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- Fill-in-the-blank: According to the law of demand, an increase in price ________________ the quantity of demand.
- Fill-in-the-blank: A change in price causes movement along a demand curve and a change in _________________.
- Fill-in-the-blank: A change in demand causes a __________________ the demand curve. A change in quantity demanded causes a __________________ the demand curve. (note: blank may be more than one word)
- Fill-in-the-blank: An increase in demand for a product __________________ the equilibrium price and ___________________ the equilibrium quantity.
- Fill-in-the-blank: An increase in the price of wood shifts the supply curve for pencils _______________; an improvement in pencil-production technology shifts the supply curve for pencils ___________________; a tax on pencil production shifts the supply curve for pencils _____________________.
1. Indicate whether each of the following questions is normative or positive:
- Should your city build levees strong enough to protect the city from Category Five hurricanes?
- How did Hurricane Katrina affect housing prices in New Orleans and Baton Rouge?
- Who should pay for a new skate park?
- Should a school district increase teachers’ salaries by 20%?
- Would an increase in teachers’ salaries improve the average quality of teachers?
Fill-in-the-blank: An increase in the wage for high-school graduates ___________________ the opportunity cost of college
3. Consider a nation that produces baseball mitts and soccer balls. The following table shows the possible combinations of the 2 products.
|Baseball mitts (millions)||0||2||4||6||8|
|Soccer balls (millions)||30||24||18||10||0|
- Suppose the technology for producing mitts improves. In contrast, the technology for producing soccer balls does not change. What happens to the production possibilities curve? (Explain)
- Fill-in-the-blank: The opportunity cost for the first 2 million mitts is _______________ million soccer balls and the opportunity costs of the last 2 million mitts is _______________ soccer balls.
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