End of quarter 2 final

Front

20. Letter "A" represents what on the graph? _____________________

21. Letter "B" represents what on the graph? ______________________

22. Letter "C" represents what on the graph?_________________________

1. Letter "D" represents what on the graph?

2. ______________________

Back

A- Peak

B-Contraction

C- Trough

D- Expansion

Front

Please calculate the GDP

Back

Front

Please calculate the GDP

Back

GDP=C+I+G+NX

19,360,100,000

Front

Name a point that would show a shortage.

Why would a shortage occur?

Back

B or E

Too much demand, too low price

Front

Name a point that would show a surplus.

Why would a surplus occur?

Back

A or D

Not enough demand, too high price

Front

What is the market equilibrium for this graph? (The actual numbers!)

Back

3,000 units at $2.50

Front

What is the original market clearing price/quantity?

Back

3,000 units at $2.50

Front

19. What is the market clearing price/quantity with an increase in

           consumer demand at all prices, but no change in market supply?

Back

5,000 units @ $3.50

Front

19. What is the market clearing price/quantity with an increase in

consumer demand at all prices and an increase in market supply at

all prices?

Back

6,000 units @$3.00

Front

19.  If there was an increase in consumer demand at all prices, but

no change in market supply, then there would be what?

Back

A shortage