Question : 21) A demand schedule shows A) the quantities that people plan : 1238413

21) A demand schedule shows

A) the quantities that people plan to buy in all possible circumstances.

B) the quantities that people plan to buy at each different price when all other influences on buying plans remain the same.

C) the quantities that people would plan to buy if they could afford them at each different price when all other influences on buying plans remain the same.

D) the quantities that people plan to buy at each different income when all other influences on buying plans remain the same.

E) the quantities that people plan to buy at each different price as long as producers are willing to supply that quantity.

22) A demand schedule

A) shows the quantity demanded at one price.

B) is a graph showing a relationship between the quantity demanded and the price of a good.

C) is a list of the quantities demanded at each different price when all other influences on buying plans remain the same.

D) shows that demand is on schedule.

E) shows how the demand changes when the supply changes.

23) The downward slope of a demand curve

A) represents the law of demand.

B) shows that as the price of a good rises, consumers increase the quantity they demand.

C) indicates how the quantity demanded changes when incomes rise and the good is a normal good.

D) indicates how demand changes when incomes rise and the good is a normal good.

E) indicates how demand changes when the price changes and the good is a normal good.

24) A demand curve

A) has an upward slope.

B) has a downward slope.

C) is a graph of the relationship between quantity demanded of a good and its price.

D) Both answers B and C are correct.

E) Both answers A and C are correct.

25) Demand curves slope ________ because as the price increases and other things remain the same, the quantity demanded ________.

A) downward; decreases

B) downward; increases

C) upward; decreases

D) upward; increases

E) downward; does not change

26) The market demand curve

A) cannot show how quantity demanded changes in response to a change in price.

B) cannot show a change in demand for a good.

C) is the horizontal sum of individual demand curves.

D) is the vertical sum of individual demand curves.

E) is upward sloping.

27) The market demand curve for mangos is

A) the same as the demand curve of one buyer in a market with many buyers.

B) upward sloping because rich people can afford more mangos than poor people can buy.

C) the horizontal sum of the individual demand curves of all the buyers.

D) the vertical sum of the individual demand curves of all the buyers.

E) the horizontal average of the individual demand curves of all the buyers.

28) There are five hundred buyers in the market for cheese. If we know each individual’s demand curves, to find the market demand, we must

A) add the prices that each buyer will pay at every quantity.

B) add the quantities that each buyer will purchase at every price.

C) multiply the price times quantity for each buyer and then add the resulting products together.

D) average the price each buyer is willing to pay for each given quantity.

E) give up because there is no way to find the market demand.

29) Market demand curves are obtained by

A) determining the price each consumer is willing to pay for the good and summing those prices across all consumers.

B) observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph.

C) summing the quantities every consumer is willing to buy at each different price.

D) observing the behavior of an individual consumer in a market.

E) averaging the quantities every consumer is willing to buy at each different price.

30) The market demand curve for mousetraps is

A) found by summing the quantities of mousetraps demanded at each income level by each buyer.

B) found by summing the prices of mousetraps at each quantity of mousetraps demanded by each buyer.

C) the horizontal sum of the individual demand curves for mousetraps of all the buyers.

D) Both answers B and C are correct.

E) Both answers A and C are correct.

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July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.