1. An oncoming hurricane is announced on the evening news. The next morning, many customers go to the stores to buy plywood, but lumber yard owners had already doubled the price of plywood. Although not very happy, customers still buy the plywood. Which graph best explains this story?
Graph A
Graph B
Graph C
Graph D


2. To develop economic models, economists make assumptions. The purpose of this is:
To include as many aspects of reality as possible

To develop a universal macroeconomic theory
To simplify reality, so the models can help us see the most important aspects.
None of the above


3. The people in the village are happy. Their incomes have risen and the shops in town are filled with new, imported goods.
Graph A
Graph B
Graph C
Graph D

 


4. The people in the village are unhappy. The shops are mostly empty and the few items available are very expensive.
Graph A
Graph B
Graph C
Graph D



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