Exercise Simultaneous Changes in Supply and Demand
Predict the changes in equilibrium price and quantity in the following scenarios:
1. Rental apartments The government introduces a subsidy for both apartment owners
2. Cars The city makes it
Monopoly and Perfect Competition
Initially a firm operates in a perfectly competitive market. Information for the firm is given below.
Complete the cost table for the firm and calculate the breakeven and shutdown points
for the individual firm
Changes in Supply (Shifts in the Supply Curve)
Determine change in the supply curve for each of the following:
1. The change in the supply of cars after the union negotiates a 4% wage increase.
2. The change in the supply of soybeans after the government
All else being equal, the elasticity of a good tends to be higher:
a. The more substitutes there are for the good.
b. The fewer substitutes there are for the good.
c. The shorter the time period between a price change and the purch
Econ 1002 Sample Short Answer Test Questions
1. The table below shows the production possibilities for the production of capital goods
and consumer goods in the country of Harmony.
ECON-1002 Test 3
PRACTICE SHORT QUESTIONS
1) According to the Australian Wool Innovation, severe drought conditions in Australia
contributed to the lowest level of wool production in 50 years. This record low production
has driven up prices sharply in Aus
Changes in Demand (Shifts in the Demand Curve)
Determine the change in the demand curve for each of the following:
1. A large increase in incomes on the demand for vacation cruises.
2. A large increase in income on the demand for city bus transportation.
Reflection Assignment #1
Demand and Supply
Find an article in a magazine or newspaper of your choice relating to either:
price changes of a product that you can explain using shifts in supply and
shortfalls or surp
The United States recently levied tariffs on tires imported from
China (True Answer Correct)
Import tariffs are _ on imports, and import quotas
are _ on imports.
subsidies; taxes (I
Bolivia's government attempted to solve some of its problems
with inequality of outcomes due to foreign investment in its
natural gas resources by:
taxing international firms. (Incorrect)
insisting that the firms pay higher wages to workers in the
A short-run open-economy model with demand shocks can
analyze the effect on _ if output prices and factor prices are
real economic activity (real GDP and unemployment) (True
long-run variables (Incorrect)
The relative purchasing power of a currency is:
the exchange rate expressed in ounces of gold. (Incorrect)
the value of one currency in terms of the goods and services a unit
will purchase compared to an equivalent amount of another
currency. (True An
When currencies are viewed as assets, the price of a currency is
interest rate. (Incorrect)
exchange rate. (True Answer Correct)
inflation rate. (Incorrect)
growth rate. (Incorrect)
Explaining exchange rate behavior in the long run assumes that
Tracking and measuring international flows of goods and assets
are based on principles of _.
Summaries of international flows of goods and assets are
recorded in a nation's:
historical precedents (Incorre
During which round of negotiations did the WTO toughen its
stance against domestic policies that limit trade?
Bretton Woods (Incorrect)
Uruguay (True Answer Correct)
The WTO never toughened its stance against domestic
The Mariel boatlift of Cuban immigrants into Miami caused
population of unskilled workers in Miami to decline. (Incorrect)
population of skilled workers in Miami to decline. (Incorrect)
supply of labor to increase, but it did not decrease the
Suppose that imports and exports in an industry are $100
million and $200 million, respectively. Will the index of intraindustry trade for this industry rise, fall, or remain unchanged if
exports fall to $100 million?
fall (True Answer
Computing GDP, CPI and Unemployment Scenarios
2004 (base yr)
Use the above data to solve these problems:
A. Compute nom
Chapter 1: Foundations and Models
Scarcity: We have unlimited needs/wants but limited resources.
Economics: The study of the choices people makes to attain their goals, given
their scarce resources.
Economic Model: A simplified version of reality used to
Reflection Assignment #2
Find an article in a magazine or newspaper of your choice about a product, company or industry that contains
references to some of the features of Perfect Competition. Discuss why
Econ 1002 W16
Reflection Assignment #1
Demand and Supply
Review the following online article: http:/www.cnbc.com/2015/12/11/unrelenting-supply-hitsoil-demand-growth-iea.html . Discuss and demonstrate the following points:
1. Show the p
Define a Product Life Cycle Assessment.
A product life cycle evaluation is a configuration or a make-up that can be taken help of to recognize
environmental feed ins, yields and influence/impacts within the life of a product.
This structure contemplates a
Changes and Claims
Changes in the Construction
Occur in every construction project
Small (e.g., clarifications) or large
Normal part of the process
Owner, architect, and contractor
Must be aware and equipped
Meetings, Negotiations, and Dispute
This chapter highlights the following:
Introduce the basic format that construction
meetings should follow
Describe the different meetings, what they
accomplish, and who should attend
Discuss the agendas t
STANDARD CONTRACT DOCUMENTS
FOR MUNICIPAL CONSTRUCTION
PAYMENT CERTIFICATE CONTRACT
ALL PAYMENT CERTIFICATES
One (1) Payment Certificate is prepared (including measured Tendered quantities, change orders
Environmental and Engineering Services Department
H.S.T. registration number
This is to certify that the total value of work done and