15) Autoworkers negotiate a wage increase; how does this change affect the suppl

Question

15) Autoworkers negotiate a wage increase; how does this change affect the supply of cars? A) It decreases the supply. B) It increase the supply. C) It causes no change. D) There is not enough information to tell if the change increases, decreases, or has no effect on the supply of cars 16) Assume that the equation for the demand for bread at a small bakery is Q 60-10P where Qd is the quantity of bread demanded in loaves P is the price of bread in dollars per loaf Assume also that the equation for supply of bread is Q-30+20P, where Q is the quantity supplied and P is the price of bread in dollars per loaf. Assume that market clears, so that Q Qs Solve mathematically for the equilibrium Q and P A) P 2,Q-100. B)P-1, Q-50. C)P-= 2, Q = 70. D)P_1.Q-40. 17) Gross domestic product is the total produced within a country in a given time period A) market value of all final and intermediate goods and services B) depreciation C) amount of final and intermediate goods and services D) market value of all final goods and services market value of all final and intermediate goods and services plus investment and 18) The circular flow model shows that GDP can be calculated by incomiy the expenditure method in which the four components of aggregate expenditure must be than aggregate income the expenditure and income methods because aggregate expenditure equals aggregate in the aggregate th the expenditure and income methods, even though aggregate expenditure is usually less D) only the income method in which the four components of aggregate income must me measured separately 19) Two methods of measuring GDP are A) the income approach and the expenditure approach. B) the income approach and the receipts approach. C) the goods approach and the services approach. D) the saving approach and the investment approach. 20 A) Between the trough and the peak of the business cycle the economy experiences rising unemployment B) is in an economic expansion. C) experiences falling real GDP is in an economic recession. D)

Explanation / Answer

Question 15). Answer :- Option A). It decreases the supply.

Question 16). Answer :- Option B). P = 1, Q = 50.

Explanation :- At an equilibrium level in economy, Supply = Demand.

30 + 20 P = 60 - 10 P

20 P + 10 P = 60 - 30

30 P = 30

P = $ 1.

Q = 30 + 20 * 1 (Put the value of P = $ 1 in the supply equation).

Q = 30 + 20

Q = 50.

Conclusion :- Option B). P = 1, Q = 50.

Question 17). Answer :- Option D). Market value of all final goods and services.

Question 18). Answer :- Option B). Only the expenditure method in which the four components of aggregate expenditure must be measured in the aggregate.

Question 19). Answer :- Option A). The income approach and the expenditure approach.

Question 20). Answer :- Option D). is in an economic recession.

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