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North Spore Shop: Cultivation Supplies

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Need some help in Macro Economics
    #6151165 -

Anyone wanna help with some questions?

1. When the overall trade balance is zero:
A) Merchandise exports equal merchandise imports.
B) The service trade balance must be zero.
C) Exports equal imports.
D) All of the above

2. Economics make a distinction between changes in quantity supplied and changes in supply:
A) Because the supply curve shifts whenever there is a change in quantity supplied
B) To distinguish a movement along a supply curve from a shift in the supply curve.
C) Because the demand curve shifts whenever there us a change in quantity supplied.
D) To distinguish a supply shift from a demand shift

3. Factors of production are:
A) Scarce in every society
B) Scarce only in the United states.
C) Scarce only in the very poorest countries of the world.
D) Unlimited in quantity.

4. Increased trade restrictions:
A) Increase a trade deficit in the short run.
B) Reduce total consumption possibilities
C) Alter a nation’s production possibilities
D) All of the above

5. An effective price ceiling results in black-market pressures to:
A) Raise prices because of surpluses
B) Reduce prices because of surpluses
C) Raise prices because of shortage
D) Reduce prices because of shortage


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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6151175 -

1. A)

2. C)

3. C)

4. D)

5. A)

(in no way should any of these answers be taken seriously. now go do your homework!)

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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6151182 -

d

b

a

b

c


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Re: Need some help in Macro Economics [Re: adrug]
    #6151183 -

Well its actually a study guide for a test i just cant get some of them despite looking in the book.


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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6151193 -

D
C
C
D
C

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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6151936 -

Hey, sorry I didn't notice this before, otherwise I would have helped sooner.  I hope you get this in time.  Anyway, here are my suggested answers:

1) D) Since if C is right, then A and B must also be correct, and C is the correct answer, so D, all of the above

2) B) When you change quantity supplied you move along the curve, when you change supply, the curve itself moves

3) A) Factors of production are always scarce everywhere, hence why they cost money.  Keep in mind that sophisticated computers and equipment are also factors of production, if that helps

4) B) This one seems badly worded.  A and C are both *possible* outcomes, but B is the only definite one.  Also, in the neoclassical model production possibilities never change (though not necessarily in real life) so C could be outright wrong.

5) C) When there's a price ceiling it will create a supply cap, so there will be a black market at a higher price to fill the shortage.

Edit: I didn't realize that these were the same answers array already gave, but yeah I agree with him  :thumbup:

Edited by Economist (10/09/06 09:19 PM)

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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6152336 -

i took that class last semester...economics blows.... :thumbdown:


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"Outside of a dog a book is a man's friend. Inside of a dog it's too dark to read"
-Groucho Marx

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Re: Need some help in Macro Economics [Re: HUBSonDUBS]
    #6153122 -

Wow, I'm reading a lot of incorrect answers.

1. C - c does not require either of the other answers to be correct btw. The service balance and the merchandise balance both go into determining if the overall balance of trade is 0, therefore either one can be off if they balance each other. Example: US has an export surplus on services but a really major import surplus on merchandise which drives our unfavorable balance of trade despite the services sector.

2. B - quantity supplied is defined by the curve - change in supply changes position of the curve.

3. A - everything is finite and therefore scarce in the face of unlimited wants according to economics. C is the red herring answer.

4. D - I know B and C are correct, therefore D. Bleh, It's been six years since my last econ class, so I *might* have this one wrong.

5. C - why would prices raise due to shortage? why would prices fall due to a ceiling? Vinny would move those gallons of gas at a higher price on the black market because someone would be willing to pay more to insure that he got them instead of another person - since they'll all sell out in the end.

I'm curious to hear the actual answers. Like I said, I'm outta practice, but this is all intro stuff right? Intermediate will blow your mind with a good prof!


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Yes, I could go drive somewhere everytime the urge to defecate hits, but...where's the fun in that.
-Moth

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North Spore Shop: Cultivation Supplies

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