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ECON151+FALL2010+EXAM1+ANS - 29 GRAPH#1 30 GRAPH#4 31 an...

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ECON 151 Answers to 1 st Exam Fall 2010 1. society = s production and distribution of goods and services with its scarce resources 2. the economy as a whole B total output and the average level of prices 3. limited resources to satisfy unlimited wants 4. incentives influence our behavior and choices 5. air pollution caused by automobiles 6. scarcity 7. alternative output combinations 8. it assumes resources are scarce 9. 12 lbs of marijuana and 18 lbs of bananas 10. C - D 11. COSTA 12. 1/4 lbs of bananas 13. both of the above 14. is bowed outward 15. the two things move or change in the same direction 16. a movement along a given demand curve 17. true 18. false 19. false 20. false 21. false 22. true 23. true 24. the market supply curve to slope upward 25. a decrease in input (factor) prices used to produce the good 26. cause a decrease in supply 27. increase demand 28. GRAPH #2
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Unformatted text preview: 29. GRAPH #1 30. GRAPH #4 31. an increase in the price of HBO and other premium movie channels 32. when there is a surplus of the good 33. false 34. true 35. true 36. false 37. increase decrease 38. there would be a large decrease in quantity demanded if the price were raised from $8.00 to $9.00 39. because the initial surplus will cause sellers to lower price in order to sell the unsold units of the good 40. because the initial increase in buying causes a shortage and some consumers who value the good highly will pay more for it rather than go without 41. a decrease in supply 42. unknown change increase 43. an increase in supply with a decrease in demand 44. price is above equilibrium 45. a combination of microeconomics and macroeconomics...
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