Ask Question, Ask an Expert


Ask Business Economics Expert

Use the given graph for problems 1-2:

1033_price ceiling.jpg

problem 1: Section A represents:

A. Consumer surplus
B. Shift in demand
C. Deadweight loss
D. Revenue

problem 2: The price ceiling will create a:

A. Supply shortage
B. Supply surplus
C. Consumer shortage
D. Consumer surplus

The given scenario applies for problems 3-4: A recent potato blight has drastically reduced the supply of potato chips, making the alternative of popcorn more appealing to consumers.

problem 3: Popcorn and potato chips are most likely:

A. Supplementary goods
B. Normal goods
C. Inferior goods
D. Substitute goods

problem 4: The price of popcorn will __________ due to the increased demand:

A. Stay the same
B. Increase
C. Decrease
D. Change, but cannot determine direction.

problem 5: Jan has always bought a lot of crackers, but as soon as she received a large raise at work, she stopped buying as many crackers and replaced them with fresh bread. What kind of good is fresh bread to Jan:

A. Inferior good
B. Sub-standard good
C. Excellent good
D. Normal good.

problem 6: The responsibilities of the Federal Reserve can be best described as:

A. The government budget
B. Monetary policy
C. Stock market operations
D. Enforcement of financial laws

problem 7: The FDIC provides insurance to banks in order to prevent:

A. Bad loans
B. Inflation
C. Speculation
D. Bank runs

problem 8: The Federal Reserve influences the money supply through:

A. Lending laws
B. Reserve notes
C. Direct bank policies
D. Printing more money

problem 9: In response to a slowing economy, the government risks an increase in inflation by expanding government spending. The government is using:

A. expansionary fiscal policy
B. heavy fiscal policy
C. contractionary monetary policy
D. traditional monetary policy

problem 10: Which of the given characteristics describes a monopoly:

I. Many different firms
II. Price taker
III. Only a single firm
IV. No long term profit

A. III only
B. I only
C. I, II, and III
D. I, II and IV

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M92897
  • Price:- $70

Priced at Now at $70, Verified Solution

Have any Question? 

Related Questions in Business Economics

An oil company is considering a routine core analysis to be

An oil company is considering a routine core analysis to be done from an outside lab. The outside lab charges 20$ per core plus $1 per core for shipping and handling. The manger of the core lab at the oil company contend ...

You are evaluating two different silicon wafer milling

You are evaluating two different silicon wafer milling machines. The Techron I costs $258,000, has a three-year life, and has pretax operating costs of $69,000 per year. The Techron II costs $450,000, has a five-year lif ...

Football coach ira blooper has just been fired as head

Football coach Ira Blooper has just been fired as head coach at a large university. His buyout amount is $7.5 million, and Blooper will be repaid (as per his contract) in monthly instalments over the next 4 years. If the ...

Ms b is 55 years old and is planning to retire at age 62

Ms. B is 55 years old and is planning to retire at age 62. She wants to have a retirement income from that point until age 85. She projects that she will need $5,000 per year during her retirement to supplement her other ...

Advanced analysis assume the following values for the

ADVANCED ANALYSIS Assume the following values for the figures below: Q1 = 20 bags. Q2 = 15 bags. Q3 = 27 bags. The market equilibrium price is $45 per bag. In Figure (a), the price at point a is $85 per bag. The price at ...

Consider a firm with an ebit of 1011000 the firm finances

Consider a firm with an EBIT of $1,011,000. The firm finances its assets with $4,720,000 debt (costing 7.1 percent) and 211,000 shares of stock selling at $15.00 per share. To reduce risk associated with this financial l ...

Discuss how the coase theorem provides an alternative to a

Discuss how the Coase Theorem provides an alternative to a government regulation and provision of services. How is the definition of private property a critical part of this analysis? Please explain in detail.

Using the guess and verify method you can clearly conclude

Using the guess and verify method, you can clearly conclude that an outcome is consistent with the concept of Nash equilibrium only if: (Explain Reasoning) A. You find that both players are better off in that outcome tha ...

Fuel prices could squeeze cheap flights airlines are having

Fuel Prices Could Squeeze Cheap Flights Airlines are having difficulty keeping prices low, especially as fuel prices keep rising. Airlines have raised fares to make up for the fuel costs. American Airlines increased its ...

Assignmentethics a personal perspectivehow we perceive

Assignment Ethics: A Personal Perspective How we perceive ethical issues and how we expect others to act is in many respects a reflection of our personal views. Considering the importance of our internal views of ethics, ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate