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# y Question 1

## The Law of Supply states that Correct Answer:

there is a positive relationship between price and quantity supplied, ceteris paribus.

y Question 2
Flour is used to produce bread. If the price of flour increases Correct Answer: the supply of bread decreases.

y Question 3
Figure 4.5 illustrates a set of supply and demand curves for hamburgers. A decrease in supply and an increase in demand are represented by a movement from

point c to point a.

y Question 4

Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of \$6?

y Question 5
Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is \$7, there is

## Correct Answer: excess demand of 8 t-shirts.

y Question 6
The Law of Demand can be explained as Correct Answer:

the higher the price, the smaller the quantity demanded, ceteris paribus.

y Question 7
Suppose that the quantity supplied of cars exceeds the quantity of cars demanded. We would expect that Correct Answer: the price of cars will decrease.

y Question 8
Figure 4.4 illustrates the supply of tacos. An increase in the supply of tacos is represented by a movement from

## Correct Answer: S1 to S2.

y Question 9
Decreases in the demand for products can be caused by the following: Correct Answer: all of the above

y Question 10
Figure 4.3 illustrates the supply and demand for blue jeans. If the actual price of blue jeans is \$30, we would expect the price of blue jeans to ________, the quantity demanded of blue jeans to ________, and the quantity supplied of blue jeans ________.

## Correct Answer: increase; decrease; increase

WEEK 4
Question 1 The largest component of GDP is Correct Answer: consumption expenditures. Question 2 If an economy produced 100 pounds of almonds at \$3 per pound and 50 pounds of cashews at \$7 per pound in 2008, its real gross domestic product (GDP) was Correct Answer: \$650. Question 3 If in the third quarter of 2008 total investment spending was \$3,162 billion and depreciation was \$2,044 billion, then net investment was equal to Correct Answer: \$1,118 billion. Question 4 We measure gross domestic product by multiplying the quantities of goods by their prices because it allows us to Correct Answer: express the values of products in a common unit of measurement. Question 5 As depicted in the circular flow diagram, firms Correct Answer:

## supply the goods and services that households demand in product

markets. Question 6 If Betty's Bakery purchases 30 cents worth of ingredients and spends 35 cents on wages per croissant to produce a 99 cent croissant, then Betty's Bakery's contribution to GDP is ________ per croissant. Correct Answer: 69 cents Question 7 Which of the following should be included in U.S. GDP? Correct Answer: a plasma TV manufactured in the United States and sold in Indonesia Question 8 Going to the dentist would be counted in GDP as Correct Answer: a service. Question 9 Transfer payments are excluded from government purchases in GDP accounting because Correct Answer: nothing is being produced in return for the payment. Question 10 Depreciation is Correct Answer: the wear and tear on private investment.