The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 7 1 2 500 8 1.5 4 400 9 2 6 300 200 10 11 2.5 8 3 10 Instructions: Round your answers to 1 decimal place. a. Fill in the market quantity of rice demanded (column "Market") for each given price. b. What is the quantity of rice demanded in the market (in metric tons) if the market price is $400 per metric ton? 14 million metric tons Consider the market for cars. Which determinant of demand is affected by each of the following events? a. Environmentalists launch a successful One Family, One Car campaign: (Click to select) b. A baby boom occurred 16 years ago: (Click to select) c. Layoffs increase as the economy sheds millions of jobs: (Click to select) d. An oil shortage causes the price of gasoline to soar: (Click to select) Prices of related goods Consumer preferences Number of buyers Expectations Incomes e. The government offers tax rebates in return for the purchase of commuter rail tickets: (Click to select) f. The government announces a massive plan to bail out the auto industry and subsidize production costs (Click to select)
The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total $600 7 1 2 500 8 1.5 4 400 9 2 6 300 200 10 11 2.5 8 3 10 Instructions: Round your answers to 1 decimal place. a. Fill in the market quantity of rice demanded (column "Market") for each given price. b. What is the quantity of rice demanded in the market (in metric tons) if the market price is $400 per metric ton? 14 million metric tons Consider the market for cars. Which determinant of demand is affected by each of the following events? a. Environmentalists launch a successful One Family, One Car campaign: (Click to select) b. A baby boom occurred 16 years ago: (Click to select) c. Layoffs increase as the economy sheds millions of jobs: (Click to select) d. An oil shortage causes the price of gasoline to soar: (Click to select) Prices of related goods Consumer preferences Number of buyers Expectations Incomes e. The government offers tax rebates in return for the purchase of commuter rail tickets: (Click to select) f. The government announces a massive plan to bail out the auto industry and subsidize production costs (Click to select)
Chapter2: Economics: Eight Powerful Ideas
Section: Chapter Questions
Problem 17P
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Question
Transcribed Image Text:The table below represents the quantity of rice demanded for selected countries.
Quantity of Rice Demanded (millions of metric tons)
Price (U.S.
dollars per
metric ton)
Japan
Taiwan
South Korea Market Total
$600
7
1
2
500
8
1.5
4
400
9
2
6
300
200
10
11
2.5
8
3
10
Instructions: Round your answers to 1 decimal place.
a. Fill in the market quantity of rice demanded (column "Market") for each given price.
b. What is the quantity of rice demanded in the market (in metric tons) if the market price is $400 per metric ton?
14 million metric tons
Transcribed Image Text:Consider the market for cars. Which determinant of demand is affected by each of the following events?
a. Environmentalists launch a successful One Family, One Car campaign: (Click to select)
b. A baby boom occurred 16 years ago: (Click to select)
c. Layoffs increase as the economy sheds millions of jobs: (Click to select)
d. An oil shortage causes the price of gasoline to soar: (Click to select)
Prices of related goods
Consumer preferences
Number of buyers
Expectations
Incomes
e. The government offers tax rebates in return for the purchase of commuter rail tickets: (Click to select)
f. The government announces a massive plan to bail out the auto industry and subsidize production costs (Click to select)
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