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AGEC 217 Practice Exam 1|35 Questions & Answers
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AGEC 217 Practice Exam 1|35 Questions & Answers
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AGEC 217 Practice Exam 1|35Questions & Answers
Frictional unemployment occurs when - -it takes time for workers to search
for available jobs and for employers to search for available workers.
- If the corporate less-risky AAA bond interest rate is 6%, and the corporate
more-risky BAA bond interest rate is 7%, the interest rate spread is - -1%
- During the 1961-2015 period, - -real GDP increased from one year to the
next in most years.
- In the spreadsheet assignment, we calculated the real GDP growth rate for
the year 2015 as - -2.5%, which was less than the 55-year average of 3.1%.
- In 1989 the minimum wage was $3.35 per hour. In 2009 the minimum
wage was $7.25 per hour, which was more than double the 1989 wage.
Between 1989 and 2009 the consumer price index rose from 124 to 202. As
a result, the real minimum wage - -was higher in 2009 than it was in 1989.
- Suppose property taxes are one of the costs of providing rental housing.
Which of the above diagrams describes what will happen in the market for
rental housing, if the property tax decreases?
https://s-media-cache-ak0.pinimg.com/originals/dc/5c/96/
dc5c96538864f87609e35c8c893565ef.jpg - -C
- Suppose farmers begin planting a new hybrid soybean with increased yield
per acre. Which of the above diagrams shows what is likely to happen in the
market for soybeans?
https://s-media-cache-ak0.pinimg.com/originals/dc/5c/96/
dc5c96538864f87609e35c8c893565ef.jpg - -C
- Suppose the price of gasoline decreases. Which of the above diagrams
describes what will happen in the market for bicycles?
https://s-media-cache-ak0.pinimg.com/originals/dc/5c/96/
dc5c96538864f87609e35c8c893565ef.jpg - -B
- Suppose a revolution in Iran shuts down crude oil production in that
country. Which of the above diagrams shows what is likely to happen in the
market for crude oil?
https://s-media-cache-ak0.pinimg.com/originals/dc/5c/96/
dc5c96538864f87609e35c8c893565ef.jpg - -D
, - Here are some excerpts from the article, "Chocolate Prices Soar as
Appetites Get Bigger," New York Times, 12/20/13.
GENEVA, SWITZERLAND. Chocolaterie Pascoët, a small "laboratoire," or
factory, in the Carouge district here, was a hive of activity on a recent
morning. The team was scrambling to fill the last orders for Christmas.
Workers carefully packaged the morning's output: fine Swiss chocolates that
would be sold at a premium price: 29 Swiss francs, or $32, for a box of 20.
Not that the market for fine Swiss chocolate is particularly price sensitive.
Most of the chocolates produced this season by Chocolaterie Pascoët will end
up in the company's three small shops in Geneva or the one in Morocco, or
be sold to an elite clientele, including customers as far away as Dallas and
Tokyo. Nearly 40 percent will be packaged in elegant boxes bearing the
names of prestigious companies like Rolls-Royce for corporate gifts - -the
demand for chocolate is increasing and the supply is decreasing.
- Here are some excerpts from the article, "Chocolate Prices Soar as
Appetites Get Bigger," New York Times, 12/20/13.
GENEVA, SWITZERLAND. Chocolaterie Pascoët, a small "laboratoire," or
factory, in the Carouge district here, was a hive of activity on a recent
morning. The team was scrambling to fill the last orders for Christmas.
Workers carefully packaged the morning's output: fine Swiss chocolates that
would be sold at a premium price: 29 Swiss francs, or $32, for a box of 20.
Not that the market for fine Swiss chocolate is particularly price sensitive.
Most of the chocolates produced this season by Chocolaterie Pascoët will end
up in the company's three small shops in Geneva or the one in Morocco, or
be sold to an elite clientele, including customers as far away as Dallas and
Tokyo. Nearly 40 percent will be packaged in elegant boxes bearing the
names of prestigious companies like Rolls-Royce for corporate gifts - -
inelastic, probably because the consumers of these chocolates have very
high incomes.
- Consider these two demand curves. The first is the demand for pizza with
"gizmos" at normal price. The second is the demand for pizza with "gizmos"
at double the normal price.
Demand 1 Demand 2
PQPQ
$6 300 $6 200
$10 500 $10 300
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