Check my Economics homework??? Help would greatly be appreciated! PLEASE HELP ME!!!?

Posted on 2014-04-23 12:02:00 in Economics by RICK

1. All of the following will occur if the government places an effective price ceiling on coffee except

Choose one answer.

A. a black market in coffee will flourish.

B. there will be a shortage of coffee.

C. vendors may discriminate in determining who gets to buy the coffee. (I think it is C or D)

D. there will be a surplus of coffee.

E. the quantity supplied of coffee will be less than the quantity demanded of coffee.







2.



Carrie's Cement Company ships aggregates all over the world. The international price of cement is higher than it is in the United States, so Carrie's firm and others like it are shipping more cement to foreign nations than to companies in the United States. As a result, in the USA,

Choose one answer.

A. aggregate demand will shift left.

B. aggregate demand will not shift.

C. aggregate demand will shift right. (I chose this one)

D. aggregate supply will shift right.

E. aggregate supply will not shift.





3.



If the President proposed increasing funding for schools and colleges across the United States as well as providing funding for health care for all Americans, we would most likely see an increase in

Choose one answer.

A. unemployment.

B. short-run aggregate supply. (I chose this one)

C. long-run aggregate supply.

D. aggregate demand.

E. net exports.



4.



In an effort to compete with foreign markets, suppose production facilities across the nation added a night shift to their production schedules for the first time. Which of the following is true?



I Economic growth will increase if these are new resources.

II Production will increase.

III There will be a movement along the production possibilities curve in the direction of consumer goods.



Choose one answer.

A. I only.

B. II only.

C. III only.

D. I and II only.

E. I, II, and III. (I chose this one)





5.



You pay $68 for a pair of designer jeans. This statement best illustrates money used as a

Choose one answer.

A. store of value.

B. medium of exchange. (I chose this one)

C. unit of account.

D. liquid asset.

E. liability.





thanks!

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