UltraGrasshopper2830
1 .All of the following would be considered in the working age…
1 .All of the following would be considered in the working age population except:
a. A 75 year old retired person.
b. A 34 year old stay-at -home dad.
c. A 12 year old who delivers fliers.
d. A 22 year old full-time college student.
2. Image depicting the relationship between the price and the quantity produced of a Good.
Refer to the graph above to answer this question. What would be the new equilibrium price and quantity if demand decreased by 60?
a. $1,400 and 80.
b. $1,400 and 60.
c. $800 and 80.
d. $1,000 and 80.
3. Year Price Index
2019 110.0
2020 118.0
2021 127.5
2022 132.0
Refer to the above information to answer this question. By how much have prices risen over the whole of this period?
a. 20.0%.
b. 10.0%.
c. 32.0%.
d. 4.5%
4. Year Price Index
2019 110.0
2020 118.0
2021 127.5
2022 132.0
Refer to the above information to answer this question. What is the inflation rate in 2020?
a. 9.5%
b. 7.3%
c. 18.0%
d. 8.0%
5.The following table shows the initial weekly demand (D1) and the new demand (D2) for packets of pretzels (a bar snack):
Quantity Quantity
Price ($) Demanded (D1) Demanded (D2)
1.00 1,000 1,100
1.50 980 1,080
2.00 960 1,060
2.50 940 1,040
3.00 920 1,020
Refer to the information above to answer this question. In order to produce the change in demand from D1 to D2, what might have happened to the price of a substitute product like a packet of nuts?
a. It has not changed, but people must be buying more.
b. It has not changed, but people must be buying less.
c. It has increased.
d. It has decreased
6. Year Price Index
2018 110.5
2019 113.5
2020 116.4
2021 119.0
2022 112.3
Refer to the information above to answer this question. By how much have prices risen from 2018 to 2022?
a.9.6%
b.11.8%
c.22.3%
d.122.3%
e.1.63%
7.The following information is from a hypothetical economy (all figures are in millions):
Full-time employed 36
Part-time employed 8
Unemployed 6
Discouraged workers 10
Consumer Price Index 120
Refer to the information above to answer this question. What is the current unemployment rate?
a. 12%
b. 6%.
c. 10%.
d. 37.5%.
e.13.6%
8.Price Quantity Demanded Quantity Supplied 1
$40.0 140 60
42.5 130 70
45.0 120 80
47.5 110 90
50.0 100 100
52.5 90 110
55.0 80 120
57.0 70 130
60.0 60 140
Refer to the above information to answer this question. What is true if price is $52.50?
a. There is a surplus of 110.
b. The quantity demanded is 90.
c. The quantity supplied is 90.
d. There is a shortage of 40.
e. Price will soon rise.
9.$40.0 140 60
42.5 130 70
45.0 120 80
47.5 110 90
50.0 100 100
52.5 90 110
55.0 80 120
57.0 70 130
60.0 60 140
Refer to the above information to answer this question. If demand increases by 20 units, what will be the new values of equilibrium price and quantity?
a. $50 and 120.
b. $45 and 120.
c. $52.50 and 120.
d. $52.50 and 110.
e. $55 and 120.
