Chapter 4 8) When a demand curve is drawn, which of the following is not held co

Question

Chapter 4 8) When a demand curve is drawn, which of the following is not held constant? A) people's income B) people's preferences C) prices of related goods D) the price of the good 9) A demand curve is defined as the relationship between: A) the price of a good and the quantity of that good that consumers are willing to buy. B) the price of a good and the quantity of that good that producers are willing to sell. C) the income of consumers and the quantity of a good that consumers are willing to buy. D) the income of consumers and the quantity of a good that producers are willing to sell. 16) Suppose that there are only three consumers of a product. At a price of $3 per unit, the first consumer would buy 6 units of the product, the second consumer would buy 5 units, and the third consumer would buy 7 units of the product. If you drew a market demand curve for this product, the quantity demanded at a price of $3 would be: A) 18 units. B) 11 units. C) 13 units. D) unable to be determined based on the information provided. Chapter 5 5) Inflation is: A) sustained increases in the average prices of all goods and services. B) sustained decreases in the average prices of all goods and services. C) sustained increases in the total prices of all goods and services. D) sustained decreases in the total prices of all goods and services. 19) Explain the two approaches that can be used to compute GDP. Why do these two approaches lead to the same value for GDP? 6) GDP is: A) a measure of all spending in the economy on foreign and domestic goods and services. B) the total market value of all final goods and services produced within a country in a given year. C) the value of all monetary transactions within a country in a given year. D) all of the above. Chapter 6 1) The presence of unemployment in the labor market implies that: A) at the current wage, there are people who want to work but cannot find work. B) people are not willing to work at the current wage. C) there are some people who will not work at the current wage. D) there is excess demand in the labor market. 4) A worker who currently is not working, but is not looking for a job is considered as: A) employed. B) unemployed. C) not in the labor force. D) in the labor force. 14) Refer to Table 6.1. The labor force equals: A) 14,000. B) 16,000. C) 13,500. D) 16,500. 22) If the number of people classified as unemployed is 50,000 and the number of people classified as employed is 250,000, what is the unemployment rate? A) 8% B) 8.7% C) 16.67% D) 20.0%

Explanation / Answer

8. Demand curve is the curve between price of a good and quantity demanded of that good

So these 2 have to be varied and remaining all the relevant variables have to be constant.

So option D is correct

9. As stated in the above question, Demand Curve is a curve between Price of the good and quantity demanded for that good at that particular price.

Quantity supplied by producers is related to Supply curve

So option A is correct

16. It is clearly mentioned in the question that there are only 3 consumers for the product. So at the price of $3, total quantity demanded is the sum of quantity demanded by these 3 consumers

So Answer is = 5 + 6 + 7 = 18 units

Option A is correct

5. Inflation is a mechanism of increase in price of all goods in the market. It is estimated using the consumer price index. It is not the measure of total price increase of all goods, however it is a measure of average increase in prices.

So best explanation is option A which is talking about increase in average prices

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