Refer to Figure 9.2. A movement from point a to point d could be caused by a simultaneous Select one: Oa. decrease in taxes; massive crop failure O b. increase in taxes; increase in the price of oil C. decrease in the money supply; decrease in government spending d. increase in government spending; decrease in the price of oil

Refer to Figure 9.2. A movement from point a to point d could be caused by a simultaneous Select one: Oa. decrease in taxes; massive crop failure O b. increase in taxes; increase in the price of oil C. decrease in the money supply; decrease in government spending d. increase in government spending; decrease in the price of oil

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is true? A. A price ceiling set below the equilibrium price in a particular market will cause a shortage. B. A price floor set above the equilibrium price, in a particular market, will have no effect on that market. C. A price floor set below the equilibrium price in a particular market will cause a shortage. D. A price ceiling set above the equilibrium price, in a particular market, will cause a surplus. QUESTION 6 Economic growth refers to: A. a long term increase in potential real GDP. B. an increase in nominal GDP. C. an increase in the price level. D. an economic expansion.
68. Supply-side economic studies indicate that a. Marginal income tax rates of about 20% start to reduce incentive to work. b. Marginal income tax rates of about 30% start to reduce incentive to work. c. Marginal income tax rates of about 40% start to reduce incentive to work. d. Marginal income tax rates of about 50% start to reduce incentive to work. e. Marginal income tax rates of about 60% start to reduce incentive to work. 69. Suppose that households supply 500 billion hours of labor per year and have a tax elasticity of supply of 0.16. If the tax rate is increased by 19.6% from 20% to 39.6%, use the formula to calculate by how many hours the labor supply will decline. a. The number of labor hours supplied will decline by 28.67 billion. b. The number of labor hours supplied will decline by 1.568 trillion. The number of labor hours supplied will decline by 2.465 trillion. d. The number of labor hours supplied will decline by 3.422 trillion. e. The number of labor hours supplied…
Only questions D & E
Use for questions 9-11 PRICE LEVEL Question 9 OOO OB in the short run and the long run. OD in the short run and the long run. Question 10 OB in the short run and A in the long run. Refer to Figure 3. A decrease in taxes would move the economy from B to D in the short run and C in the long run. O to B in the long run. B O C in the short run and the long run. O to C in the long run. LRAS Oto A in the long run. O to D in the long run. Question 11 C QUANTITY OF OUTPUT A Ostays at A. O moves to B. O moves to C. Refer to Figure 3. If the economy starts at C, a decrease in the money supply moves the economy O moves to D. AD₂ SRAS, SRAS₂ Refer to Figure 3. If the economy is at A and there is a increase in aggregate demand, in the short run the econom AD.
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5. Say’s Law _____________ because ___________. The Law of demand is _____ true because: Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the price we will buy anyway. Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes. Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand curves can never be vertical. Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded. Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food,…
QUESTION 27 When withdrawals are greater than injections, then O a. injections will rise and withdrawals will fall. O b. national income will fall. O c. injections will rise to equate withdrawals and national income will increase. O d. injections will fall and national income will fall.
Supply is said to be inelastic when the: Choose correct and explain your choice a. percentage change in quantity supplied is less than the percentage change in price. b.percentage change in quantity supplied is greater than the percentage change in price. c. change in quantity supplied is less than the change in price. d. change in quantity supplied is greater than the change in price.
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