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Exam Review

Exam Review. Question 1. Minimum wage is raised in the US. Show the effect of this on a correctly labeled graph. Be sure to label your original AND new equilibrium P & Q. Question 2.

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Exam Review

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  1. Exam Review

  2. Question 1 • Minimum wage is raised in the US. Show the effect of this on a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  3. Question 2 • The government imposes a higher tax on cigarette companies. Show the effect of this tax on the economy using a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  4. Question 3 • Consumers begin to prefer other shoes over Jordans. Show the effect of this change in consumer taste on a correctly labeled graph. • Be sure to label your original AND new equilibrium P & Q.

  5. Question 4 • You are the first producer of a computer program. However, after a few months, other companies begin producing a similar program. • Using a correctly labeled graph, show the effect of this on your computer program. Be sure to label your original AND new equilibrium P & Q.

  6. Question 5 • You own a bean bag making company. You purchase a new computer that will make bean bags 3x faster than your workers. • Using a correctly labeled graph, show the effect of this on your bean bag production. Be sure to label your original AND new equilibrium P & Q.

  7. Question 6 • China has seen a large population increase in the last 15-20 years. • On a correctly labeled graph, show how this population increase has affected their economy.

  8. Question 7 • You are a strawberry farmer & are planning how much to plant for the season. You expect that the price of strawberries will be higher this coming season that it was last season. • Using a correctly labeled graph, show how this expectation affects your “economy” of strawberries.

  9. Question 8 • You are shopping for a new car. You expect that the price of the model you want will decrease next month. • Using a correctly labeled graph, show how this affects your “economy” right now.

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