A Giffin good is one in which theO a. supply; downwardO b. supply; upwardO c. demand; downwardO d. demand; upwardcurve issloping.

The objective of the question is to identify the correct direction of the curve for a Giffin good in…

Answered: A Giffin good is one in which the O a.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A relative price is the O slope of the supply curve. difference between one money price and another. O ratio of one money price to another, O slope of the demand curve. none of the answers given is true.
Ball-point pens P. A wave of nostalgia washes over consumers and causes the popularity of fountain pens to increase. What is the likely effect of this in the market for ball-point pens above? Select one: O a. Price and quantity both rise as D shifts to the right. Ob. Price rises and quantity falls as S shifts to the left. c. Price falls and quantity rises as S shifts to the right. O d. Price and quantity both fall as D shifts to the left. je Next page
The price of labor in the poultry industry has just increased. For poultry, this will lead to Select one: O a. a decrease in price and an increase in quantity. O b. an increase in price and a decrease.in quantity. Oc.a decrease in price and a decrease in quantity. O d. an increase in price and an increase in quantity.
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A demand curve is a Select one: O a. graphical representation of the demand schedule. O b. graphical representation of alternative demands. O c. horizontal line connecting amounts demanded at various income levels. d. graphical relationship, that includes several things such as tastes, time, and supply.
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QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous. QUESTION 13 Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will cause O a. the demand for laundromat services to increase. O b. the supply of laundromat services to decrease. O c. the demand for laundromat services to decrease. O d. the supply of laundromat services to increase. QUESTION 16 A likely example of complementary goods for most people would be O a. golf club and baseball bat. O b. tea and coffee. O c. CPA…
An increase in the price of wheat will lead to Select one: O a. an upward movement along the demand curve for wheat. O b. a leftward shift in the demand curve for wheat. Oc arightward shift in the supply curve for wheat. O d. an increase in the quantity of wheat consumed.
Answer the following questions
If the price elasticity of demand has a value of -1.3, this means: Select one: O a. A 1 percent increase in the price of the good causes quantity demanded to decrease by 1.3 percent. O b. A 1 percent increase in the price of the good causes quantity demanded to increase by 1.3 percent. O c. A 1.3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. O d. A$1 increase in price causes quantity demanded to fall by 1.3 units.
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A Giffin good is one in which the O a. supply; downward O b. supply; upward O c. demand; downward O d. demand; upward curve is sloping.