Just solve questions 32-36, thanks. 28 If a legal ceiling price is set below the equilibrium price: a shortage of the product will occur a surplus of the product will occur an underground market will evolve neither the equilibrium price nor equilibrium quantity will be affected 29. To economists, the main difference between "the short run" and "the long run" is that: the law of diminishing marginal returns applies in the long run but not in the short run in the long run, all resources are variable while in the short run, at least one resource is fixed fixed costs are more important to decision making in the long run than they are in the short run in the short run all resources are fixed, while in the long run all resources are variable 30.A surplus of product will occur when price is: above equilibrium with the result that quantity demanded exceeds quantity supplied above equilibrium with the result that quantity supplied exceeds quantity demanded below equilibrium with the result that quantity demanded exceeds quantity supplied below equilibrium with the result that quantity supplied exceeds quantity demanded 31.Which of the following would decrease aggregate demand and shift the AD curve to the left? a decline in personal income tax rates a decline in consumer spending a higher level of government purchases a fall in interest rates 32.Which of the following is an implicit cost to the Johnston Manufacturing Company? payments of wages to its office workers property taxes rent paid for the use of equipment owned by the Schultz Machinery Company returns that the shareholders could have received if they had not bought shares in the Johnson Manufacturing Company 33.Which of the following is a role of the Bank of Canada? Managing the money supply Increasing or decreasing government spending Establishing fiscal budgets Granting loans to consumers 34.Fiscal policy refers to: Changes in taxes and government purchases made by legislation for the purpose of stabilizing the economy The authority that the prime minister has to change personal income tax rates Changes in government purchases or taxes that have the effect of destabilizing the economy Changes in the money supply and interest rates by the Bank of Canada5 35.If real income, employment, and investment are rising, the economy is: At the phase called the peak In a period of expansion In a phase called a recession In a trough 36.A fractional reserve banking system is one in which banks within the system: Can lend out all of their reserves Keep all of their reserves Can lend out only a fraction of their reserves Pay higher rates of interest to depositors than they charge to borrowers. 37.An industry composed of three firms, each of which considers the potential reactions of its rivals in making pricing decisions, yet is not concerned with the potential entry of other firms, can best be described as: perfect competition a monopoly an oligopoly monopolistic competition

Just solve questions 32-36, thanks. 28 If a legal ceiling price is set below the equilibrium price: a shortage of the product will occur a surplus of the product will occur an underground market will evolve neither the equilibrium price nor equilibrium quantity will be affected 29. To economists, the main difference between "the short run" and "the long run" is that: the law of diminishing marginal returns applies in the long run but not in the short run in the long run, all resources are variable while in the short run, at least one resource is fixed fixed costs are more important to decision making in the long run than they are in the short run in the short run all resources are fixed, while in the long run all resources are variable 30.A surplus of product will occur when price is: above equilibrium with the result that quantity demanded exceeds quantity supplied above equilibrium with the result that quantity supplied exceeds quantity demanded below equilibrium with the result that quantity demanded exceeds quantity supplied below equilibrium with the result that quantity supplied exceeds quantity demanded 31.Which of the following would decrease aggregate demand and shift the AD curve to the left? a decline in personal income tax rates a decline in consumer spending a higher level of government purchases a fall in interest rates 32.Which of the following is an implicit cost to the Johnston Manufacturing Company? payments of wages to its office workers property taxes rent paid for the use of equipment owned by the Schultz Machinery Company returns that the shareholders could have received if they had not bought shares in the Johnson Manufacturing Company 33.Which of the following is a role of the Bank of Canada? Managing the money supply Increasing or decreasing government spending Establishing fiscal budgets Granting loans to consumers 34.Fiscal policy refers to: Changes in taxes and government purchases made by legislation for the purpose of stabilizing the economy The authority that the prime minister has to change personal income tax rates Changes in government purchases or taxes that have the effect of destabilizing the economy Changes in the money supply and interest rates by the Bank of Canada5 35.If real income, employment, and investment are rising, the economy is: At the phase called the peak In a period of expansion In a phase called a recession In a trough 36.A fractional reserve banking system is one in which banks within the system: Can lend out all of their reserves Keep all of their reserves Can lend out only a fraction of their reserves Pay higher rates of interest to depositors than they charge to borrowers. 37.An industry composed of three firms, each of which considers the potential reactions of its rivals in making pricing decisions, yet is not concerned with the potential entry of other firms, can best be described as: perfect competition a monopoly an oligopoly monopolistic competition

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 10PA

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Just solve questions 32-36, thanks.

28 If a legal ceiling price is set below the equilibrium price:

a shortage of the product will occur
a surplus of the product will occur
an underground market will evolve
neither the equilibrium price nor equilibrium quantity will

be affected

29. To economists, the main difference between "the

short run" and "the long run" is that:

the law of diminishing marginal returns applies in the

long run but not in the short run

in the long run, all resources are variable while in the

short run, at least one resource is fixed

fixed costs are more important to decision making in

the long run than they are in the short run

in the short run all resources are fixed, while in the

long run all resources are variable

30.A surplus of product will occur when price is:
above equilibrium with the result that quantity

demanded exceeds quantity supplied

above equilibrium with the result that quantity

supplied exceeds quantity demanded

below equilibrium with the result that quantity

demanded exceeds quantity supplied

below equilibrium with the result that quantity

supplied exceeds quantity demanded

31.Which of the following would decrease

aggregate demand and shift the AD curve to the

left?

a decline in personal income tax rates
a decline in consumer spending
a higher level of government purchases
a fall in interest rates
32.Which of the following is an implicit cost to the

Johnston Manufacturing Company?

payments of wages to its office workers
property taxes
rent paid for the use of equipment owned by the

Schultz Machinery Company

returns that the shareholders could have received if

they had not bought shares in the Johnson

Manufacturing Company

33.Which of the following is a role of the Bank of

Canada?

Managing the money supply
Increasing or decreasing government spending
Establishing fiscal budgets
Granting loans to consumers
34.Fiscal policy refers to:
Changes in taxes and government purchases made by

legislation for the purpose of stabilizing the economy

The authority that the prime minister has to change

personal income tax rates

Changes in government purchases or taxes that have the

effect of destabilizing the economy

Changes in the money supply and interest rates by the

Bank of Canada5

35.If real income, employment, and investment

are rising, the economy is:

At the phase called the peak
In a period of expansion
In a phase called a recession
In a trough
36.A fractional reserve banking system is one in

which banks within the system:

Can lend out all of their reserves
Keep all of their reserves
Can lend out only a fraction of their reserves
Pay higher rates of interest to depositors than

they charge to borrowers.

37.An industry composed of three firms, each of

which considers the potential reactions of its rivals in

making pricing decisions, yet is not concerned with the

potential entry of other firms, can best be described

as:

perfect competition
a monopoly
an oligopoly
monopolistic competition

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