Economics Multiple Choice Answers Essay

2301 WordsFeb 27, 201510 Pages
Module ONE If the x-axis is Quantity, and the y-axis is Price, what does line S1 represent? The supply of a product at time 1 --- The supply and demand curves show data for trendy smartphone covers. How would the graph change if the producer hired a popular actor as spokesperson for the product? Add D2 to the right of D, showing an increase in demand and increase in equilibrium price. --- Use the cost-benefit analysis table to answer the question: Should Clara work on the Fourth of July? A cost benefit table with two columns. The first column is labeled Cost and includes the statements: 1. Losing an opportunity for fun with friends; 2. Losing an opportunity to work on her tan, and 3. Getting tired from working extra hours. The second column is labeled Benefit and includes the statements, 1. Not spending money at the beach; and 2. Earning holiday pay of $15 per hour. The Benefit column also has the number 3 with a blank space after it. © 2013 FLVS Clara works a summer job that pays $10 per hour. She has two choices for the Fourth of July weekend. She can continue to work and earn holiday pay, or she can go with her friends to the beach. She creates a cost-benefit analysis table to examine her choices. What statement would best complete the chart, and why? Her employer may see she is reliable and hire her in the fall, helping her save more for college. --- Use the above graph to answer the following question. Pretend this graph represents the market for books. Which situation would cause the graph to shift from line 1 to line 2? A celebrity commercial encouraging reading --- Yao's Asian Market sells dragon fruit for $3 each. The store usually sells 20 dragon fruits a week. Dragon fruit is in season, and the market could maintain a steady delivery. The produce manager decides to have a sale on dragon fruit and

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