Transcript End of the Year Graphing Quiz Review

End of the Year Graphing Quiz
Review
The government adds a $15 tariff to imported steel. The
domestic price is $75 w/ a Qd of 10, world price is $50 w/ a Qd
of 12 and Qs of 8. The tariff reduces imports by 2 mill. Graph
and show dead weight loss and tax revenue
Sd
$75 Pd
Imports = 2
DWL
$65 Pt
$50 Pw
Dd
8
9
10
11 12
The economy is facing inflation. Show the most likely
FED action graphically and state what happens to price,
GDP, unemployment, interest rates and money supply
M goes down, I goes up, GDP goes down, Unemployment goes up
Show the effects of
contractiononary fiscal policy
Draw a Lorenz curve showing
our economy before and after
government transfers
100
Percentage of Income
80
60
Lorenz Curve
After Taxes and
Transfers
40
20
0
Lorenz Curve
Before Taxes and
Transfers
20
40
60
80
100
Percentage of Households
Draw a quota of 2 million units with domestic
price of $100, Qd of 10, World Price = $80 and
Qd = 12 and Qs = 8
Taxes for all workers are reduced by Congress.
Show the results
Show an effective price floor and
the resulting shortage or surplus
On side-by-side graphs, show the effects of
expansionary fiscal policy
Int
Q of loanable funds
Draw a graph showing points of production for a
Monopoly that is regulated v. unregulated
Show an effective price ceiling and
the resulting shortage or surplus
Show the results of expansionary
monetary policy
M
Ms1
r1
Q
QM1
The government increases subsidies to
oil companies
Americans want to travel to Britain to watch
soccer/football. Show this on side-by-side Forex graphs
and state what happens to the value of each currency
$/Pounds
S
Pounds/$
S
S1
r1
r
r
r1
D1
D
D
Quantity of Pounds
Q of $$
Dollar depreciates, Pound appreciates
Graph pure competition making
economic profits
$200
Cost and Revenue
150
MR = MC
P=$140
MC
MR = P
ATC
Economic Profit
100
AVC
50
0
1
2
3
4
5
6
Output
7
8
9
10
The price of Pepsi decreases. Show the
resulting demand for Coca-Cola, a
substitute
Show economic growth on 2
graphs
Show monopolistic competition in
short-run loss
Price and Costs
MC
ATC
A2
P2
Loss
D2
MR = MC
MR
0
Q2
Quantity
Graph an inflationary gap of $200 B
PL
LRAS
AS
P
AD
Qf
400
600
RGDP
The government increases income
taxes on all workers
Doctors report that exercise is actually
good for you. Show the resulting graph for
gym memberships
Draw the Laffer Curve
Graph a $1 tax shared by the
consumer and producer equally
Price Discriminating v. Unregulated
Monopoly