APEC_1102_Review_Questions_for_Exam_1 - APEC 1102 Principles of Macroeconomics Review Questions for Exam I Analytical Essay Questions 1 How often do you

APEC_1102_Review_Questions_for_Exam_1 - APEC 1102...

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APEC 1102: Principles of Macroeconomics Review Questions for Exam I Analytical " Essay " Questions 1. How often do you rent DVD’s? Would you do so more often if a rental costs half as much? Distinguish between your demand curve for DVD’s and your "quantity demanded"at the current price? 2. Housing prices in Dallas-Texas and Houston –Texas have been on a roller coaster ride. Explain using supply and demand curves the effect of the following on the market for homes in both cities: a. A unilateral reduction in income taxes and property taxes by the state government. b. Low labor cots due to non unionized workers. c. Sudden migration of " baby boomers " back to the state of Texas due to a reduction in crime rates. 3. Define producer surplus and consumer surplus. Graphically illustrate the two concepts separately using supply and demand curves.
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