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Interpreting Graphs. EOCT Prep. In the market seen here, the shift from P, Q to P1, Q1 was the result of which effect?. decreased supply increased supply increased demand decreased demand. In the market seen here, a government-mandated price of $5 would cause?.
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Interpreting Graphs EOCT Prep
In the market seen here, the shift from P, Q to P1, Q1 was the result of which effect? • decreased supply • increased supply • increased demand • decreased demand
In the market seen here, a government-mandated price of $5 would cause? • price floor with a surplus of 40 widgets • price ceiling with a surplus of 20 widgets • price floor with a shortage of 20 widgets • price ceiling with a shortage of 40 widgets
Which term belongs in the blank rectangle in the center of the diagram? • government • resource market • money • goods and services
Which describes what has happened in the graph? • An increase in demand has caused a decrease in equilibrium price. • Demand has increased, causing an increase in equilibrium quantity. • The increase in supply has caused an increase in equilibrium quantity • Supply has decreased, causing an increase in equilibrium price.
Using the market graph seen here, what will happen over time if Widgets are initially priced at $5? • Competition will drive the price of widgets higher. • Demand will increase to meet the equilibrium quantity of 120. • Market forces will push the price towards $3. • Supply will decrease because fewer people will buy widgets.
Arrows 1 and 2 on this circular flow diagram represent • money flow • prices • Taxes • goods and services
If the producer in the PPC seen here is producing at point X, moving to point Z would mean an opportunity cost of • 20 gallons of milk • 7 pounds of cheese • 3 pounds of cheese • 10 gallons of milk
Which statement is true concerning absolute advantage? • Japan has absolute advantage in the production of cars. • Japan has absolute advantage in the production of both goods • Japan has no absolute advantage in this scenario. • Japan has absolute advantage in the production of computers. Use the data below to answer the question. JAPAN U.S.A.Cars 25 60Computers 100 45
Which BEST explains the shift seen in the market graph here? • cheaper resource prices for drink producers • bankruptcies by several drink producers • decreased preference for energy drinks • increased government taxes on drink producers
In the picture below, a price of .40 represents which situation? • A shortage because the price is below equilibrium. • A shortage because the price is above equilibrium • A surplus because the price is above equilibrium. • A surplus because the price is below equilibrium.
Which arrows on this diagram would represent the transaction between Joe who rents his office to Homework Inc., a company that provides tutoring services? • 5,6 • 2,3 • 4,7 • 1,2
In the graph seen here, equilibrium is represented by which combination of price and quantity? • price of $5, quantity of 80 • price of $5, quantity of 120 • price of $3, quantity of 80 • price of $3, quantity of 100
Which statement is correct concerning the PPC seen here? • Producing at point X is inefficient because the farmer loses cheese. • Point Z is unsustainable because it requires more resources that the farmer has. • Moving from Z to X incurs an opportunity cost of 10 lbs of cheese • Moving from Z to X incurs an opportunity cost of 7 lbs of cheese.
Based on the PPF, which is true about countries A and B? • Country B has more resources in general • Country A has fewer resources to make fish, but more resources to make coconuts • Country A has more resources in general • Country B has fewer resources to make fish, but more resources to make coconuts
Arrows 4 and 7 on this circular flow diagram demonstrate • taxes • goods and services flow • prices • money flow
Which term belongs in the empty box near the bottom of the picture? • stock market • goods and services • taxes • resource market
Which statement is true about this production possibilities curve? • Moving from point X to point Y incurs an opportunity cost of guns. • This country does not have to give up any guns to produce more butter • At point X, this country is producing more butter than guns. • Moving from point X to point Y incurs and opportunity cost of butter.
