ECON 312 WEEK 4 HOMEWORK LATEST
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ECON 312 Week 4 Homework Latest
ECON312
ECON 312 Week 4 Homework Latest
Question 1
The functional distribution of income shows
the distribution of income among ______ and the personal distribution of income
shows the distribution of income among ______.
A. factors of production; job type
B. factors of production; households
C. firms and households; individuals
D. different types of workers; households
according to location
E. firms; households according to age
Question 2
Indicate all the items in the following list
that are not factors of production and explain why.
Item a: Trucks used by FedEx to make
deliveries
Item b: Your dog
Item c: Undiscovered coal reserves
Item d: A garbage truck
Item e: A pack of bubble gum
Item f: The President of the United States
A. Item f because people who work in
government are unproductive.
B. Item b because it isn’t productive, and
item c because it isn’t available to produce goods and services. All other
items in the list are factors of production.
C. Items b, c, and e because they are not
productive resources used to produce goods and services—land, labor, capital,
or entrepreneurship.
D. Item e only because it provides personal
enjoyment.
E. Items a, d, and f because they are
productive resources used to produce goods and services—land, labor, capital,
or entrepreneurship.
Question 3
Which of the following correctly lists the
categories of factors of production
A. owners, workers, and consumers
B. machines, buildings, land, and money
C. land, labor, capital, and entrepreneurship
D. hardware, software, land, and money
E. capital, money, and labor
Question 4
Consumption expenditure flows from ______ to
______ through the ______ markets.
A. firms; households; factor
B. households; firms; goods
C. households and governments; firms; factor
D. governments; households; goods
E. households and governments; firms; goods
Question 5
The graph shows the market for pillows.
Draw a point to show the price of a pillow and
the quantity bought and sold. Label it 1
The government imposes a tax of $4 per pillow
on buyers.
Draw the S + tax curve and label it.
Draw a point to show the price paid by buyers
and the quantity bought and sold with the tax. Label it 2.
Draw a point to indicate the price received by
sellers and the quantity bought and sold with the tax. Label it 3.
Question 6
Tax incidence is the division of the burden of
a tax between the _____ and the _____.
A. government; buyer
B. society; seller
C. buyer; seller
D. government; seller
Question 7
The graph shows the market for apartments in
Dayton, Ohio.
If the city government imposes a rent ceiling
of $600600 a month, what is the rent and how many apartments are rented in
Dayton, Ohio
>>> Remember that the quantity given
on the x-axis is in thousands of apartments.
The rent is $___ a month and ________
apartments a month are rented.
Question 8
Despite pleas for a freeze, stabilized rents
to go up New York’s Rent Guidelines Board ignored pleas from tenants and
elected officials to freeze rents for the first time in its 40-year history and
voted for increases of 3% on one-year leases and 6% on two-year leases.
Maintenance costs for rent-stabilized buildings have increased 4%.
Read the news clip, then answer the following
question.
If rents for rent-stabilized apartments are
frozen while maintenance costs have increased, ______.
A. the shortage of apartments will increase
B. the demand for apartments will decrease
C. landlords will offer more apartments for
rent
D. a surplus of apartments will arise
Question 9
The table shows the demand and supply
schedules for on-campus housing.
If the college puts a rent ceiling on rooms of
$325325 a month, rent is $____and the number of rooms rented is ______.
|
Rent (dollars per
month)
|
Quantity demanded
|
Quantity supplied
|
|
(rooms)
|
||
|
250
|
7,500
|
6,000
|
|
275
|
6,750
|
6,000
|
|
300
|
6,000
|
6,000
|
|
325
|
5,250
|
6,000
|
|
350
|
4,500
|
6,000
|
|
375
|
3,750
|
6,000
|
Question 10
Concerned about the political fallout from
rising college tuition, the U.S. government decides to impose a price ceiling
on tuition of $20,000 a student.
If more colleges open and drive the
equilibrium price of tuition to $15 comma 00015,000 a student, _____. The
market for college education is ______.
A. a surplus of college education emerges;
inefficient
B. a shortage of college education emerges;
inefficient
C. a surplus of college education emerges;
efficient
D. neither a surplus nor a shortage of college
education emerges; efficient
E. a shortage of college education emerges;
efficient
Question 11
A black market that emerges as the result of a
price ceiling is an illegal market in which _______.
A. the price is less than the legally imposed
price ceiling
B. the price exceeds the legally imposed price
ceiling
C. the quantity traded is less than the
legally imposed quantity
D. the quantity traded is greater than the
legally imposed quantity
Question 12
If the government sets a price on dog food
that is below the equilibrium price, ______.
A. a surplus of dog food occurs
B. new firms enter the industry to meet the
increase in demand that results from the decrease in price
C. existing firms in the dog food industry
expand production to meet the increase in the quantity demanded
D. a shortage of dog food occurs
Question 13
The graph shows the market for tomato pickers
in southern California.
If California introduces a minimum wage for
tomato pickers of $8.00 an hour, how many pickers are employed and how many are
unemployed
If California introduces a minimum wage for
tomato pickers of $8.00 an hour, ____ pickers are employed and __________
pickers are unemployed.
Question 14
The graph shows the market for orange pickers
in Florida.
If Florida introduces a minimum wage for
orange pickers of $14.00 an hour, the minimum wage is ______.
A. efficient and fair
B. inefficient but fair
C. efficient and fair only if the workers can
increase the number of hours they work
D. efficient but not fair
E. inefficient and not fair
Question 15
The graph shows the market for blueberries.
The government introduces a price support for
blueberries and sets the support price at $3.003.00 a pound.
_______ gain from the price support and ______
lose from the price support.
A. Farmers; consumers and taxpayers
B. Consumers; farmers C. Taxpayers; consumers
D. Consumers and taxpayers; farmers
E. Farmers and consumers; taxpayers
Question 16
The graph shows the market for cashews.
The equilibrium price of cashews is $_____a
pound and the equilibrium quantity of cashews is _______ billion pounds
Question 17
A. the payment of a subsidy to the farms
B. the introduction of a price floor
C. lower taxes for farmers
D. isolating the domestic market from global
competition
Question 18
Suppose that the world price of bananas is 18
U.S. cents a pound and that when Australia does not trade bananas
internationally, the market price of bananas in Australia is 12 U.S. cents a
pound.
If Australia opens up to trade, Australia
______ bananas. The price of bananas in Australia ______.
A. exports; falls
B. exports; rises
C. imports; falls
D. imports; rises
Question 19
______ are the ______ that we buy from people
in other countries.
A. Imports; goods and services
B. Imports; goods
C. Exports; goods and services
D. Exports; goods
Question 20
National comparative advantage arises from the
differences in _______ across countries.
A. technology
B. the money cost of production
C. opportunity cost
D. population
Question 21
A country that trades internationally imports
a good at a price ______ than what domestic producers could produce the good
for before the country began to trade internationally and exports a good at a
price ______ than what domestic producers could sell the good for before the
country began to trade internationally.
A. higher; lower
B. lower; higher
C. lower; lower
D. higher; higher
Question 22
The graph shows the car market in Mexico when
Mexico places no restriction on the quantity of cars imported. The world price
of a car is $10,000.
Suppose the government of Mexico introduces an
import quota of 4 million a year.
Draw a line to show the new supply of cars in
Mexico. Label it.
Draw a point to show the quantity of cars
bought in Mexico and the price paid
Question 23
A tariff _______.
A. is a tax imposed on a good when it is
imported
B. enables the government to satisfy the
self-interest of people who earn their incomes in import-competing industries
C. provides revenue to the government
D. all of the above
Question 24
The figure shows the car market in Brazil when
Brazil places no restriction on imports of cars.
The world price of a car is $10,000.
Suppose the government of Brazil introduces a
20 percent tariff on car imports.
The new price of a car in Brazil is $________.
Question 25
The graph shows Spain’s demand for and supply
of oranges.
The world price of oranges is euro€1.00 a
pound.
Suppose that the government of Spain imposes a
tariff of euro€0.50 a pound on oranges imported into Spain.
Draw a line to show the price of oranges in
Spain. Label it Spanish price.
Draw a point at the quantity of oranges
demanded by Spanish consumers at the world price plus tariff. Label it 1.
Draw a point at the quantity of oranges
supplied by Spanish producers at the world price plus tariff. Label it 2.
Question 26
Which of the following is an example of an
import quota
The United States _____ .
A. limits the quantity of textiles that U.S.
producers may sell to Mexico
B. puts a 10 percent tax on auto part imports
from China
C. limits the quantity of auto parts that U.S.
car makers may buy from China
D. limits the quantity of sugar that farmers
are permitted to produce
Questions 27
Which of the following is an example of an
export subsidy
A. The U.S. government pays farmers $100 per ton
of sugar sold to Canada.
B. Farmers form a union to get higher prices
for their exports.
C. The U.S. government pays farmers $100 per
ton of sugar produced.
D. The U.S. government buys fighter jets from
Boeing.
Question 28
The United States maintains an import quota on
sugar. What is the argument for this import quota
A. Foreign producers would dump sugar at a
price below its cost of production.
B. Sugar is essential for national security.
C. Foreign sugar producers pollute.
D. The U.S. sugar industry is an infant
industry that will one day be able to compete without protection.
E. The import quota protects U.S. jobs
Question 29
Indonesians bemoan Hollywood blockbuster
blackout
The Indonesian import tariff on Hollywood
movies was meant “to protect local film makers,” but major Hollywood studios
withdrew their films.
Source: The Jakarta Post, July 6, 2011
Indonesia is using the ______ argument against
free trade with the United States.
A. dumping
B. lax environmental standard
C. national security
D. diversity and stability
E. infant-industry
Question 30
Former Venezuelan president Hugo Chavez
opposed the creation of a Free Trade Area of the Americas (FTAA). Why? Who did
he think would gain and lose?
President Chavez thought that ______.
A. Venezuela would lose tariff revenue
B. poor workers in Venezuela would lose and
rich American firms would win
C. Venezuelans would lose because they would
have to clean up their polluting industries
D. Venezuelans would lose because the price of
oil would fall
E. Both A and B are correct
Question 31
Which of the following activities is an
example of dumping
A. Dell pays a 10 percent tariff on its
imports of PCs produced in China.
B. Dell exports PCs to India at a price 20
percent lower than the cost of producing them.
C. Boeing imports aircraft components because
they cost less than the same components produced in the United States.
D. Boeing exports airplanes to China at a
price 10 percent higher than the cost of producing them.
Question 32
The fundamental force driving international
trade is comparative _______.
A. advantage: the country with the lower
opportunity cost of production exports the good
B. abundance: the country that produces more
than it needs exports the good
C. cost: a country trades with other countries
that produce cheaper goods
D. advantage: a country exports those goods
that have high prices
Question 33
With free trade between China and the United
States, the winners are ______ and the losers are ______.
A. U.S. consumers of U.S. imports; U.S.
producers of the U.S. import good
B. U.S. producers of the U.S. export good;
U.S. consumers of U.S. imports
C. China’s consumers of China’s imports;
China’s producers of its export good
D. China’s consumers of China’s export good;
China’s producers of its imported good
Question 34
If Korea imposes an import quota on U.S.
oranges, losers include Korean ______ of oranges and U.S. ______ of oranges.
A. consumers; producers
B. producers; consumers
C. producers; producers
D. consumers; consumers
The people who support restricted
international trade say that ______.
A. outsourcing sends jobs abroad, which brings
diversification and makes our economy more stable
B. U.S. firms won’t be able to compete with
low-wage foreign labor if trade is free
C. protection is needed to enable U.S. firms
to produce the things at which they have a comparative advantage
D. protection saves jobs, in both the U.S. and
foreign economies
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