#1 econ review

#1 econ review - changes in a market for a good that is a...

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1. A decrease in the amnt of a good allowed to be imported into the country will cause which changes in equilibrium price and equilibrium quantity for the same domestic good? a. Increase; increase b. Increase; decrease c. Decrease; decrease d. Decrease; increase e. Not change; not change 2. Given the following, what is the cost of building an office building? I: $10 mil spent to date. II: partially complete building/land can be sold for $6 mil. III: Additional labor/material to complete building for $5 mil. a. $5 mil b. $6 mil c. $11 mil d. $15 mil e. $21 mil 3. A decrease in tax will cause which to happen in the market for EQ and EP? a. Increase; in b. In; dec c. Dec; dec d. Dec; in 4. If spending makes up a large portion of one’s income, what is likely to happen in a market with EQ and EP as a result of an increase in demand, when compared to
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Unformatted text preview: changes in a market for a good that is a small portion of ones income? a. b. A larger %; larger % c. L %; smaller % d. S %; L % e. S %; S % f. Same amount; same amount 5. Which describes the current level of imports as a % of GDP? a. 5 % b. 15% c. 25% d. 35% 6. A decrease in an effective price floor will cause the ___ to ___. a. Shortage; increase b. Surplus; increase c. Shortage; decrease d. Surplus; decrease 7. As technology lowers the costs of producing a good with an elastic demand, what is likely to happen to the total amount spent on the good? It will: a. Increase b. Decrease c. Not change 8. Total opportunity cost: next best alternative=cost. 9. EQ and EP increased while costs of producing fell. .. why? a. Supply dec b. Dem inc c. Dem dec d. Supply increased 10....
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#1 econ review - changes in a market for a good that is a...

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