Economics Questionnaire - 989 Words

1. A legal maximum on the price at which a good can be sold is called a? price ceiling. 2. Which of the following is likely to have the most price elastic demand? Breakfast cereal, corn flakes 3. A reduction in a country s barriers to trade? benefits some citizens of the importing country but does not benefit the domestic producers in the importing country. 4. The amount of a good that buyers are willing and able to purchase is quantity demanded. 5. Suppose a market in which demand is more elastic than supply. The incidence of a tax will? fall more heavily on sellers than buyers. 6. Suppose there is a frost that destroys much of the strawberry crop and the price of blueberries, a substitute for strawberries, increases. What would we†¦show more content†¦26. If price elasticity of demand is less than one? increasing the price of the product will increase total revenue. 27. Sue can produce 4 dozen cookies or 2 dozen cupcakes in one hour. David can produce 6 dozen cookies or 4 dozen cupcakes in one hour. A producer that requires fewer resources to produce a good is said to have? a comparative advantage, a straight line production possibilities frontier 28. A tax levied on buyers has the same effect on the price the buyer pays as an equal magnitude tax levied on sellers. TRUE 29. A price floor set below the market equilibrium price? is a non-binding price floor. 30. One producer can have the comparative advantage in both products, but cannot have the absolute advantage in both products? FALSE 31. When the minimum wage is set above the equilibrium wage it is a binding price floor that results in a surplus of labor 32. A decrease in quantity supplied is shown as a movement from? point B to point A 33. Imports are goods? produced abroad and sold domestically 34. Goods with a positive cross price elasticity are? substitutes. 35. An increase in supply is shown as a movement from? point A to point B, point B to point A 36. A market with only one seller is called a monopoly market. TRUE 37. If the government were to impose a tax on cigarettes, the tax incidence will likely fall moreShow MoreRelatedUkay-Ukay3603 Words   |  15 PagesIII: Methodology Research Locale 8 Research Design 8 Research Instrument 8 Research Respondents 9 Data Gathering Procedure 9 CHAPTER IV: Research Results 10 CHAPTER V: Summary 14 Conclusion 15 Recommendation 16 Bibliography 17 Appendix Survey Questionnaire 18 Letter to the Respondents 20 ACKNOWLEDGEMENT The researchers would like to express our deepest gratitude to the following that helped us make this research possible: First, to our Almighty Father who gave us wisdom, motivationRead MoreSelf Help Group Of Rural Assam912 Words   |  4 Pagesempowerment is a universal issue. Women empowerment refers to the creation of an environment for women where they can make decisions of their own for their personal benefits as well as for the society. 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