Question

Attached Macroeconomics questions

Answer 1

nice, economics...my other fav subject

Answer 2

Thankfully you're here haha, nobody I know has taken this class:(

Answer 3

I know 8 is C.

Answer 4

And 9 is A

Answer 5

correct...so for 7
what does it mean for demand to increase?

Answer 6

does the curve change?

Answer 7

More people want it :O

Answer 8

No the curve doesn't change

Answer 9

yep, more people want it....hence quantities will be bigger

Answer 10

sorry change is bad wording....does the curve shift

Answer 11

I have no idea if supply changes or..

Answer 12

if supply changes then the price should go up too

Answer 13

I'm guessing it's C, but with the given graph it doesn't make much sense. If more people want it, thus forcing a company to make more of it, the price SHOULD go up?

Answer 14

don't worry about supply, assume it is constant

the idea is that demand is independent of price...when you move along the demand curve, this means price is changing but your demand for the good is same

if demand changes then the curve will either shift to right or left...so that for a given price you get more or less quantity

Answer 15

Okay this question.. I don't get it.
Ceteris Paribus, a decrease in the number of camera manufacturers leads to:
Decrease in supply of cameras
Increase in supply of cameras
Decrease in the quantity supplied of cameras
Increase in the quantity supplied of cameras

Answer 16

yes its C

Answer 17

sorry, before i answer new question.....you are right the Price should go up and does for a given quantity
on graph, on D2, the price to make Q3 is e....this is greater than c , so price went up

Answer 18

ok new question:

supply is a curve with positive slope
quantity supplied is designated as a point on supply curve, related to price

so quantity supplied is affected by price changes in production costs
the supply curve is affected by outside factors such as technology, income, and labor force

a decrease in manufacturers means less labor force...thus supply will decrease

Answer 19

Soo A?

Answer 20

yep

Answer 21

Still a bit more questions :P

Answer 22

hmm..ok

Answer 23

I highly appreciate this, my teacher is just.. horrible.

Answer 24

is this college level?

Answer 25

Yep!

Answer 26

ahh ok...you prob have to take micro at some point too then

Answer 27

ok number 1 is similar to last question....look at my last post about how quantity varies from quantity supplied

Answer 28

Yep:/ Next semester. People said to take Macro then Micro, I think I should've done it the other way around.

Answer 29

#1 is B?

Answer 30

#2 is D

Answer 31

#3 is D?

Answer 32

#4 is A

Answer 33

ok #2and #4 are right

#1 and #3 are wrong

Answer 34

both questions are related to difference in "supply curve" and "quantity supplied" and what affects each

Answer 35

--> price affects "quantity supplied"

--> outside factors affect "supply curve"

Answer 36

So #1 is C?

Answer 37

no #1 is D, there is positive relationship between price and quantity

Answer 38

I'm not sure how to answer #3. Completely lost.

Answer 39

hmm actually now i think #3 could be D because it says "caused by"

Answer 40

but you still get a decrease in price...so answer to #3 could be B as well

Answer 41

Haven't used B in a while.. haha

Answer 42

yeah go with B, since the topic is Law of supply

Answer 43

wait, thats why...increase in cost of production would cause supply curve to change (decrease)

Answer 44

Whats the difference between A & C?

Answer 45

ok, some may be tricky but you should be able to answer these

Answer 46

for which number?

Answer 47

5

Answer 48

6 is e

Answer 49

similar to supply

--> price has inverse effect on "quantity demanded"
--> outside factors effect "demand curve"

Answer 50

good, 6 is e

here the answers in order:
A
E
D
C
A
A

Answer 51

I'll teach myself with the answers:) Thank you! One more page thankfully then off to sleep!

Answer 52

do you get what the "equilibrium" is?

Answer 53

yes. #3 is B

Answer 54

#2 is B

Answer 55

#1 is... idk

Answer 56

so far so good

C
B
B
D
B

Answer 57

for #1