Author: Anonymous

30. The graph of the equation x = 5 is described as a______ A. Vertical Line B. Horizontal Line C. Slope

A nurse conducts informant interviews in a small community. Who of the following would the nurse most likely contact?

Continuing with the international trade example from the previous question, the change in Econland consumer surplus when Econland opens up to international trade at the world price equals

It is socially efficient to host the firework show if and only if the total cost is no higher than

The next three questions use the above figure to go over an international trade example. Suppose when Econland cannot trade with the rest of the world, the supply and demand curves for the domestic industry for candy bars are given in the above figure, where the equilibrium price is $5. Next, suppose Econland opens to trade with the rest of the world at a price of $2. Then Econland’s ________ of candy bars equals _______ units.

Adway and Nyla are two friends that studied paleontology at the same university. They are currently working and performing the exact same job, but for the natural history museum of two different towns. One town has been ranked as more livable with less air pollution index.  Which of the following compensating differentials can explain why one friend receives a higher wage than the other?

In the free market situation, the amount of negative externality only can be represented by the area

Suppose that only the price of hot cocoa increases to $4. Santiago’s income remains the same at $50 and the price of cookies remains the same at $3. The increase in the price of hot cocoa causes Santiago’s quantity demanded for hot cocoa to ______________________ units. This change can be decomposed into a substitution effect, according to which Santiago’s demand for hot cocoa changes approximately by _______________ units, and into an income effect, according to which Santiago’s demand for hot cocoa changes approximately by _____________ units. (Fill in the blanks.)

Suppose the long-run supply curve for the pancake mix industry is perfectly elastic. Each firm has the cost structure illustrated in the left graph below. The right graph illustrates two different possible demand curves, D1 and D2.

For the next four questions, assume demand is given by D1, and the industry is in long-run equilibrium. (Note D1 is the demand curve on the right.)