14-128. A freeze that destroy all of the Florida orange crop would resultin a a
ID: 1125944 • Letter: 1
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14-128. A freeze that destroy all of the Florida orange crop would resultin a a lower price for orange juice as people will switch to Texas grapefruit juice b. a higher price for orange juice as people demand more orange juice c no change in the price for orange juice d. a higher price for orange juice due to the decrease in supply of oranges e. a higher price for orange juice due to the increase in demand for oranges 15-113. An equilibrium in a market results when the market produces a surplus. b. a· produces an output at which the price consumers are willing to pay exactly equals the price are willing to accept c. produces an output at which the demand curve les above the supply curve. d. results in a product that can be purchased at many different prices e. produces an output at which the supply curve lies above the demand curve. 16-24. Consider GDP calculated as expenditures. GDP would increase if a. imports decreased c. exports decreased d. investment decreased. e. govenment spending decreased 17-26. GDP can be calculated by adding wages, rent, interest, and profits b. consumption, gross investment, depreciation, and net exports. a. depreciation, net factor income from abroad, and indirect business taxes. c. d. gross investment, wages, profits, rent, and indirect business taxes. e. consumption, profits, interest, rent, and net exports 18-104. If price is below equilibrium, a demand is too low for equilibrium the income and substitution effects will cause the price to rise. b. c. quantity demanded exceeds quantity supplied, and a shortage exists. d. e demand will increase. quantity supplied exceeds quantity demanded, and a shortage exists. 19-102. When a shortage exists in a market a the actual price is lower than the equilibrium price b. there is an excess quantity suppliecd c. consumers increase the quanties they are wiling and able to purchase. d. suppliers will quit producing until the shortage disappears. e the actual price is greater than the equilibrium price 20-36. Which of the following statements about seasonal unemployment is true? a· lt results primarily from downturns in economic activity. b- itis likely to be associated with jobs that are affected by charges in the weather, c. It is the type of unemployment associated with discouraged workers d. It is likely to be affected by changes in consumer preferences e. It is difficult to predict because it involves all kinds of workersExplanation / Answer
14.128
d. A higher price for orange juice due to decrease in supply of oranges.
A freeze in Florida would cause a decrease in the supply of oranges resulting in an increase in the price of oranges, and hence an increase in the price of orange juice.
15.113
b. produces output at which price the consumers are willing to pay exactly equals the price producers are willing to accept.
Equilibrium is when demand is equal to supply which takes place when above condition is satisfied.
16.24
a imports decreased.
GDP = Consumption + Investment + Government Spending + Net Exports,
SO if imports decrease, then GDP shall increase.
17.26
b. consumption, gross investment, depreciation and net exports.
It is given in the above formula
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