Solve questions 33-37 only, thank u!28 If a legal ceiling price is set below the equilibrium price: a shortage of the product will occura surplus of the product will occuran underground market will evolveneither the equilibrium price nor equilibrium quantity willbe affected29. To economists, the main difference between "the short run" and "the long run" is that: the law of diminishing marginal returns applies in thelong run but not in the short runin the long run, all resources are variable while in theshort run, at least one resource is fixedfixed costs are more important to decision making inthe long run than they are in the short runin the short run all resources are fixed, while in thelong run all resources are variable30.A surplus of product will occur when price is: above equilibrium with the result that quantitydemanded exceeds quantity suppliedabove equilibrium with the result that quantitysupplied exceeds quantity demandedbelow equilibrium with the result that quantitydemanded exceeds quantity suppliedbelow equilibrium with the result that quantitysupplied exceeds quantity demanded31.Which of the following would decrease aggregate demand and shift the AD curve to the left? a decline in personal income tax ratesa decline in consumer spendinga higher level of government purchasesa fall in interest rates32.Which of the following is an implicit cost to the Johnston Manufacturing Company? payments of wages to its office workersproperty taxesrent paid for the use of equipment owned by theSchultz Machinery Companyreturns that the shareholders could have received ifthey had not bought shares in the JohnsonManufacturing Company33.Which of the following is a role of the Bank of Canada? Managing the money supplyIncreasing or decreasing government spendingEstablishing fiscal budgetsGranting loans to consumers34.Fiscal policy refers to: Changes in taxes and government purchases made bylegislation for the purpose of stabilizing the economyThe authority that the prime minister has to changepersonal income tax ratesChanges in government purchases or taxes that have theeffect of destabilizing the economyChanges in the money supply and interest rates by theBank of Canada535.If real income, employment, and investment are rising, the economy is: At the phase called the peakIn a period of expansionIn a phase called a recessionIn a trough36.A fractional reserve banking system is one in which banks within the system: Can lend out all of their reservesKeep all of their reservesCan lend out only a fraction of their reservesPay higher rates of interest to depositors thanthey charge to borrowers.37.An industry composed of three firms, each of which considers the potential reactions of its rivals in making pricing decisions, yet is not concerned with the potential entry of other firms, can best be described as: perfect competitiona monopolyan oligopolymonopolistic competition

Question

Solve questions 33-37 only, thank u!28 If a legal ceiling price is set below the equilibrium price: a shortage of the product will occura surplus of the product will occuran underground market will evolveneither the equilibrium price nor equilibrium quantity willbe affected29. To economists, the main difference between &#34;the short run&#34; and &#34;the long run&#34; is that: the law of diminishing marginal returns applies in thelong run but not in the short runin the long run, all resources are variable while in theshort run, at least one resource is fixedfixed costs are more important to decision making inthe long run than they are in the short runin the short run all resources are fixed, while in thelong run all resources are variable30.A surplus of product will occur when price is: above equilibrium with the result that quantitydemanded exceeds quantity suppliedabove equilibrium with the result that quantitysupplied exceeds quantity demandedbelow equilibrium with the result that quantitydemanded exceeds quantity suppliedbelow equilibrium with the result that quantitysupplied exceeds quantity demanded31.Which of the following would decrease aggregate demand and shift the AD curve to the left? a decline in personal income tax ratesa decline in consumer spendinga higher level of government purchasesa fall in interest rates32.Which of the following is an implicit cost to the Johnston Manufacturing Company? payments of wages to its office workersproperty taxesrent paid for the use of equipment owned by theSchultz Machinery Companyreturns that the shareholders could have received ifthey had not bought shares in the JohnsonManufacturing Company33.Which of the following is a role of the Bank of Canada? Managing the money supplyIncreasing or decreasing government spendingEstablishing fiscal budgetsGranting loans to consumers34.Fiscal policy refers to: Changes in taxes and government purchases made bylegislation for the purpose of stabilizing the economyThe authority that the prime minister has to changepersonal income tax ratesChanges in government purchases or taxes that have theeffect of destabilizing the economyChanges in the money supply and interest rates by theBank of Canada535.If real income, employment, and investment are rising, the economy is: At the phase called the peakIn a period of expansionIn a phase called a recessionIn a trough36.A fractional reserve banking system is one in which banks within the system: Can lend out all of their reservesKeep all of their reservesCan lend out only a fraction of their reservesPay higher rates of interest to depositors thanthey charge to borrowers.37.An industry composed of three firms, each of which considers the potential reactions of its rivals in making pricing decisions, yet is not concerned with the potential entry of other firms, can best be described as: perfect competitiona monopolyan oligopolymonopolistic competition

Accepted Answer

33.
The important function of the bank is to issue notes and currency by way of managing the money…

33.Which of the following is a role of the Bank of Canada? Managing the money supply Increasing or decreasing government spending Establishing fiscal budgets Granting loans to consumers 34.Fiscal policy refers to: Changes in taxes and government purchases made by legislation for the purpose of