Ask Question, Ask an Expert


Ask Business Economics Expert

problem 1: If they devote all of their resources, Japan can produce 150 cars per year or 100 buses per year. Vietnam is able to produce 100 cars a year or 95 buses year. If the two countries were to trade, they would produce:

A) 150 cars and 100 cars
B) 100 buses and 95 buses
C) 150 cars and 95 buses
D) 100 buses and 100 cars

problem 2: Dan owns a donut shop and wants to increase his revenue. He knows that the elasticity for the demand of donuts in his town is -.80. What would be his best course of action to raise revenue?:

A) Keep prices the same, but make more donuts.
B) Increase his prices.
C) Decrease his prices
D) Keep prices the same, but make less donuts.

problem 3: The following group of goods would be considered nearly perfectly inelastic:

A) Medicine
B) Grains
C) Cars
D) Lumber

problem 4: A major clothing corporation attempted to alter their overall revenue by increasing prices on all of their pants by 5%. In response, they sold 200 pairs of pants instead of their normal 300. What is the elasticity of demand for their product?:

A) -6.67
B) 0.15
C) -1.15
D) 1.15

For problems 5-8, refer to the graph of a taxed good below:

1570_graph of a good taxed.jpg

problem 5: The amount of dead weight loss due to this tax is:

A) $50
B) $100
C) $300
D) $800

problem 6: The amount of revenue made from just the consumers is equal to:

A) $50
C) $400
D) $450

problem 7: The region(s) of the graph that correspond to the loss of producer surplus is/are:

A) B
B) A
C) D and B
D) A and C

problem 8: The burden of the tax displayed above is placed on:

A) The producers
B) The consumers
C) Split equally between consumers and producers
D) There is not enough information

problem 9: The UK had a great economic year and produced an extra 500,000 tons of goods to export to the US. Doing so caused which following change to their currency:

A) It did not change.
B) It depreciated versus the US dollar.
C) It appreciated versus the US dollar.
D) It will change, but cannot determine direction.

problem 10: Russia is running an account deficit and currently imports much of their manufactured goods. The Russian government decides to institute a large tariff on imported manufactured good. What is the likely effect of the tariff:

A) The account deficit will increase.
B) More manufactured goods will be imported.
C) The economy will grow weaker
D) Russia will produce more manufactured goods.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92893
  • Price:- $50

Priced at Now at $50, Verified Solution

Have any Question? 

Related Questions in Business Economics

Cite the sources used to answer this question provide the

Cite the source(s) used to answer this question. Provide the source(s) below your response and apply APA guidelines for references. 1) Class, is it possible for a business to show an accounting profit, but actually earn ...

Assessment task in this assessment students are required to

ASSESSMENT TASK: In this assessment, students are required to demonstrate their ability to apply economic principles learnt in this subject to analysing real-world business operations and evaluate how their long-run busi ...

Assignmentinstructions1 select an illegal activity and

Assignment Instructions 1. Select an illegal activity and transform/mask its' true purpose with the disguise of a legitimate business operation. In other words, create a start-up business that would be viewed as a legal ...

Chapter 1 managing changeq1 figure 176 shows how bad an

Chapter 1 Managing change Q1 Figure 1.76 shows how bad an implementation can become. Action needs to be taken to prevent this kind of situation. What would you recommend should be done? Q2 You are the project manager for ...

Assignmentarticle reportplease select a marketing topic you

Assignment Article Report Please select a marketing topic you learned and then search in the Wall Street Journal (either online or hardcopy *) and select an article about that topic within the last 12 months. To do this, ...

Assignmentpart idirections please write a paper that is at

Assignment PART I Directions: Please write a paper that is at least two to three pages in length in which you address the questions below. Write your paper in APA format with at least one cited scholarly reference. Revie ...

What is the relationship between economy business and

What is the relationship between economy, business, and society? -6 page essay (includes only ONE page for references,but the cover page is not included in the 6 page requirement) -Double spaced -APA format

Free trade and restricted trade - benefits and cost1-2

Free Trade and Restricted Trade - Benefits and Cost 1-2 paragraphs APA format/ no plagarism Using your own words, define both free and restricted trade. What do you feel are the benefits and the cost to having free trade ...

Assignmentyou must submit 2 files to this link once done as

Assignment You must submit 2 files to this link once done as follows: Part 1) An MS Excel spreadsheet (.xls or .xlsx no other file formats will be accepted) use the dataset spreadsheet provided for the assignment and inc ...

Allocation and allotments please respond to the following1

"Allocation and Allotments" Please respond to the following: 1. From the first e-Activity, examine and evaluate the disparity of Georgia budget allocation for education and property tax to the various localities. Based o ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen