Macroeconomics Questions and Answers Rated A+

Macroeconomics Questions and Answers Rated A+ What economic rule is generally used in the decision of a regulator to impose a binding price constraint? ✔✔When the benefit to a specific group of people is greater than ...

Macroeconomics Questions and Answers Rated A+ What economic rule is generally used in the decision of a regulator to impose a binding price constraint? ✔✔When the benefit to a specific group of people is greater than deadweight loss If the short run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the LRAS curve, which statement below is true? ✔✔Producers are using inventory faster than it can be replaced. If a company was forced to adhere to minimum wage laws, the wage that would represent a binding constraint would be represented by which line in the graph shown here? ✔✔A If the market price of a product happens to be at equilibrium, which of the following will happen next? ✔✔Nothing will happen since the market is already clearing. Assuming ceteris paribus, what principle behind the law of demand is this graph is illustrating? ✔✔Barring special circumstances, an increase in price will always lead to a decrease in quantity. The prevailing market price for smart TVs is $450 and John is willing to pay $600 for a TV. Which graph accurately represents the amount of consumer surplus? ✔✔https://sophialearning.s3.amazonaws.com/ckeditor_assets/85724/content/maq4-2.png?XAmz-Algorithm=AWS4-HMAC-SHA256&X-AmzCredential=AKIAIG2G6MJF4P35TSZQ%2F20210224%2Fus-east1%2Fs3%2Faws4_request&X-Amz-Date=20210224T152131Z&X-Amz-Expires=3600&XAmz-SignedHeaders=host&X-AmzSignature=40003e8bf340a739ed202e04974b9da85bb945cd250ae3e35e8a2b92a81f9a3e The people of a certain Mediterranean village always eat salad with balsamic vinegar and olive oil as dressing. If the olive crop fails one year because of a terrible storm, what most likely would happen to the demand for balsamic vinegar that the people of this village purchase? ✔✔The demand for balsamic vinegar purchased will decrease because it is a complement to olive oil. Select the statement below that is true of ONLY price ceilings. ✔✔Can create a shortage of product A popular smartphone consistently sold out until a study was released. It found that users of that particular brand were ten times more likely to get brain cancer than users of other smartphone brands. Which of the graphs below best represents what happened to demand for the smartphones associated with a higher risk of brain cancer? ✔✔https://sophialearning.s3.amazonaws.com/ckeditor_assets/85784/content/c2ch1q4_d.png?XAmz-Algorithm=AWS4-HMAC-SHA256&X-AmzCredential=AKIAIG2G6MJF4P35TSZQ%2F20210224%2Fus-east1%2Fs3%2Faws4_request&X-Amz-Date=20210224T152250Z&X-Amz-Expires=3600&XAmz-SignedHeaders=host&X-AmzSignature=a3ca733dea8847d5977af10198c47a37e32c37762da7206d5fd3a00b8cbca3e5 Select the statement below that is true of long run aggregate supply curves. ✔✔There is no relationship between price level and RGDP. Economically speaking, which of the kinds of change below would be caused when an executive at a petroleum company develops a new way to extract petroleum from the ground? ✔✔Shift in the supply curve If the demand curve is more elastic than the supply curve, and a tax is imposed, which of the following will happen? ✔✔The seller will bear more of the burden of the tax. Laura is willing to pay as much as $1,000 for a wedding dress but is happy to find one she likes that costs $300. Select the term below that corresponds to this situation. ✔✔Consumer surplus Which statement below regarding aggregate demand is true? ✔✔It expresses an inverse relationship between price level and RGDP. Based on the graph above, if market price is $19 per unit, what is happening at that market price? ✔✔Price is at equilibrium. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? ✔✔The incidence of the subsidy on the consumer will decrease. Which statement below about producer surplus is NOT true? ✔✔Producer surplus is basically the same as profit. Roberto suspected that traditional four-year higher education in the U.S. was being influenced by the recession. Most states cut the amount they contribute to public universities, making it much more expensive for them to operate in the traditional format. This caused many universities to invest in nontraditional, technology-based educational models.Which graph below best depicts the change Roberto is seeing in the traditional four-year higher education market in the U.S.? ✔✔https://sophialearning.s3.amazonaws.com/ckeditor_assets/215468/content/m5c2.png?XAmz-Algorithm=AWS4-HMAC-SHA256&X-AmzCredential=AKIAIG2G6MJF4P35TSZQ%2F20210224%2Fus-east1%2Fs3%2Faws4_request&X-Amz-Date=20210224T152615Z&X-Amz-Expires=3600&XAmz-SignedHeaders=host&X-AmzSignature=c382472d2d8a9faa668142546254614e3c832030f0f9b3fc1fb2c66a3ffd2b2a