Sophia (Macroeconomics) - Unit 2
Practice Milestone Already Passed
If the price of gold is rising, which of the following can we also expect to be true? ✔✔Quantity
demanded for gold will be
decreasing.
What will fin
...
Sophia (Macroeconomics) - Unit 2
Practice Milestone Already Passed
If the price of gold is rising, which of the following can we also expect to be true? ✔✔Quantity
demanded for gold will be
decreasing.
What will finding out that two of her children have severe peanut allergies cause for Jenna's
demand for
almond butter? ✔✔The almond butter demand curve will make a shift to the right.
Some factors affect production decisions, causing a shift in supply. Other factors create movement
along the
supply curve.
Which example would create movement along the supply curve? ✔✔The price of tomatoes goes
up.
Which of the following is an example of consumer surplus? ✔✔Jackson was willing to pay up to
$500 for airfare, but he got his ticket for $350.
Select the true statement about producer surplus. ✔✔If a good sells for $15, and the producer only
expected $10, the surplus is $5.
Which of the four options below is prevailing price? ✔✔P4
In which scenario is the price too high? ✔✔Many farmers produce large quantities of milk at $7
per gallon, but no one wants to buy it.
If the market equilibrium for wages in construction is $15/hr and government officials would like
to set a
price floor for wages, which amount below would be non-binding? ✔✔$10 per hour
Which of the following describes what happens, generally speaking, whenever a binding price
constraint is
imposed? ✔✔Some surplus shifts from consumer to producer or vice versa.
When government policy establishes a price ceiling or floor, what are policymakers attempting to
do in
relation to deadweight loss? ✔✔They are trying to maximize the surplus of one group while also
minimizing deadweight loss.
The main factor that determines who bears the burden of a tax is which of the following?
✔✔Elasticity
What is the effect of the subsidy, according to this graph? ✔✔Consumers benefit more than
producers from the subsidy.
Which statement regarding aggregate demand is true? ✔✔AD looks very similar to a regular
demand curve.
Which statement is true of short run aggregate supply (SRAS), rather than long run aggregate
supply
(LRAS)? ✔✔Shows a positive relationship between price level and
RGDP
Which answer choice below is NOT true regarding aggregate supply curves? ✔✔If short run
equilibrium is beyond LRAS, the economy is producing in a sustainable way.
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