Macroeconomics and Microeconomics Help

The accompanying graph represents a hypothetical market for luxury automobiles. Suppose that a major luxury car producer exits the market in order to produce more economy cars. At the same time, a new tax law means that many tax payers will receive large refunds this year. According to a marketing firm, the result is a higher quantity of luxury cars selling at higher prices. Manipulate the graph to demonstrate what must be happening to supply and demand. #MicroeconomicsHelp #Microeconomics #Techniques #SupplyCurve #DemandCurve

In an attempt to increase the consumption of healthy foods, the government offers subsidies to the producers of kale. Show the effect of this subsidy by shifting one or both of the curves in the market for kale shown in the graph. #SupplyCurve #DemandCurve

Suppose the accompanying graph depicts a market for one pound bags of candy. Place the line labeled Excess Demand at a pric that would generate an excess demand, or shortage. Then, determine the size of the excess demand. #DemandCurve #supplycurve #Techniques #Microeconomics

Suppose that the economy of El Paso creates only cowboy boots and pecans. The production possibilities frontier (PPF) per year for El Paso is illustrated in the graph and is currently producing at the point labeled A. 5,000 5000 С 1,000 4000 Move point B to show the economy efficiently producing one thousand more cowboy boots. 000 Now, determine the opportunity cost of producing an additional 1,000 cowboy boots, i.e., shifting from point A to point B. Enter your answer specified to one decimal place. Quantity of cowboy boots produced A .000 2000 ,000 opportunity cost: pecans 5000 6000 700 o 0 1,000 6,000 7,000 Shift point C to indicate El Paso increasing production of cowboy boots from point B by another thousand. 2,000 3,000 4,000 5,000 Quantity of pecans produced 0 0 1,000 6,000 7,000 Shift point C to indicate El Paso increasing production of cowboy boots from point B by another thousand. 2,000 3.000 4,000 5,000 Quantity of pecans produced Determine the opportunity cost of shifting from point B to point C. Enter your answer specified to one decimal place. opportunity cost: pecans This PPF exhibits what kind of opportunity costs? O decreasing constant O increasing #Microeconomics #MicroeconomicsHelp #PPF #ProductionLine

The graph shows the supply and demand curves of high-fructose corn syrup, a sweetener commonly used in the production of sweets and soda due to its low cost. In an effort to curb health issues, Congress puts an excise or commodity tax on corn syrup at $2 per liter. #Microeconomics #Economics #Techniques

To rank the five demand curves in terms of elasticity, one must analyze their slopes. A steeper demand curve typically indicates less elasticity (more inelastic), while a flatter demand curve indicates more elasticity (less inelastic). #MicroeconomicsHelp #Techniques #Solutions

Suppose that Ned can produce either potato chips or computer chips. If he only produces potato chips he can produce 16 in a day. If he only produces computer chips, he can produce 12 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. #MicroeconomicsHelp #Microeconomics #Techniques

Microeconomics: These figures illustrate the production possibilities available to Kate and Sarah #MicroeconomicsHelp #Microeconomics #AdsoluteAdvantage

Weekly initial claims for unemployment in April 2020 were ________ those experienced during the Great Recession. Multiple Choice the same as lower than approximately 5–10 times twice The global nature of the supply chain ________ the economic impact of COVID-19. Multiple Choice dampened eliminated magnified The ________ was the first to see dramatic economic consequences from COVID-19. Multiple Choice grocery business airline industry rental housing business higher education system The ________ for PPE and hand sanitizer ________ as a result of COVID-19. Multiple Choice supply; decreased demand; increased demand; decreased supply; increased The Families First Act’s primary focus was on Multiple Choice stimulus checks. unemployment compensation. funding regular operations of government. paid leave for those who were ill or caring for someone who was ill with COVID-19. The unemployment rate in the United States prior to March 2020 was Multiple Choice at a 50-year low. rising rather rapidly. about average (post–World War II). lower than it had ever been. Resources were reallocated toward the production of hand sanitizer in that Multiple Choice the military (through the Defense Production Act) was deployed. melt-blown fabric makers were asked to produce it. distilleries began to make it. Ford and GM (through the Defense Production Act) were compelled to make it. Relative to the Obama-era stimulus package for the Great Recession, the combined size of the COVID-19 stimulus was Multiple Choice slightly greater in inflation-adjusted terms. greater in nominal terms but not in inflation-adjusted terms. several times greater. smaller. The monetary and fiscal policy actions taken in response to COVID-19 were primarily designed to Multiple Choice increase aggregate demand. decrease aggregate demand. increase aggregate supply. decrease aggregate supply. The Defense Production Act allows the president to compel private companies to produce needed goods in a national emergency. President Trump invoked it in response to COVID-19 to force ________ to make ________. Multiple Choice 3M; melt-blown fabric Gilead Sciences; hydroxychloroquine Clorox; bleach Ford and GM; ventilators Exports and imports ________ as an immediate result of COVID-19. Multiple Choice both declined both increased diverged (with exports rising and imports falling) diverged (with imports rising and exports falling) When a BLS unemployment survey participant describes themselves as “employed but away from work” when they are really unemployed, this ________ the unemployment rate. Multiple Choice understates overstates has no impact on Goods imported from Chinese manufacturers are generally ________. This is called the ________. Multiple Choice made from components manufactured in many places singular supply source made from components manufactured in many places global supply chain made in one location singular supply source made in one location; global supply chain As the economic impact of COVID-19 became apparent, Multiple Choice The Federal Reserve did little and left policy responses to Congress and President Trump. Congress and President Trump did little and left policy responses to the Federal Reserve. Monetary and fiscal policy actions of unprecedented scale and rapidity were needed but both the Federal Reserve and Congress chose to wait. Monetary and fiscal policy actions of unprecedented scale and rapidity were engaged. One of the issues brought to light by COVID-19 was the degree to which the global supply chain makes Apple dependent on Multiple Choice European subsidies. its own component part suppliers throughout China. cargo ships to transport its goods. Chinese buyers. The magnitude of combined fiscal and monetary policy was the greatest (relative to GDP) in Multiple Choice Germany. the United Kingdom. the United States. Greece. The CARES Act treatment of unemployment claims was different from that of typical recessions because Multiple Choice The replacement rate (typically established by states) was made uniform across the country. There was a $600 per week federal supplement and coverage was extended to gig workers and the self-employed. The caps on unemployment checks were eliminated. The system was entirely taken over by the federal government. Many retailers did not increase their prices of some goods (toilet paper and cleaning materials) in response to a COVID-19 related dramatic increase in demand. Instead they Multiple Choice Raised the prices of other goods. Refused to stock those goods. Instituted per-customer quantity limits. Closed their stores.

What is the GDP using the information shown? In billions of dollars Consumption 5,100 Investment 1,100 Transfer payments 1,050 Government Purchases 1,400 Exports 850 Imports 950 Net foreign factor income 20 #MacroeconomicsHelp #Macroeconomics #Techniques