The Economy and You Answers

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

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 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?

What is equilibrium, from an economic perspective?

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

Below are the supply and demand equations for umbrellas 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?

Which of these describes the fundamental conflict of economics?

The supply/demand graph for bicycle helmets in a certain market is shown above.Find the price when supply and demand are in equilibrium.

What is the difference between microeconomics and macroeconomics?

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