SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022 May

Question # 00635673
Course Code : ECON102
Subject: Economics
Due on: 06/16/2022
Posted On: 06/15/2022 09:11 PM
Tutorials: 1
Rating:
4.9/5
Question Dot Image

ECON102 Macroeconomics

Unit 2 Challenge 1

Using the above graph, which of the following statements is FALSE relating to the Law of Demand?

a.)When price decreases, the quantity demanded will always increase by the same amount.

b.)A movement along the demand curve is due to a change in price.

c.)A reduction in price will result in an increase in quantity.

d.)The Law of Demand expresses a negative relationship between quantity on the X axis and price on the Y axis.

 

During the 18th Century, as troubles with Britain escalated, American colonists stopped drinking British tea, and instead started drinking coffee.

This is an example of which factor of demand?

a.)Change in the price of the good

b.)Change in price of a substitute

c.)Change in taste/preference

d.)Change in the price of a complement

 

Why does a supply curve slope upward?

a.)Because there is an inverse relationship between price and quantity supplied.

b.)Because costs of production eventually decrease.

c.)Because as prices increase, opportunity cost of producing goods decrease.

d.)Because as prices increase, producers are willing and able to supply more.

 

Which of the following causes a shift in supply to the left?

a.)An increase in technology

b.)A decrease in the price of inputs

c.)A natural disaster that destroys farms and factories

d.)Education that leads to a more skilled workforce

 

Kate is willing to pay $12,000 a year in college tuition, but the market price for the courses she wants to take is only $8,000 a year.

Her consumer surplus will be _________ over the course of one year.

a.)$8,000

b.)$20,000

c.)$12,000

d.)$4,000

 

A firm would stop producing when producer surplus is __________.

a.)equal to zero

b.)equal to opportunity cost

c.)negative

d.)smaller than deadweight loss

 

If the price of organic vegetables reaches equilibrium, which of the following describes what will happen?

a.)There will be no market basis for the price to change.

b.)There will be a shortage because the organic vegetables will sell out.

c.)The price will continue to rise.

d.)The price will eventually fall.

 

When price decreases, the quantity supplied will __________.

a.)decrease

b.)increase

c.)increase or decrease in price, depending on elasticity of supply

d.)remain the same

Dot Image
Rapidanswer Posted By :
Questions: 3321 Tutorials: 3311
Tutorials for this Question

SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022 May

Tutorial # 00634553
Posted On: 06/15/2022 09:15 PM
Feedback Score: Not rated yet!
Purchased By: 2
Rapidanswer
Posted By:
Questions:
3321
Tutorials:
3311
Report this Tutorial as Inappropriate
Tutorial Preview
The solution of SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022 May...
Attachments
Unit_2_Challenge_1.docx (11.67 KB)

Great! We have found the solution of this question!

Related Questions
SOPHIA ECON102 Unit 3 Challenge 3 Latest 2022 May
ECON102 Macroeconomics Unit 3 Challenge 3 In the GDP model, investment (I) could be considered all of the following EXCEPT __________. a.)the building of a new factory b.)the purchase of …
SOPHIA ECON102 Unit 2 Challenge 2 Latest 2022 May
ECON102 Macroeconomics Unit 2 Challenge 2 In order to be effective, a price ceiling must be set __________. a.)below the current equilibrium price b.)at the market clearing price c.)ab …
SOPHIA ECON102 Unit 3 Challenge 1 Latest 2022 May
ECON102 Macroeconomics Unit 3 Challenge 1 When store owners quote prices in terms of dollars, money is acting as a __________. a.)store of value b.)medium of exchange c.)commodity d …
SOPHIA ECON102 Unit 1 Challenge 1 Latest 2022 May
ECON102 Macroeconomics Unit 1 Challenge 1 Macroeconomics would include the study of __________. a.)household spending b.)small firms c.)prices of individual goods d.)national infras …
SOPHIA ECON102 Unit 3 Challenge 2 Latest 2022 May
ECON102 Macroeconomics Unit 3 Challenge 2 Which of the following statements regarding different types of money is true? a.)There are five main categories of money, based on liquidity. b.) …
SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022 May
ECON102 Macroeconomics Unit 2 Challenge 1 Using the above graph, which of the following statements is FALSE relating to the Law of Demand? a.)When price decreases, the quantity demanded will …
SOPHIA ECON102 Unit 1 Challenge 2 Latest 2022 May
ECON102 Macroeconomics Unit 1 Challenge 2 Movements along the supply curve are a result of changes in __________. a.)input prices b.)price c.)regulations d.)resource access   …
SOPHIA ECON102 Unit 4 Challenge 2 Latest 2022 May
ECON102 Macroeconomics Unit 4 Challenge 2 How does macroeconomic analysis utilize economic indicators? a.)Looks to lagging indicators as the best source of information b.)Uses multiple in …
SOPHIA ECON102 Unit 4 Challenge 1 Latest 2022 May
ECON102 Macroeconomics Unit 4 Challenge 1 Using the graph, which of the following statements is true? a.)The level of output cannot be sustained indefinitely. b.)The economy is producing …
SOPHIA ECON102 Unit 2 Milestone Latest 2022 May
ECON102 Macroeconomics Unit 2 Milestone 1In economic terms, which of the following happened when cupcakes went from being homemade treats to being specialized gourmet goodies with multiple TV s …
Recent Questions
Aspen DNP850 All Assignments Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 1 Assignment Write a 1000-1500 word essay addressing each of the following points. Be sure to completely address each bullet point. Separate …
Aspen DNP850 Module 8 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 8 Assignment Advanced Nursing Leadership Reflection Reflecting on the readings and lessons from the course, your assignment is to explor …
Aspen DNP850 Module 7 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 7 Assignment Proctored Assessment - Key Stakeholders Assignment Proctored Assessments are administered at predetermined points during a …
Aspen DNP850 Module 6 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 6 Assignment DNP Essential PowerPoint Based on what you have learned so far in this course, create a PowerPoint presentation that addres …
Aspen DNP850 Module 5 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 5 Assignment Current Health Issue Essay Write a 2000-2500 word essay addressing each of the following points/questions. Be sure to compl …
Aspen DNP850 Module 4 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 4 Assignment Doctoral Prepared Nursing Educators Write a 1500-2000 word essay addressing each of the following points/questions. Be sure …
Aspen DNP850 Module 3 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 3 Assignment Nursing Ethic Paper Write a 1500-2000 word essay addressing each of the following points/questions. Be sure to completely a …
Aspen DNP850 Module 2 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 2 Assignment Healthcare Problem PowerPoint Based on what you have learned so far in this course, create a PowerPoint presentation that a …
Aspen DNP850 Module 1 Assignment Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 1 Assignment Write a 1000-1500 word essay addressing each of the following points. Be sure to completely address each bullet point. Separate …
Aspen DNP850 All Journals Latest 2024
DNP850 Sect1 Nursing Practice, Professionalism Module 1 Journal Essence of Doctoral Nursing Considering the history of nursing and how it has evolved to the development of the DNP degree, dis …