Kudler Fine Foods Market Research

Economics Questionnaire Essays

Economics Questionnaire Essays Economics Questionnaire Paper Economics Questionnaire Paper 1. A legal maximum on the price at which a good can be sold is called a? Price ceiling. 2. Which of the following is likely to have the most price elastic demand? Breakfast cereal, corn flakes 3. A reduction in a countrys barriers to trade? Benefits some citizens of the importing country but does not benefit the domestic producers In the Importing country. 4. The amount of a good that buyers are willing and able to purchase Is quantity demanded. 5. Suppose a market In which demand Is more elastic than supply. The incidence of a tax will? Fall more heavily on sellers than buyers. Suppose there Is a frost that destroys much of the strawberry crop and the price of blueberries, a substitute for strawberries, Increases. 6. What would we expect to happen In the market for strawberries? The price of strawberries Increases and the direction of the change In the equilibrium quantity of strawberries cannot be determined from the Information given. 7. Which of the following changes will not shift the demand for Ice cream to the right? A decrease In the price of Ice cream 8. If price elasticity of demand Is greater than one? Demand Is elastic. 9. If Tom Brady can ran $20,000 filming a commercial in the time it takes him to mow his lawn, he gains from trade? As long as he pays less than $20,000 for someone to mow his lawn 10. Suppose the income elasticity for good X is 0. 8. Good X? Has inelastic demand, is an inferior good 10. Sue can produce 4 dozen cookies or 2 dozen cupcakes in one hour. David can produce 6 dozen cookies or 4 dozen cupcakes in one hour. 11. Sees opportunity cost of 1 dozen cookies is? 2 dozen cupcakes and Davits opportunity cost of 1 dozen cookies is 1. 5 dozen cupcakes, 2 dozen cupcakes and Davits opportunity cost of 1 dozen cookies is 2/3 dozen cupcakes. 12. The market for agricultural products has experienced advances in technology but has relatively inelastic demand. The combination of these two effects is an increase in supply, a large reduction in equilibrium price, a small increase in the equilibrium quantity, and a decrease in total revenue paid to farmers as a group. 13. Without government intervention, prices of products are not capable of changing to avoid shortages or surpluses? FALSE 14. When supply is relatively elastic? The supply curve is relatively flat. 15. Sue can produce 4 dozen cookies or 2 dozen cupcakes in one hour. David can produce 6 dozen cookies or 4 dozen cupcakes in one hour. Sees opportunity cost of 1 dozen cookies is? Higher than Davits opportunity cost of 1 dozen cookies so Sue has a comparative advantage in the production of cookies. 16. Trade can make everyone better off because? Specialization based on comparative advantage Increases total production. 17. Trade can make everyone better off? All of the choices are correct. 18. Free markets are preferred to markets with binding price ceilings or floors because free markets are Impersonal and ration goods with prices? TRUE 19. The relative tax Incidence of a tax Is determined by the government? FALSE 20. Binding rent controls create large shortages of apartments In the short run, but small shortages In the long run due to the elasticity of demand and supply.? FALSE 21 . When consumers have more time to adjust to a price change, price elasticity of demand tends to be? More elastic. 22. Suppose the price of gold, an Input Into the production of Jewelry, decreases. The effect on the market for jewelry is? Decrease in quantity supplied. 23. An the market for sport utility vehicles is are? All of the choices are correct. 24. In a perfectly competitive market? All of the choices are correct. 25. Sue can produce 4 dozen cookies or 2 dozen cupcakes in one hour. David can produce 6 dozen cookies or 4 dozen cupcakes in one hour. Davits opportunity cost of 1 dozen cupcakes is? 2/3 dozen cookies while Sees opportunity cost of 1 dozen cupcakes is 1/2 dozen cookies so David should specialize in the production of cupcakes 2/3 dozen cookies while Sees opportunity cost of 1 dozen cupcakes is 1/2 dozen cookies so Sue should specialize in the production of cupcakes. 26. If price elasticity of demand is less than one? Increasing the price of the product will increase total revenue. 27. Sue can produce 4 dozen cookies or 2 dozen cupcakes in one hour. David can produce 6 dozen cookies or 4 dozen cupcakes in one hour. A producer that requires fewer resources to produce a good is said to have? A comparative advantage, a straight line production possibilities frontier 28. A tax levied on buyers has the same effect on the price the buyer pays as an equal magnitude tax levied on sellers. TRUE 29. A price floor set below the market equilibrium price? Is a non-binding price floor. 30. One producer can have the comparative advantage in both products, but cannot have the absolute advantage in both products? FALSE 31 . When the minimum wage is set above the equilibrium wage it is a binding price floor that results in a surplus of labor 32. A decrease in quantity supplied is shown as a movement from? Point B to point A 33. Imports are goods? Produced abroad and sold domestically 34. Goods with a positive cross price elasticity are? Substitutes. 35. An increase in supply is shown as a movement from? Point A to point B, point B to point A 36. A market with only one seller is called a monopoly market. TRUE 37. If the government were to impose a tax on cigarettes, the tax incidence will likely fall more heavily on the? Ensure because supply is more elastic than demand. 38. A price ceiling set below the market equilibrium price? All of the choices are correct. 39. The responsiveness of the quantity demanded of a product to a change in the price of a product is called? Elasticity 40. Suppose when the price of gasoline is $3. 50 per gallon, a local gas station sells 300 gallons per day. When the price of gasoline is $3. 85 per gallon, the same gas station sells 31 5 gallons per day. Using the midpoint formula, the absolute value of the price elasticity of demand for gasoline is approximately?

American Governemnt Essay Example | Topics and Well Written Essays - 1250 words

American Governemnt - Essay Example On the other hand, the Federalists were comprised of people who were quite well educated and resided in the regions alongside the eastern coastline. Moreover, they were also quite wealthy, and it is possible that their main motivation was to protect their newfound leadership of the federation at all costs. On the other hand, the Anti–federalists represented the people who were not so well off as well as those who lived in the interior, away from the seaboard; these were campaigners for the ascendancy of the individual states over the federal administration. When one considers the different arguments put forward by these two factions, one realizes that the arguments made by the Federalists are much more convincing than those made by the Anti– federalists are. Therefore, in this paper we shall discuss some of the ideas proposed by the Federalists as opposed to those presented by their opponents. The Federalists believed that the power of the confederation was too weak to function effectively either domestically or when dealing with foreign powers. They felt that a strong federal government would be able to take care of the needs of all the states in matters of foreign policy and would be able to control the states from taking steps, which were deemed excessive. It can be argued that the stance of the Federalists was exceedingly much aware of the advantages that could be brought to the United States if it indeed had a strong national government. One of the benefits that happened in later years was when President Jefferson ordered the United States navy to deal with the Barbary pirates. Not only did the navy do so, but it also managed to break the power of these pirates, hence ensuring that the American trade in the Mediterranean was secured. The Anti vehemently opposed the proposal for a strong federal government – federalists who believed that the Federalists, who were made up of the propertied class, wanted to monopolize power in the new nat ion. Instead, they proposed that the power of the federal government be kept weak and that state power was to remain supreme (Howe 1383). If such proposals had been implemented then the United States would have been just a loose federation, without a single military force to defend it, and a leader who was not decisive because he would have been at the mercy of the state governments. Among the proposals made by the Federalists, concerning the new state was that it was to be governed by men who had talent and experience. They felt that if the government were to be placed in the hands of just anyone, then it would jeopardize the security of the state as well as the lives and property of those within it. Men with experience in governance would be more appropriate because they would know how to handle different situations as they occurred. It would therefore, be better that the government remained in the hands of the educated and propertied class because they had the experience to lead the nation wisely. This turned out to be a true assessment of the situation as the first presidents of the United States came from this class. The success of this young nation can be attributed to them for it is because of their strict management of its affairs that the foundation was set for its