Economics Test Review Scenarios answer key.notebook
1
December 11, 2014
Dec 172:40 PM
SCENARIOS
Dec 1710:10 AM
You decide to take a babysitting job for your aunt. What is the opportunity cost? tradeoff?
Laser Tag with Friends
History Channel Program
Babysitting
Economics Test Review Scenarios answer key.notebook
2
December 11, 2014
Dec 172:41 PM
Steven takes his car to the dealership to have the oil changed.
Who is the producer?Who is the consumer?What is the good/service?
CAR DealershipStevenoil change
Dec 1710:20 AM
You work for a company that produces notebooks.
Give an example of each of the following factors of production:
Natural
Human
Capital
trees → PAPER
LOGGER TRUCK DRIVER
FACTORY THAT BINDSNotebook
Economics Test Review Scenarios answer key.notebook
3
December 11, 2014
Nov 2011:23 AM
Benefit Cost
What quantity of the good creates the ...
1) greatest profit margin 30, $0.45
2) breakeven 12, $0.65
Dec 171:59 PM
Number of Tires Produced
PRICE QUANTITY
$5.00 20$10.00 14 $15.00 10$20.00 6$25.00 4$30.00 2
Plot the following data on a demand curve. Label the price and quantity and D1
Price
QUANTITY
5
10
15
20
25
30
2 4 6 8 10 12 14 16 18 20
D1
Economics Test Review Scenarios answer key.notebook
4
December 11, 2014
Dec 172:02 PM
Plot the following data on a supply curve. Label the price and quantity and S1
Number of Cheeseburgers Produced
Price Quantity $ .50 200 $1.00 250 $2.50 300 $3.00 350 $3.50 400
Price
QUANTITY
1.00
2.00
3.00
4.00
200 400300100
S1
Dec 172:05 PM
“River Flooding Destroys Corn Crop”
A. Label Price and QuantityB. Label S1C. Draw and Label S2D. What is the supply shifter? E. How does this affect the supply?
Price
QUANTITY
S1
S2
Natural Disasternegative shifter because the availability of corn will decrease and producers will be limited in their ability to provide it
Economics Test Review Scenarios answer key.notebook
5
December 11, 2014
Dec 172:10 PM
A. Label: price, quantity, demand curve (D1), and supply curve (S1)B. Show the shift in either supply or demand by drawing either D2 or S2.C. Graph the resulting change in equilibrium price. D. Explain the effect of the event on either the demand or supply curve. Be sure to underline the shifter in the explanation.
“Recession Hits: Many Consumers Lose Jobs”
﴾housing sales market﴿
Price
QUANTITY
S1
D1
P1
Q1
D2
P2
Q2
When consumers lose their jobs it will result in a decrease in consumer income. This will decrease the ability to purchase a home and shift the demand to the left. The overall impact on equilibrium price will be a decrease in housing price.
