Describe the major sources of income and expenditures for households

Describe the major sources of income and expenditures for households

Question 1

Describe the major sources of income and expenditures for households

(Evolution of the household) Determine whether each if the following would increase or decrease the opportunity cost for mothers who choose not to work outside the home. Explain your answer.

a. Higher levels of education for women

b. Higher unemployment for women

c. Higher average pay levels for women

d. Lower Demand for labor in industries that traditionally employ large numbers of women.

Summarize the seven roles of government in an economy

Question 2

(Tax related) Suppose taxes are related to income as follows:

Income Taxes

$1,000 $200

$2,000 $350

$3,000 $450

a. What percent of income is paid taxes at each level?

b. Is the tax rate progressive, proportional, or regressive?

c. What is the marginal tax rate on the first $1,000 of income? The second $1,000.00? The third $1,000?

Explain why demand curve slopes downward

Question 3

(Substitutes and Complements) For each of the following pair of goods, determine whether the goods substitutes, complements, or unrelated:

a. Peanut butter and jelly

b. Private and public transportation

c. Coke and Pepsi

d. Alarm clocks and automobiles

e. Gold clubs and golf balls

Identify five things which could shift a demand curve to the right or left:

Questions 4

(Demands Shifters) List five things that are held constant along a market demand curve, and identify the change in each that would shift that demand curve to the right—that is, that would increase demand.

Explain why a supply curve usually slopes upward

Question 5

(Supply) Why is a firm willing and able to increase the quantity supplied as the product price increases?

Predict the impact of a change in demand or supply on the equilibrium price and quantity

Question 6

(Equilibrium) Assume the market fir corn is depicted as in the table that appears below:

a. Complete the table below.

b. What market pressure occurs when quantity demanded exceeds quantity supplied? Explain

c. What market pressure occurs when quantity supplied exceeds quantity demanded? Explain.

d. What is the equilibrium price?

e. What could change the equilibrium price?

f. At each price in the first column of the table below, how much is sold?

Price per Bushel Quantity Demanded Quantity Supplied Surplus/Shortage Will Price/

(Millions of Bushels) (Millions of Bushels) Rise or Fall

1.80 320 200 ____________ _______________

2.00 300 230

2.20 270 270

2.40 230 300

2.60 200 330

2.80 180 350

Question 1

Describe the major sources of income and expenditures for households

(Evolution of the household) Determine whether each if the following would increase or decrease the

opportunity cost for mothers who choose not to work outside the home.

Explain your answer.

a.

Higher levels of education for women

b.

Higher unemployment for women

c.

Higher average pay levels for women

d.

Lower Demand for labor in industries that traditionally employ large numbers of women.

Summarize the seven roles of gove

rnment in an economy

Question 2

(Tax related) Suppose taxes are related to income as follows:

Income

Taxes

$1,000

$200

$2,000

$350

$3,000

$450

a.

What percent of income is paid taxes at each level?

b.

Is the tax rate progressive,

p

roportional, or regres

sive?

c.

What is the marginal tax rate on the first $1,000 of income? The second $1,000.00? The third

$1,000?

Explain why demand curve slopes downward

Question 3

(Substitu

t

es and Comple

me

nts) For each of the following pair of goods, determine whether the

goods

sub

stitutes, complements, or unrelated:

a.

Peanut butter and jelly

b.

Private and public transportation

c.

Coke and Pepsi

d.

Alarm clocks and automobiles

e.

Gold clubs and golf balls

Identify five things which could shift a demand curve to the right or left:

Questions 4

(

D

ema

nds Shifters) List five things that are held constant along a market demand curve, and identify the

change in each that would shift that demand curve to the right

that is, that would increase demand.

Question 1

Describe the major sources of income and expenditures for households

(Evolution of the household) Determine whether each if the following would increase or decrease the

opportunity cost for mothers who choose not to work outside the home. Explain your answer.

a. Higher levels of education for women

b. Higher unemployment for women

c. Higher average pay levels for women

d. Lower Demand for labor in industries that traditionally employ large numbers of women.

Summarize the seven roles of government in an economy

Question 2

(Tax related) Suppose taxes are related to income as follows:

Income Taxes

$1,000 $200

$2,000 $350

$3,000 $450

a. What percent of income is paid taxes at each level?

b. Is the tax rate progressive, proportional, or regressive?

c. What is the marginal tax rate on the first $1,000 of income? The second $1,000.00? The third

$1,000?

Explain why demand curve slopes downward

Question 3

(Substitutes and Complements) For each of the following pair of goods, determine whether the goods

substitutes, complements, or unrelated:

a. Peanut butter and jelly

b. Private and public transportation

c. Coke and Pepsi

d. Alarm clocks and automobiles

e. Gold clubs and golf balls

Identify five things which could shift a demand curve to the right or left:

Questions 4

(Demands Shifters) List five things that are held constant along a market demand curve, and identify the

change in each that would shift that demand curve to the right—that is, that would increase demand.


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