded equals 200
B) there is a shortage of pizza
C) the market is in equilibrium
D) there is a surplus of pizza
E) not enough information
19. In Figure 1, when the price of a slice of pizza is $2.50, what happens to the market?
A) there is a shortage of pizza
B) there is a price floor on pizza
C) the quantity demanded equals 250
D) there is a surplus of pizza
E) not enough information
20.
Refer to Figure 2. At a price of $15,
A) there would be a shortage of 400 units.
B) there would be a surplus of 400 units.
C) there would be a shortage of 200 units.
D) the market would be in equilibrium.
E) none of the above
21. Refer to Figure 2. At the equilibrium price,
A) 200 units would be supplied and demanded.
B) 400 units would be supplied and demanded.
C) 600 units would be supplied and demanded.
D) 600 units would be supplied, but only 200 would be demanded.
E) none of the above
22. Refer to Figure 2. At a price of $35,
A) there would be a shortage of 400 units.
B) there would be a surplus of 200 units.
C) there would be a surplus of 400 units.
D) the market would be in equilibrium.
E) none of the above
23. Refer to Figure 3. Graph A shows which of the following?
A) an increase in demand
B) an increase in supply
C) an increase in quantity supplied
D) all of the above are correct
E) both A and C are correct.
24. Refer to Figure 3. Which of the four graphs represents the market for XBOX 360’s when the price of Playstation 3’s goes down?
A) A
B) B
C) C
D) D
25. Refer to Figure 3. Which of the four graphs represents the market for pizzas delivered in a college town when students return to campus in September?
A) A
B) B
C) C
D) D
26. Refer to Figure 3. Which of the four graphs represents the market for peanut butter after a major hurricane hits the peanut-growing south?
A) A
B) B
C) C
D) D
27. Refer to Figure 3. Which of the four graphs represents the market for automobiles after steel becomes cheaper? A. A
A) A.
B) B
C) C
D) D
28. Refer to Figure 3. Which of the four graphs represents the market for cars after a new restrictive government regulation is introduced?
A) A
B) B
C) C
D) D
29. Refer to Figure 3. Which of the four graphs shows the market for gasoline immediately before a holiday weekend when people plan to travel?
A) A
B) B
C) C
D) D
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