Question

Please help, I already have the answers, im just maken sure i have an A in this class, but im not sure on these questons so if some one can please just look and tell me. Please

Answer 1

1.
What effect does a rise in the cost of machinery or raw materials have on the cost of a good? (1 point)

A rise in the cost of raw materials (but not machinery) raises the cost.
The good becomes cheaper to produce.
The good becomes more expensive to produce.
It does not have any effect on the cost of the good.

2.
What does new technology generally do to production? (1 point)

It lowers cost and decreases supply.
It lowers cost and increases supply.
It increases cost and decreases supply.
It has very little effect on production.

3.
Why does the United States regulate automobile manufacturing in so many ways? (1 point)

to protect the consumer from Japanese and European automobiles
to keep the price of U.S. automobiles competitive with others
to keep the manufacturers of U.S. automobiles from gaining too much of the market
to offset the air pollution caused by automobiles

4.
When any effort by government causes the supply of a good to rise, what happens to the supply curve for that good? (1 point)

It shifts to the left.
It shifts to the right.
It reverses direction.
The supply curve is not affected.

5.
How do future expectations about the price of a good affect the present supply? (1 point)

If the price is expected to increase, many producers will hold onto their supply.
If the price is expected to decrease, many producers will hold onto their supply.
If the price of a related good is expected to increase, only a few sellers will hold onto their supply until the increase occurs.
If the price is expected to increase and then decrease, most sellers will hold onto their supply until the decrease has occurred.

6.
If prices rise and income stays the same, what is the effect on demand? (1 point)

More is bought of some goods and less of others.
Fewer goods are bought.
More goods are bought.
Demand stays the same.

7.
How can the demand for one good be affected by increased demand for another one? (1 point)

When goods are bought together, increased demand for one will decrease demand for the other.
If goods are used together, increased demand for one will increase demand for the other.
If goods are substitutes for each other, increased demand for one will increase demand for the other.
A drop in price for a good will increase demand for the good and its substitute.

8.
How does the price range affect the elasticity of demand for a product? (1 point)

Demand for all goods is elastic if the price is low enough.
Demand for a good can be elastic at a low price but inelastic at a high price.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Price range has little or no effect on elasticity of demand for a good.

9.
What is the principle of the law of supply? (1 point)

The lower the price, the larger the quantity produced.
The higher the price, the larger the quantity produced.
The higher the price, the smaller the quantity produced.
The lower the price, the more manufacturers will produce the good.

10.
How is the total cost of a factory or other production site determined? (1 point)

marginal cost plus fixed cost
fixed cost plus variable cost
marginal cost plus variable cost
marginal cost plus output cost

Answer 2

kk I can help you with this. Just give me a second

Answer 3

Really, Thank you so much.

Answer 4

Okay. Let's look at the first one. If the raw products or machinery cost more, the product would then cost more to cover the costs. For example, when the price of peanuts (raw material) was raised 2 years back, the price of peanuts and peanut products went up to cover the cost. The answer would be C

Answer 5

Let's consider the second one. New technology is an improvement. It would speed production. Let's say the old technology could make 50 candies an hour, now with the new technology, it can make 100 candies in that same hour!!!!!!!!! This would increase supply. Ever notice that things are cheaper when bought in bulk? This is due to mass production! Therefore, with the increase in production, the price of the object would decrease.

Answer 6

I think @PixieDust1 has you @giacintaaa :P

Answer 7

If you bought a hat that someone hand-knit, it would cost more because less would be made per hour than with a machine. But if your hat was machine-made, more could be made per hour, lowering the price.

Answer 8

lol ty

Answer 9

Yes, and i love the fact that she explainning it too, Im acctually wrighting down in my notes how she explains it to.

Answer 10

lol I'm glad to hear that!! @bookworm00981 , I think I need some help though with #3 cause I'm not too knowledgeable on the automobile industry.

Answer 11

I have D i think for #3

Answer 12

Im pretty sure 3 is B or D. :P

Answer 13

Lol!! I would proabably agree with D. The USA is involved in some pretty complex contracts regarding the amount of air pollution that the USA factories produce. There is actually a maximum amount of pollution per factory rate. But other countries such as China aren't involved in pollution prevention. So the laws are less strict over there.

Answer 14

:P

Answer 15

Thats why i put D, It just sounded like the best and B why would the gov help comp, the factories and places do that themselves, ook next question.

Answer 16

:P

Answer 17

Okay, I'm skipping #4 because i don't know what they mean by "supply curve". Its an odd way to phrase it if you ask me. okay so #5. A seller would hold onto his supply if the price was expected to rise. Imagine this. A store has 10 chocolate bars that they bought for $2. They would INCREASE supply at the lower rate. Then, they would hold onto it. Once the price rises to 10 chocolate bars to $4, the store would sell. The chocolate bars they bought for $2 are now valued at $4, making a larger profit.

Answer 18

So I'm thinking the answer would then be A. @bookworm00981 you agree?

Answer 19

Yea, I would hope if your gonna get more money for something you would hold onto it and not just drop it. Lol,.

Answer 20

For number 5?

Answer 21

yah

Answer 22

Hmm, one sec.

Answer 23

kk

Answer 24

Yes, that seems like the Logical thing to do, if by waiting a little you get a better price. :P

Answer 25

yuppers kk lol. (fyi - I second-guess myself on everything I do)

Answer 26

Right ! Next question(:

Answer 27

For #6 I would think option B.

Answer 28

If something is more expensive but you aren't getting any more money than you were before when it was cheaper I wouldn't buy it.

Answer 29

Okay!! So, if prices rise, but income stays the same, fewer goods are bought. If someone gets a $5 allowance, and the price of school lunches goes up to $4, less school lunches are gonna be bought because kids won't be able to afford it unless the income increases too

Answer 30

agreed.

Answer 31

What about A tho, thats what i have, cause like people will still need to buy things therefor, like a cell fone, You no longer can afford the 800 dollar phone but the cheap flip when up to 40 from 20 and you can afford that so more people would have to settle on the flip then the smart bringin up the flips and down the smarts.

Answer 32

A would also be a close/good answer. I guess it depends on the type of people the question is referring too. If only the expensive good was available, then most people would cut the item out of their budget entirely. But if there was a substitute, then the cheaper one would be purchased. You bring up a good point. I'd check with your teacher or your notes because every market is different, and so is every consumer.

Answer 33

But the question is saying that "prices rise". So, since prices are rising, either way it wouldn't fit the fixed income

Answer 34

Yea, i will, but for now im gonna go with A cause even if its wrong i got a point to battle to get the point back .

Answer 35

Oka ill go with B?

Answer 36

If income = $20
Object A costs $10, increased to $15
Object B (similar to object A) is $5, increased to $10.

Either way, its still an increase

Answer 37

I'd go with whatever you feel you can battle best if its wrong :P

Answer 38

Ok A, Next question .

Answer 39

I do the same thing, if I'm really stuck, I pick which has the best argument behind it. If you feel that is A, then I would suggest going with it ;D

Answer 40

7 i think is C .

Answer 41

Okay. The increase and decrease of goods will effect one another. I'm thinking its B.

Example - When Rainbow Looms were popular, there was an INCREASE for those Rainbow Loom kits. This increase caused people to need the item that went together with it, the little Rainbow Loom rubber bands. The increase in demand for the kit increased demand for the rubber bands

Answer 42

But they really do make this tricky because C would work too. When Rainbow looms came out, cheaper substitute brands came out too. Those increased in sales just as the Rainbow Loom did

Answer 43

@bookworm00981 You get the final decision lol

Answer 44

For what number?

Answer 45

#7

Answer 46

k

Answer 47

I think B, but those are all plausible options, But B seems most likely to me.

Answer 48

Yah. This assignment seems to be trying to trick the students rather an actually test to see what they know.

Answer 49

Aww and bookworm, I think you may have to take over now because my mom is calling so I gtg :(

Answer 50

Ah ok laters and Thnx for helping so much!

Answer 51

np! Sorry for abandoning you guys!

Answer 52

Good luck and God Bless!

Answer 53

Itll be oka , it only 3 more questions

Answer 54

:P

Answer 55

number 8

Answer 56

8 Is C i think.

Answer 57

I would have to agree . and 9 and 10

Answer 58

Because if something is expensive you can usually barter for a better price, but if it's already really cheap, they are less likely to lower pricing.

Answer 59

I think #9 is C. The higher the price, the smaller the quantity produced.
Because it is the rarity property.

Answer 60

I'm not sure about number 10... @Kristen17

Answer 61

brb

Answer 62

Yes, i finished it sorry i got a 10/10 thank you so much, You guys are the best Im definitly a fan !!!

Answer 63

Lol No prob!

Answer 64

Alrighty gtg, bathroom break!

Answer 65

10/10? WOW!!! YAY!!!!!!!!!!!!! CONGRATULATIONS! :D

Answer 66

1. c
2.b
3.d
4.b
5.a
6.b
7.b
8.c
9.b
10.b
just finished changes in supply Q

Answer 67

@camzzzie were these all right ?

Answer 68

@parischiyann
mine are

Answer 69

thanks !

Answer 70

Camzzzie is 100% correct, but so was Pixiedust on the questions he/she did before they had to go, pluse she/he gave a better understanding and explanation for the problems.