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Figure 3.4 Supply and demand   Equilibrium price and quantity in Figure 3.4 occur at:

Long Problem 3: Long problems require more detail and explanation. Provide as much detail as possible in your answers to these questions.     Using the following graph provided below: explain what ceteris paribus assumptions might explain why the demand for clean air has changed from the period 1950’s to 2010. (5 points) Provide a definition of ceteris paribus as a foundation to answer this question.    

External costs refer to:

Which of the following is most likely to be considered a non-renewable resource?

The following equation (P = 125 – 1.25 *Q) is used to express the willingness and ability of a consumer to purchase a product.  If the market price is equal to 105 how many units of this product will the consumer want to buy?

Imports:

The equilibrium price is  

Production possibilities:

Complete the following table.  Circle the value of GDP in the column “value of sales”. Answer 1-2 using this table. Firm   Value of Sales Value added         A Sheep Ranch 240   B Suit Manufacture 440   C Retail Outlet 700     Total 1380     What is the dollar value of GDP (using the data in the value of sales column)? _________________   What is the dollar value of GDP using the value added method (show your calculation here or on scratch paper).

If inflation is 10 percent per year and you receive no raise, then your: