SOPHIA PATHWAY- MACROECONOMICS Milestone 2.pdf - SOPHIA...

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SOPHIA PATHWAY- MACROECONOMICS You passed this Milestone 2 1 Which graph below shows what will happen to Cecilia's demand for designer shoes if she usually buys several pairs each year, but this year she lost her job? CONCEPT Shifts in Demand 2 Which of the following will cause movement along the demand curve? The market price of a pound of beef increases from $5 to $7. The number of consumers who eat beef decreases. The price of Brand A orange juice decreases, so the price of Brand B orange juice decreases.
The price of salt goes down, so the price of black pepper goes up. CONCEPT Law of Demand 3 If an excise tax is imposed on a product, which of the following will happen?
CONCEPT Taxes and Subsidies 4 Which graph accurately represents Rachel's consumer surplus if she is willing to pay up to $10,000 a year for college tuition, but she finds a school with a tuition of $5,000 a year?
CONCEPT Consumer Surplus 5 If the market price for fast food wages is $7 per hour, at which wage level would a price floor be binding?
CONCEPT Binding & Non-Binding Constraints 6
As the price level falls, people feel as if they have more money, so they spend more, which influences which of the following, in economic terms?

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