homework 3 - Econ 2005: Principles of Microeconomics: Dr....

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Econ 2005: Principles of Microeconomics: Dr. Gebre Gebremariam Spring 2008   Homework 3 Due Date: Friday , 22 February 2008, at the end of the class     Choose the one alternative that best completes the statement or answers the question and blacken the circle that corresponds  to your answer in the Scantran separately provided.  1) 
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In the  former  Soviet  Union, central planners fixed the quantity supplied of a staple product in a market at a certain level regardless of the price.  The planners also would set the market price below what the equilibrium price would have been. Soviet citizens ________  in line to buy staple products and ________ the amount they wanted to buy given the price they paid.  A) 
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stood; did not  receive 
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B)  did  not  receive 
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did not stand;  received 
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D)  stoo d;    Refer to the information provided in  Figure 4.3 below to answer the  questions that follow. Figure 4.3   2)  R the  price of  bell peppers in the United States will increase to 60 cents  per bell pepper. 
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U.S. imports of  bell peppers will increase by 3 million per day.  C) 
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the quantity  demanded of bell peppers will be reduced by 2 million bell peppers per day.  D) 
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the quantity of  bell peppers supplied by U.S. firms will increase by 5 million bell peppers per day.    Refer to the information provided in Figure 4.5 below to answer the questions that follow. Figure 4.5   3) 
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Refer to  Figure 4.5. Area ________ represents consumer surplus.  A) 
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B) 
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C) 
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D)  E     Refer to the  information  provided in  Figure 5.2  below to  answer the  questions  that follow. Figure 5.2   R
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-0.24 
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B) 
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-2.0 
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C) 
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-1.4 
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D)  - 1   T
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price relative to  income. 
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B)  time . 
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availability of  substitutes. 
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D)  all  of the    6)  T
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increase price  by 2.0%. 
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B)  decr ease 
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decrease price  by 0.5%. 
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D)  incr ease    Refer to the information provided in  Figure 5.2 below to answer the  questions that follow. Figure 5.2   7)  R either  elastic  or inelastic, depending on whether price increases or  decreases. 
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This note was uploaded on 12/09/2009 for the course ECON 2005 taught by Professor Zirkle during the Spring '07 term at Virginia Tech.

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homework 3 - Econ 2005: Principles of Microeconomics: Dr....

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