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- An economy produces two goods, clothing and petroleum. Which of the following would explain a pivot inwards along the petroleum аxis? Select one: O a. a productive improvement in clothing production that has no effect on petroleum production O b. an increase in the size of the labor force that can produce either petroleum products or clothing O c. major oil reserves in Alaska are declared off-limits to producers in order to protect the environment O d. major oil reserves are discovered off the coast of Africa Oe. a productive improvement in petroleum production that has no effect on clothing productionpring20 fall20 The Producer Price Index (PPI) is a Select one: a. price index measuring the changes in prices of all new goods and services produced in the economy. b. statistical measure of a weighted average of prices of a specific set of goods and services purchased by wage earners areas. O C. price index that tracks the price levee of commodities that firms purchase from other firms. O d. statistical measure of a weighted average of prices of commodities that firms produce and sell. Clear my choiceWhich of the following is NOT a concern for macroeconomics? O A. The level of unemployment caused by the COVID 19. B. The loss of economic output caused by COVID 19. O C. The change in the price level of alcohol-based hand sanitisers caused by COVID 19. O D. the change in the level of imports vs exports caused by COVID 19.
- China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time.
- In the financial market, what causes a movement along the demand curve? What causes a shift in the demand curve?What is the government budget constraint? How does it help us understandthe causes of high infation?7) Refer to the Figure 3 below, the total emclency loss ls Figure 3 Price, P Pr Pw D D D' Quantity, O Select one: O AD+C O B.D+C+d OC.c+e O D.b+d
- Time left 0:56:44 All of the following except one would increase the amount of a particular model of a Ford automobile that buyers would like to buy. Which is the exception? Select one: O a. an increase in buyers' incomes O b. increased prices of other Ford models an expected future increase in the price Ос. O d. a decrease in the price of steel an increase in the population O e. Next ge eg IMG_7969.jpeg JPEGIn 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years.Which one of the following is a Normative statement? O a. Popcom and chocolates are sold in movie theatres O b. Chocolates are more expensive than newspapers Oc The price of chocolate is $1.25 each Od. You should eat less chocolate Which of the following is a Normative statement? O a. The unemployment rate is too high O b. 40% of the public believes that the unemployment rate is too high Oc The unemployment rate increased last month Od. All of these