ADSC2050-KiepperFinal-Fall2019

IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?

Economics Which of the following are determinants of supply ? Select one: a. the price of related goods b. tastes c. income. d. input prices Efficiency means that: Select one: a. society is getting the most it can from its scarce resources b. society has dependence on foreign energy Sources C. society's goods and services are distributed fairly among society's members. d. society is saving resources in order to save them for the future

What is commodity A.something that producers unable to sell to consumers B.A resource that is available in unlimited quantities C.An exchange between a producer and a consumer D.something of value that can be bought sold or traded

17. is a schedule that shows various amounts of a good or service a seller is willing and able to sell at each possible price during a particular period. A. Production possibilities curve B. Capacity utilization C. Demand D. Supply

Which of the ff. statements will cause the supply of rice to shift to the right? A. More farmers decide to produce corn rather than rice B. Cost of inputs for rice production increased C. Government provides fertilizer subsidy to farmers D. Price of rice increases

Cite and explain some constraints that can affect the supply of agricultural products.

33. Which of these statements does not apply to market economies? Select one: a. Prices ensure that anyone who wants a product can get it. b. Prices guide economic decisions and thereby allocate scarce resources. c. Prices ensure that quantity supplied and quantity demanded are in balance. d. Prices influence how much of a good buyers choose to purchase and how much sellers choose to produce.

Assume that corn and soybeans are alternatives that could be grown by most farmers. An increase in the price of corn will a.decrease the supply of corn. b.decrease the supply of soybeans. c.increase the supply of corn. d.have no effect on the supplies of corn and soybeans. e.increase the supply of soybeans.

Why do the prices of new houses in US go so high? Explain with help of supply and demand graph   What are the factors that decrease supply of houses? Draw Supply and demand graph and show what happens to the prices and quantity of houses if the prices of raw materials increase?       3.  What are your suggestions to the home builders?

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Producer surplus measures: A.     The same thing as a market or quantity surplus B.      The difference between the market price and the producer's           willingness to sell. C.       The additional cost of engaging in a market transaction. D.       "The additional benefit of being a producer in the market,                no matter if the producer has sold anything or not."

1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.

The table shows the demand and supply schedules for sandwiches. Use the table to work Problems 1 to 5. 1. Based on the data in the table to the right, what is the efficient price and quantity of sandwiches in this market? Price (dollars per sandwich) 10 2 3 4 5 6 7 -8 Quantity supplied (sandwiches per week) 0 Quantity demanded 400 350 300 250 200 150 100 50 0 50 100 150 200 250 300 350 400

Practice 3 Sovyl Below are some data from the productions of milk and honey. 52 price of quantity of price of quantity of price of quantity of year rice rice water water clothes cothes 2008 $350.00 25,500 $15.00 52,500 $25.00 12,500 2009 $355.00 27,500 $16.50 72,400 $26.00 12,800 2010 $365.00 28,000 $16.50 82,500 $28.00 12,950 i) Compute nominal GDP, real GDP, and the GDP deflator for each year, using 2008 as the base year. ii) Compute the percentage change in nominal GDP, real GDP, and the GDP deflator in 2009 and 2010 from the preceding year.

true or false

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What does the supply curve illustrate?a. The quantity suppliers are willing to sell at each and every production cost, all other things remaining unchanged.b. The quantity suppliers are willing to provide at each price level, all other things remaining unchanged.c. The quantity suppliers would like to buy at the current price.d. The quantity suppliers would like to sell at the current price.e. The quantity suppliers are willing to buy at each price level, all other things remaining unchanged.

12. The price in the market which is resulted from the interaction of supply and demand is called : Choose one answer : O. Economic development O. Traditional economics O. Political economy O. All of the above .

Explain how each of the following contributes to the farm problem: a. The inelasticity of demand for farm products. b. The rapid technological progress in farming. c. The modest long-run growth in demand for farm commodities. d. The volatility of export demand.

With a downward sloping demand curve and an upward sloping supply curve for a product, a decrease in resource prices will a. increase equilibrium price and quantity of the product. b. decrease equilibrium price and quantity of the product. c. decrease equilibrium price and increase equilibrium quantity of the product. d. increase equilibrium price and decrease equilibrium quantity of the product.

Which of the ff. statements is true with regards to the supply of palay? A. Advancement in rice technology will shift the supply curve of rice to the right B. Government subsidy on the cost of inputs for rice farmers will shift the supply curve of rice to the right C. Increase in the income from other crops will cause the rice farmers to reallocate some resources away from rice production , thus, the supply curve of rice will shift to the left D. All are true

Anne, Debbie, and Mary are the only producers of fudge in an isolated village. Price (dollars per bag) Quantity supplied (bags per week) The table shows their supply of fudge each week. Anne Debbie Mary 1.00 When the price of a bag of fudge is $0.50, what is the quantity of fudge supplied by the market in a week? 7 0.75 4 6. 0.50 When the price of a bag of fudge is $0.50, the quantity supplied by the market is bags of fudge a week.

5. What marks the key difference between economic systems   9   A) The way they manage the factors of production B) The way they transport goods within their borders   10   .11   C) The way rules and regulations are legislated   D) The way workers are relocated to different regions   6. A new feature on the latest iPhone has made it wildly popular. Which action should   .12   iPhone take to maximize profits   13   A) Increase the supply of the smart phone. B) Decrease the supply of the smart phone.   14   C) Reduce the price of the smart phone. D) Maintain the current supply until demand falls.

1. What goods and services should be produced to meet consumers' needs? In what quantity? When should they be produced?

Scenario 1: Directions: Read and analyze the situations then answer what is being asked on the given questions. In year 2000, the high price of crude oil in the world market increased the production of renewable energy. Soya beans is an input in the production of renewable energy. Farmers have switched from producing wheat to soya beans. Due to the new market for soya bean the price of wheat increases in the market. A. Explain the impact of soya farming on the supply of wheat. B. Why do you think that the farmers have switched to soya production? Justify your arguments. C. Analyze the impact of renewable energy on the price of crude oil. D. Examine the price of bread in the market. E. What is market equilibrium? Explain your answer.

25. Shortages and black markets largely came to an end in the Soviet Union because ____________: a. Ronald Reagan showed that the ideas of Jean Baptiste Say, and Adam Smith were more efficient economic models than the ideas put forth by Karl Marx. b. Barack Obama sped up the rate at which the Soviet Union collapsed by making shortages there worse in the short run. c. Franklin Roosevelt worked with Hugo Chavez to implement price controls on the Soviet economy, leading to the economic collapse occurring today. d. Ronald Reagan modeled his economic policies on what Karl Marx advocated to determine how food would be supplied. e. Donald Trump imposed tariffs on the Soviet economy.