ECON FINAL graph questions

20 terms by haleybrooke726 

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A

Refer to the above graph. The selection of which point on the production possibilities curve is most likely to result in the largest increase in economic growth over time? (I)

positively related

In line (1) on the above graph, the variables x and y are: (J)

y=8+.5x

The linear equation for line (1) on the above graph is: (J)

12

The vertical intercept of line (2) on the above graph is: (J)

an increase in consumer incomes

Refer to the above diagram, which shows three demand curves for coffee. Which would cause the change in the demand for coffee illustrated by the shift from D1 to D2? (K)

4 to 1

Refer to the above graph. An increase in quantity demanded would be a movement from point: (L)

an increase in the price of irrigation equipment

Refer to the above diagram, which shows three supply curves for corn. Which of the following would cause the change in supply of corn illustrated by the shift from S1 to S3? (M)

$1.50 and 28 million gallons

Refer to the above diagram. The equilibrium price and quantity for milk in this market are: (N)

surplus of 10 million gallons

Refer to the above diagram. If the price were $2 per gallon, there would be a: (N)

shortage of 8 million gallons

Refer to the above diagram. If the price were $1 per gallon, there would be a: (N)

graph A

Select the graph above that best shows the change to demand or supply in a particular market given the following situation: In the market for coats, the wearing of leather coats becomes more fashionable among young consumers. (O)

graph C

Select the graph above that best shows the change to demand or supply in a particular market given the following situation: In the market for digital cameras, the productivity of workers in the digital camera industry increases. (O)

graph A

Select the graph above that best shows the change to demand or supply in a particular market given the following situation: In the market for personal computers, consumers experience a substantial rise in income due to an improvement in the economy. (O)

5

Refer to the above graph, which shows the market for bicycles. S1 and D1 are the original supply and demand curves. D2 and D3 and S2 and S3 are possible new demand and supply curves. Starting from the initial equilibrium point (#1), what point on the graph is most likely to result from the introduction of technological improvements in bicycle assembly, and publicity campaigns by the government on the virtues of bicycling to work? (P)

6

Refer to the above graph, which shows the market for bicycles. S1 and D1 are the original supply and demand curves. D2 and D3 and S2 and S3 are possible new demand and supply curves. Starting from the initial equilibrium point (#1), what point on the graph is most likely to result from reports of increased accidents on roads involving cyclists, and the payment of subsidies to bicycle producers? (P)

$100 billion

Refer to the above graph for a private closed economy. At the equilibrium level of GDP, saving will be: (Q)

$150 billion

Refer to the above graph for a private closed economy. In this economy, investment is: (Q)

saving will be equal to zero

Refer to the above graph for a private closed economy. When C is equal to $150 billion, aggregate: (Q)

4

Refer to the above graph. The long-run aggregate supply curve would be represented by which line? (R)

move the economy to point A

Refer to the above graph, which shows an aggregate demand curve for a hypothetical economy. If the economy is at point C and the price level increases by 100 points, the wealth, interest-rate, and foreign purchases effects will: (S)

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