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The Economy and You Answers

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A store’s supply/demand graph for MP3 players is shown above. If the price is at the equilibrium point, how much money will the store make by selling MP3 players?

Question illustration
A
$1,275
B
$1,600
C
$3,150
D
$3,300
2
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Say that the economy is in an expansion, causing wages to increase by six percent. If you previously received a monthly salary of $1,375.00, what will your new monthly salary be? Round all dollar values to the nearest cent.

A
$2,365.00
B
$1,604.17
C
$1,462.77
D
$1,457.50
3

Below are the supply and demand equations for stereo headphones in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is D at the point of equilibrium, to the nearest whole number?

Question illustration
A
151
B
104
C
71
D
54
4

What is the difference between microeconomics and macroeconomics?

A
Macroeconomics deals with abstract economic theories, while microeconomics applies those theories to the real world.
B
Microeconomics looks at economic systems in a vacuum, while macroeconomics looks at how those systems interact with one another.
C
Microeconomics deals with economics on the level of individuals or businesses, while macroeconomics deals with economics on the level of states or countries.
D
Macroeconomics looks at the history of economics, while microeconomics is concerned with the present and the future.
5

The graph above shows one store’s projected demand curve for hand-held vacuum cleaners. If the demand at point P3 is fully satisfied, how much money will the store make by selling hand-held vacuum cleaners?

Question illustration
A
$900
B
$600
C
$400
D
$270
6

The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them?

Question illustration
A
$15
B
$25
C
$40
D
$55
7

The simplest circular model of the United States economy depicts the economy as a cycle in which resources flow between which two entities?

A
supply and demand
B
businesses and households
C
the government and foreign countries
D
goods and services
8

Which of the following is not something that states saw a significant decrease in as a result of the recession?

A
housing
B
retail sales
C
jobs and income
D
transportation costs
9

What is equilibrium, from an economic perspective?

A
the theoretical price point at which demand equals supply
B
a state of “all other things being equal”
C
a condition in which no buying or selling is occurring
D
an economy functioning without outside intervention
10

Which of the following is not a question college students find themselves asking when considering the costs of school during the recession?

A
How will I pay my tuition?
B
What should my major be?
C
What school should I attend?
D
How often should I go to class?
11

Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium?

Question illustration
A
20
B
30
C
40
D
There is not enough information given to determine the point of equilibrium.
12

A store’s supply/demand graph for ceiling fans is shown above. If the price is at the equilibrium point, how much money will the store make selling ceiling fans?

Question illustration
A
$4,500
B
$1,800
C
$1,200
D
$900
13

Below are the supply and demand equations for stereo headphones in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is D at the point of equilibrium, to the nearest whole number?

Question illustration
A
151
B
104
C
71
D
54
14

Below are the supply and demand equations for blenders in a certain market. In these equations, p represents price, D represents demand, and S represents supply. What is p at the point of equilibrium, to the nearest tenth?

Question illustration
A
56.0
B
43.3
C
37.4
D
36.7
15

The figure above shows a store’s supply-demand graph for coffee makers. If the store sells $375 worth of coffee makers, which of the following is a valid possible price for them?

Question illustration
A
$15
B
$25
C
$40
D
$55
16

Which of the following terms best applies to a reversal of economic output which occurs just before a period of new economic growth?

A
boom
B
expansion
C
recovery
D
recession
17

A store’s supply/demand graph for MP3 players is shown above. If the price is at the equilibrium point, how much money will the store make by selling MP3 players?

Question illustration
A
$1,275
B
$1,600
C
$3,150
D
$3,300
18

It is possible, through careful consideration of economic principles and interactions, to reach a state of equilibrium in practice.

T
Option
F
Option
19

Based on the supply graph and the demand graph shown above, what is the price at the point of equilibrium?

Question illustration
A
20
B
30
C
40
D
There is not enough information given to determine the point of equilibrium.
20

What is the difference between microeconomics and macroeconomics?

A
Macroeconomics deals with abstract economic theories, while microeconomics applies those theories to the real world.
B
Microeconomics looks at economic systems in a vacuum, while macroeconomics looks at how those systems interact with one another.
C
Microeconomics deals with economics on the level of individuals or businesses, while macroeconomics deals with economics on the level of states or countries.
D
Macroeconomics looks at the history of economics, while microeconomics is concerned with the present and the future.

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