Exam 3: Applications of Demand and Supply

The U.S. economy has shifted from ____ to ____ over the past several decades.

A ban has the effect of ____ the ____ for/of the product. Equilibrium price will ____.

Many companies have moved jobs from the U.S. to foreign countries. This has resulted in

Figure 3.7 -Refer to Figure 3.7. The highest price consumers would be willing and able to pay for 50 units of this product is

If each of the following jobs paid the same wage, which one would we expect most people to pick if given the choice?

A change in consumer tastes for low-carb food and a decrease in their preferences for low-fat meals does not lead to which of the following?

A minimum wage which is established higher than the equilibrium wage will result in higher unemployment.

A compensating wage differential is a wage difference attributable to different demands for labor.

Elimination of sugar quotas have ____ the price of sugar in the U.S., causing U.S. sugar farmers to ____.

The process of buying identical products in one market and selling them in another at virtually the same time is called

The output level that occurs in any market that is in equilibrium is the quantity at which buyers will pay more than suppliers require.

If an effective price floor is imposed,

If a price ceiling results in the price not being used to allocate a scarce resource or good, then

Most nations have quotas on migration, meaning only certain numbers of people can enter a country each year.

We have the things we desire when we want them due to the market system.

A quota allows only a limited quantity to be brought into the country.

-In Table 3.3, if the price is $3, a ____ of ____ units will occur.

In 2005, the U.S. Department of Labor estimated, based on trends noted in 2003 and 2004 that ____ jobs would be moved out of the U.S. by 2015.

____ ensures that resources are allocated to their highest-valued uses.

In response to an increase in demand for low-carb food, producers would