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• A Publisher Faces The Following Demand Schedule For The Next Novel
• A Publisher Faces The Following Demand Schedule
• A Publisher Faces The Following Demand Schedule For The Next Novel

Joint Committee on Communications, Climate Action and Environment
Public Consultation on Funding of Public Service Broadcasting in Ireland
22nd November 2016
Tá an aighneacht seo, agus an Ráiteas Oscailte a ghabhann léi, á soláthar ag TG4 i mBéarla, teanga oibre agus comhfhreagrais an Chomhchoiste linn.
Is é ár mian go mbeadh oiread agus is féidir den phlé orthu ag an gcruinniú leis an gComhchoiste i nGaeilge, teanga oibre agus comhfhreagrais TG4, de réir mar a oireann don Chomhchoiste
Introduction to TG4

Established in 1996, TG4 has recently celebrated its 20^th birthday as Ireland's national Irish language public service broadcaster. TG4 entertains Irish audiences, across all age groups and demographics, with its own brand of Irish content. With advances in technology, TG4 has added worldwide audiences through its online, Player and mobile services.

TG4's service is acknowledged as a success in promoting and celebrating the Irish language and culture and in raising the profile of the Irish language as part of the Government’s wish to create a bilingual society and normalise the language's use. It is widely accepted that TG4 has been the most positive measure implemented by the Government to promote the Irish language. Market research confirms this - over three quarters of research respondents believe TG4 has a positive influence on the Irish language and makes it come alive for them.
A unique organisation, TG4 impacts positively on a range of critical public policy priorities: supporting highly-skilled jobs; promoting the Irish language and heritage in an entertaining way, nationally and globally to the Diaspora; encouraging technological innovation; celebrating cultural diversity; delivering regional employment, illustrating that decentralisation works; and developing the creative sectors in communities far-removed from the main urban areas.
Additional Services / Growth in Digital Services

Technology continues to evolve. When TG4 was established, it provided a linear broadcast service. The Internet and technology have changed this and TG4 now provides a range of on-demand, online and mobile services including the TG4 website, Player service, children's Player service, numerous interactive games for children, Apps for mobile platforms including the TG4 Player App for IOS, iPad, iPhone and Smart TV. It is also present on social media channels including FaceBook, Twitter, Instagram, Snapchat and YouTube. Audiences are more diverse and a variety of services are required to address their needs. TG4 must continue to invest in the delivery of a strong broadcast service, continue to expand its broadcast platforms and continually innovate to deliver new and exciting online and mobile services and social media engagement.

Ireland has a fiercely competitive television market. There are more than 50 national and international channels taking television advertising revenues in the Irish market. These channels include not only the Irish public service, commercial and community broadcasters but also international and specialist channels. Telecoms companies such as Vodafone and eir are also investing in broadcast services and there is increased investment in content and services from companies such as Virgin Media and Sky Ireland etc. Competition is also there from non-broadcast services including On Demand, online and mobile content. Core Media research reports that online video is now watched at least once a week by 55% of all adults in Ireland, on a variety of devices, and Netflix continues to grow subscribers. Research from Google also shows that YouTube now commands 35 minutes of Irish media consumption per day, making it the second most viewed channel, for all adults, in the Republic of Ireland behind RTÉ1¹. International trends mirror these developments in Ireland. Globally, there continues to be a gradual move towards viewership of on demand, online and mobile content with broadcasters now providing their programmes on all of these screens.
Despite this shift, TG4 believes that broadcasting will continue to remain at the heart of how audiences engage with audiovisual content. The latest data from Ipsos MRBI for example, (commissioned by TAM Ireland) shows that in Ireland, the TV set remains at the heart of audiovisual consumption accounting for 81% of the 221 minutes consumed in an average day².
TG4 must continue to invest in the delivery of a strong broadcast service, continue to expand its broadcast platforms and continually innovate to deliver new and exciting online and mobile services and social media engagement. New platforms and services will not just be about distributing traditional programmes in new ways. They will also be about making new and different types of programmes and formats. It will require TG4 to address television, online and mobile platforms, not as separate services but rather, as part of a cohesive way to reach all audiences, no matter where they are and what platform they use to engage with TG4.

TG4 must also transition to High Definition (HD) on Saorview and other platforms. HD has become established as a norm in digital broadcasting with all broadcasters upgrading to HD and providing HD services on digital platforms. As most channels, including those of RTÉ, TV3, UTV Ireland and Setanta and the established UK terrestrial channels (e.g. BBC, UTV, Channel 4 and Sky which account for a significant percentage of linear audience viewing in Ireland) provide HD services, it is imperative that TG4 provides a HD service to audiences - irrespective of which broadcast platform is used. At present, TG4 HD is available on Virgin Media Cable (formerly UPC) and since August, on Sky Ireland. There are almost 700,000 Irish TV households using the Saorview service and therefore, it is important that the TG4 HD service is extended to the Saorview platform also.

It is also critical that TG4 strengthens its engagement with younger audiences through its digital content and services. Core Media research shows that children are now watching more online video than television, with online content easier to access than ever before. This reflects international developments with, for example, industry data from Barb showing that the amount of time watching television by British children has fallen by 22% between 2010 and 2015. TG4 is committed to providing a strong broadcast schedule for younger audiences in order to retain relevance with youth audiences and to continue to foster a positive attitude towards the Irish language and culture. With Irish children now watching more online video than television, it is also vital that TG4 increases its investment in digital and interactive content and Apps for children's and teen audiences. For these audiences, TG4 additionally needs to continue to grow its media brand beyond the linear television service with cinema premieres of Irish language content and a broad range of DVD titles in Irish with associated merchandising.
Funding / Revenue Generation

Between 2008 and 2015, TG4 has undergone significant reductions in its funding and operating income. Current funding has been reduced by over €3m per annum. Along with a non-recoverable VAT liability (recoverable prior to 2009), new levies and reductions in commercial income due to the downturn in the economy, these have resulted in an almost €6m reduction in funds available for TG4's operations on an annual basis.To address these reductions, TG4 implemented extensive cutbacks on costs which were already lean and it is still operating well below 2008 cost levels. It has been accepted that TG4 is a very cost effective operation and that no further cost reductions can be secured.

In each of the last three years, having regard to the extensive analysis undertaken by consultants appointed to review Public Service Broadcast (PSB) funding, the BAI has recommended that TG4 be awarded an increase in public funding. Following the 2013 PSB funding review, the BAI recommended that TG4 be awarded an inflationary increase based on CPI³

A Publisher Faces The Following Demand Schedule For The Next Novel

. Following the 2014 PSB funding review, the BAI recommended that TG4 not only be awarded a CPI-based increase once again, but that funding levels of, at the very least, €32.75m (TG4's current public funding for years 2011 to 2014 inclusive), be reinstated.

For 2016, TG4's current public funding was €32.54m with an additional €210,000 required to bring TG4's current public funding back up to 2014 levels. It was expected that the BAI, following the recent 2015 PSB funding review, would make a recommendation that TG4's current funding be increased for 2017.

Indeed, it was reiterated by the BAI at the meeting of the Joint Committee on Communications, Climate Action and Environment on 8th November 2016, that successive consultants who have undertaken the BAI annual PSB funding reviews have stated that TG4 cannot take any further reductions in its annual funding and that it was essential that additional funding be provided for TG4 to grow its audience and to develop and respond to the challenges it faces in the digital environment. It is recognised that while TG4's funding may allow it to hold its current position, albeit with some difficulty, there is a need for additional current and capital investment to enable TG4 to respond to the digital environment and to make content available across a wide range of platforms.
TG4's current funding for 2017 was not however, brought back up to 2014 levels. An increase of €147,000 in current funding was given to TG4 for 2017. This continues to be short what was required to reinstate 2014 current funding levels and also to allow TG4 to develop its services and deliver on its objectives as set-out in its five-year strategy. TG4 needs to invest in stabilising and growing its audience share. To grow audiences, TG4 must be innovative in its programme schedule and invest in more strong, unique and entertaining content across a wide range of platforms.
Lack of adequate multi-annual funding is also an issue for TG4. Lack of clarity regarding annual funding levels makes it difficult for TG4 to plan its longer-term development. In addition, the manner in which content markets operate requires TG4 to provide multi-annual commitments when commissioning or acquiring content. This places TG4 under financial pressure due to lack of certainty regarding sufficient future funding to be able to commit to these content terms. TG4 needs to move to a multi-annual funding model whereby it has funding certainty on a rollover basis to both help sustain the longer term development of the channel and enable it to secure high quality content on the terms of the marketplace.
Commercial Activities Vs. Public Service Objects

The economic downturn, competition in broadcasting and across content platforms, along with the significant changes that are happening in the content and advertising sectors, have all impacted TG4's commercial income. For example, in 2000, the top ten television channels in Ireland commanded 90% of viewing but in 2015, they commanded less than 55%. In 2015 also, for the first time, online advertising became the largest media category in the Republic of Ireland with spend levels taking a 30% share of the total advertising market⁴. TV fell from having the largest share of the total advertising market (28.5% in 2014) to the second largest after online.

The combination of the downturn and media market developments have resulted in TG4's advertising and sponsorship income declining by approximately 50% between 2008 and 2016. It is important for TG4 to halt and where possible, reverse this decline by growing audience reach and share. This requires current and capital investment in new and enhanced content and services. Growing advertising and sponsorship income will be exceptionally challenging, even with audience growth. This is due to the declining share of television in the advertising market overall, the growing number of television channels which deliver advertising in the Irish market and technology developments which will impact how television advertising is delivered (see section on Advertising Minutage).

Along with growing broadcast audiences, it is vital for TG4 to maximise commercial revenue from its online and mobile services. TG4's strategy to do this includes continuous development and more specific targeting of online content and greater segmentation for target audiences along with improving the quality and targeting of its mobile services.

To help offset reductions in advertising and sponsorship income, TG4 has also developed new sources of commercial revenues such as facilities hire and other services. TG4 will continue to develop new commercial opportunities such as these over the years ahead but the challenge inherent in this is not to be underestimated.
However, it should be noted that TG4's commercial income is just less than 10% of its total income with public funding providing the remaining 90%. TG4's public funding remains the key source of income for TG4 and it is vital that current funding is set at levels which can enable TG4 to develop the service, grow its audience across all platforms and respond to the challenges it faces in the digital environment.
Advertising Minutage

Sky Opt outs have made the Irish TV market the most cluttered in Europe. There are currently 39 opt out channels delivering 130 hours of advertising per day in the Republic of Ireland. In addition, there are seven domestic television channels delivering 24 hours per day of advertising minutage.

TG4 is restricted to 7.5 minutes per hour (along with RTÉ) whereas commercial channels including TV3 are permitted 12 minutes per hour. This is 160% more available advertising for these commercial channels.
The roll out of cable and satellite across Ireland has enabled Opt outs to gain increased access to television households. The Sky Channels alone have increased their commercial share of advertising budgets from 12% in 2006 to 23.5% today, an increase of almost 196%. This share of advertising revenue comes from the indigenous channels and it is estimated that €48 million in advertising income is drained from the Irish market to UK opt out channels.

This will undoubtedly increase with the ongoing developments in broadcast advertising technology. For example, Sky Media is to launch its Sky AdSmart service in the Irish market in Q1 2017. This service has been running in the UK market for the past four years. With this technology, each Sky box in each home acts as a server and multiple ads can be placed on each server and with the ability to geo-target homes by post code. Sky will have the ability to place different ads in different homes, even if the same programme is being viewed. This is essentially localised broadcast advertising and it will have a serious impact on all advertising channels, not just broadcasting. Virgin Media Solutions aims to launch a similar service in 2017. These developments will have a significant impact on Irish television advertising revenues and will make it challenging for TG4 to grow its advertising and sponsorship income to a significant extent.

Outsourced / Independent Production (external resources)

TG4 operates as a publisher broadcaster. Most of TG4's Irish language programmes are commissioned from independent production companies throughout Ireland and TG4 spends over 90% of its annual programme budget with the sector (€21.2m in 2015 and €22m estimated for 2016). TG4's expenditure and engagement with the independent production sector helps to develop the capabilities of the companies and individual talent with whom TG4 works.

The last IBEC Audiovisual Federation research on the Irish film and television industry showed that over 300 highly skilled and creative full-time jobs in the film & TV production sector were directly sustained by TG4 commissions. TG4's Irish language soap, “Ros na Rún”, now in its 21st year of production, creates a significant level of direct employment and contracted personnel in the local economy (circa 150). Overall, TG4 estimates that it supported 473 creative resources in 2015 across a range of categories such as musicians, composers, directors and actors amongst others.

TG4 also helps to raise finance for the independent production sector through working with it to help it secure Sound & Vision funding from the BAI, ILBF funding in Northern Ireland and EU funding such as funding from the European Media Programme. Through working with international partners such as S4C, the BBC and other broadcasters and production companies, TG4 also delivers a range of co-productions. These arrangements bring added value to the production sector in Ireland, attracting inward investment in the sector and additionality in terms of production expenditure and jobs.

Through this expenditure, and through all of the other services TG4 buys from the Irish creative sector (e.g. advertising, re-voicing, digitisation, software, publishing etc.), TG4 has a significant impact on jobs in the Irish economy. The multiplier effect of TG4's expenditure (direct and indirect) in terms of its contribution to Ireland's national earnings was almost €66.4m in 2015 with an associated employment impact of 973 jobs⁵ in total. These are important metrics because they reflect the level of expenditure by TG4 in Ireland and the level of expenditure on indigenous commissioned programming and other services rather than on purchasing content and services from international markets. For every €1 spent by TG4 in Ireland, it is worth €2 to the economy of Ireland.

Despite TG4's and others' investment, the Irish language independent production sector is fragile.Driven by funding reductions, in 2008, TG4 sought price / rate reductions from the independent production sector and reduced cost-per-hour by 10%. Eight years later, the 2008 rates have not been reinstated. At the time in 2008, TG4 was already operating from a low cost base in terms of production sector per-hour rates and the 2008 reductions put the independent production sector under severe pressure. The sector is finding it difficult to sustain its operations and employment levels, to maintain viability and to retain skilled staff. TG4 has encouraged the sector to access additional funding for programming projects through the Sound & Vision Fund and through S481 etc. This has supported the sector and allowed it to create some exceptional programmes which have been recognised nationally and internationally through viewership and awards.

As a publisher / broadcaster, TG4 relies on a strong and vibrant production sector. Additional funding along with funding stability are required in order to develop the sector and to nurture Irish creativity and talent. In 2017 and over the years ahead, it is therefore TG4's objective (in addition to its investment in content) to introduce new measures to promote stability and growth in the independent production sector in Ireland. These measures will include amongst others, investment in multi-annual agreements with production companies in addition to initiatives to support internationalisation of the sector and access to global markets.
TG4 and Irish Content / Language

As set out in the Broadcasting Act 2009, TG4 must ensure that its broadcast service provides a comprehensive range of programmes, primarily in the Irish language. Reflecting this, Irish language broadcast, online and mobile content is at the heart of TG4’s strategy with the majority of TG4's current public funding spent on its production and broadcast.

With competition and fragmenting audiences, original, high quality and distinctive content is more important than ever before. TG4 commissions a significant amount of new, high-quality, innovative and award winning programmes from the Irish independent production sector. It also works closely with RTÉ on the 365 hours of programming which are provided to TG4. In addition to in-house productions, TG4 also ensures that it acquires the best international content for the best price, for the TG4 service.
Conduct of the Review Process

In 2017, the BAI is to commence the five year review of the adequacy of public funding to enable PSBs to meet their public service objects, with the objective being to complete the review in 2018. Once complete, the BAI will issue recommendations to the Minister on the outcome.

We welcome this review and commit to working cooperatively with consultants appointed by the BAI to undertake it. To date, we have cooperated fully with all consultants appointed to undertake the annual reviews of PSB funding and the first five year review which was completed in 2013.

We would request that sufficient time be allocated for the preparation of five-year strategic plans which the BAI will ask the broadcasters to produce in support of its review work.

In addition, we would hope that if possible, the recommendations to the Minister on the outcome will be timely, to feed into the 2019 budget decision-making.


Do'stlaringiz bilan baham:

1. The adage, 'There is no such thing as a free lunch,' means

a.	even people on welfare have to pay for food.
b.	the cost of living is always increasing.
c.	people face tradeoffs.
d.	all costs are included in the price of a product.

2. The adage, 'There is no such thing as a free lunch,' is used to illustrate the principle that

a.	goods are scarce.
b.	people face tradeoffs.
c.	income must be earned.
d.	households face many decisions.

3.Which of the following statements best represents the principle represented by the adage, 'There is no such thing as a free lunch'?

a.	Melissa can attend the concert only if she takes her sister with her.
b.	Greg is hungry and homeless.
c.	Brian must repair the tire on his bike before he can ride it to class.
d.	Kendra must decide between going to Colorado or Cancun for spring break.

4. The principle that 'people face tradeoffs' applies to

a.	individuals.
b.	families.
c.	societies.
d.	All of the above are correct.

5. Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and see the latest blockbuster movie, but because she can only get tickets to the movie for the same time that the pool is open she can only choose one activity. This illustrates the basic principle that

a.	people respond to incentives.
b.	rational people think at the margin.
c.	people face tradeoffs.
d.	improvements in efficiency sometimes come at the expense of equality.

6. A tradeoff exists between a clean environment and a higher level of income in that

a.	studies show that individuals with higher levels of income pollute less than low-income individuals.
b.	efforts to reduce pollution typically are not completely successful.
c.	laws that reduce pollution raise costs of production and reduce incomes.
d.	employing individuals to clean up pollution causes increases in employment and income.

7. Economists use the word equality to describe a situation in which

a.	each member of society has the same income.
b.	each member of society has access to abundant quantities of goods and services, regardless of his or her income.
c.	society is getting the maximum benefits from its scarce resources.
d.	society's resources are used efficiently.

8. Efficiency means that

a.	society is conserving resources in order to save them for the future.
b.	society's goods and services are distributed equally among society's members.
c.	society's goods and services are distributed fairly, though not necessarily equally, among society's members.
d.	society is getting the maximum benefits from its scarce resources.

9. Market failure can be caused by

a.	low consumer demand.
b.	equilibrium prices.
c.	externalities and market power.
d.	high prices and foreign competition.

10. The term 'market failure'

a.	means the same thing as 'market power.'
b.	refers to the dissolution of a market when firms decide to quit producing a certain product.
c.	refers to the failure of a market to produce an efficient allocation of resources.
d.	refers to government's failure to enforce the property rights of households or firms that participate in a certain market.

11. Production is efficient if the economy is producing at a point

a.	on the production possibilities frontier.
b.	outside the production possibilities frontier.
c.	on or inside the production possibilities frontier.
d.	inside the production possibilities frontier.

12. Unemployment would cause an economy to

a.	produce inside its production possibilities frontier.
b.	produce on its production possibilities frontier.
c.	produce outside its production possibilities frontier.
d.	experience an inward shift of its production possibilities frontier.

13. The production possibilities frontier provides an illustration of the principle that

a.	trade can make everyone better off.
b.	governments can sometimes improve market outcomes.
c.	people face trade-offs.
d.	people respond to incentives.

14. Which of the following concepts cannot be illustrated by the production possibilities frontier?

a.	efficiency
b.	opportunity cost
c.	equality
d.	trade-offs

15. When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good

a.	increases as more of the good is produced.
b.	decreases as more of the good is produced.
c.	does not change as more of the good is produced.
d.	may increase, decrease, or not change as more of the good is produced.

16. Refer to Table 2-2. What is the opportunity cost to Batterland of increasing the production of pancakes from 150 to 300?

a.	75 waffles
b.	150 waffles
c.	250 waffles
d.	325 waffles

Figure 2-3

17. Refer to Figure 2-3. At which point is this economy producing its maximum possible quantity of tubas?

a.	J
b.	L
c.	M
d.	N

18. Refer to Figure 2-3. This economy has the ability to produce at which point(s)?

a.	J, K, M, N
b.	K, M, N
c.	K, N
d.	M

19. Refer to Figure 2-3. This economy cannot produce at which point(s)?

a.	J
b.	J, L
c.	J, L, M
d.	L

20. Refer to Figure 2-3. Efficient production is represented by which point(s)?

a.	J, K, N
b.	K, M, N
c.	K, N
d.	L, M

21. Refer to Figure 2-3. Inefficient production is represented by which point(s)?

a.	J, L
b.	J, L, M
c.	K, N
d.	M

22. In a market economy, supply and demand determine

a.	both the quantity of each good produced and the price at which it is sold.
b.	the quantity of each good produced, but not the price at which it is sold.
c.	the price at which each good is sold, but not the quantity of each good produced.
d.	neither the quantity of each good produced nor the price at which it is sold.

23. In a market economy, supply and demand are important because they

a.	play a critical role in the allocation of the economy’s scarce resources.
b.	determine how much of each good gets produced.
c.	can be used to predict the impact on the economy of various events and policies.
d.	All of the above are correct.

24. The supply of a good or service is determined by

a.	those who buy the good or service.
b.	the government.
c.	those who sell the good or service.
d.	both those who buy and those who sell the good or service.

25. For a market for a good or service to exist,

A Publisher Faces The Following Demand Schedule

a.	there must be a group of buyers and sellers.
b.	there must be a specific time and place at which the good or service is traded.
c.	there must be a high degree of organization present.
d.	All of the above are correct.

26. The law of demand states that, other things equal,

a.	when the price of a good falls, the demand for the good rises.
b.	when the price of a good rises, the quantity demanded of the good rises.
c.	when the price of a good rises, the demand for the good falls.
d.	when the price of a good falls, the quantity demanded of the good rises.

27. The law of demand states that, other things equal,

a.	an increase in price causes quantity demanded to increase.
b.	an increase in price causes quantity demanded to decrease.
c.	an increase in quantity demanded causes price to increase.
d.	an increase in quantity demanded causes price to decrease.

28. Which of these statements best represents the law of demand?

a.	When buyers’ tastes for a good increase, they purchase more of the good.
b.	When income levels increase, buyers purchase more of most goods.
c.	When the price of a good decreases, buyers purchase more of the good.
d.	When buyers’ demands for a good increase, the price of the good increases.

29. A downward-sloping demand curve illustrates

a.	that demand decreases over time.
b.	that prices fall over time.
c.	the relationship between income and quantity demanded.
d.	the law of demand.

30. The following table contains a demand schedule for a good.

Price	Quantity Demanded
$10
$20	?

If the law of demand applies to this good, then “?” could be

a.	0.
b.	100.
c.	200.
d.	400.

31. A movement upward and to the left along a demand curve is called

a.	an increase in demand.
b.	a decrease in demand.
c.	a decrease in quantity demanded.
d.	an increase in quantity demanded.

32. A movement downward and to the right along a demand curve is called

a.	an increase in demand.
b.	a decrease in demand.
c.	a decrease in quantity demanded.
d.	an increase in quantity demanded.

33. The demand curve for textbooks shifts

a.	when a determinant of the demand for textbooks other than income changes.
b.	when a determinant of the demand for textbooks other than the price of textbooks changes.
c.	when any determinant of the demand for textbooks changes.
d.	only when the number of textbook-buyers changes.

34. Which of the following is not a determinant of the demand for a particular good?

a.	the prices of related goods
b.	income
c.	tastes
d.	the prices of the inputs used to produce the good

35. If Francis experiences a decrease in his income, then we would expect Francis’s demand for

a.	each good he purchases to remain unchanged.
b.	normal goods to decrease.
c.	luxury goods to increase.
d.	inferior goods to decrease.

36. You lose your job and, as a result, you buy fewer romance novels. This shows that you consider romance novels to be a(n)

a.	luxury good.
b.	inferior good.
c.	normal good.
d.	complementary good.

37. Suppose that a decrease in the price of good X results in fewer units of good Y being sold. This implies that X and Y are

a.	complementary goods.
b.	normal goods.
c.	inferior goods.
d.	substitute goods.

38. Good X and good Y are substitutes. If the price of good Y increases, then the

a.	demand for good X will decrease.
b.	quantity demanded of good X will decrease.
c.	demand for good X will increase.
d.	quantity demanded of good X will increase.

Figure 4-4

Panel (a) Panel (b)

39. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (a), the arrows are consistent with which of the following events?

a.	The price of marijuana, a complement to cigarettes, increased.
b.	Mandatory health warnings were placed on cigarette packages.
c.	Several foreign countries banned U.S. cigarettes in their countries.
d.	A tax was placed on cigarettes.

40. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (a), the arrows are consistent with which of the following events?

a.	Tobacco and marijuana are complements and the price of marijuana decreased.
b.	Tobacco is a “gateway drug” and the price of marijuana increased.
c.	The price of cigarettes increased.
d.	The arrows are consistent with all of these events.

41. Refer to Figure 4-4. The graphs show the demand for cigarettes. In Panel (b), the arrows are consistent with which of the following events?

a.	The price of cigarettes increased.
b.	A tax was placed on cigarettes.
c.	The prohibition of cigarette advertisements on television.
d.	Tobacco and marijuana are complements and the price of marijuana decreased.

42. For the general population, a 10 percent increase in the price of cigarettes leads to a

a.	1 percent reduction in the quantity demanded of cigarettes.
b.	4 percent reduction in the quantity demanded of cigarettes.
c.	10 percent reduction in the quantity demanded of cigarettes.
d.	12 percent reduction in the quantity demanded of cigarettes.

43. The following table contains a supply schedule for a good.

Price	Quantity Supplied
$10
$20	?

If the law of supply applies to this good, then “?” could be

a.	0.
b.	50.
c.	100.
d.	150.

44. A supply schedule is a table that shows the relationship between

a.	price and quantity supplied.
b.	input costs and quantity supplied.
c.	quantity demanded and quantity supplied.
d.	profit and quantity supplied.

45. When the price of a good is higher than the equilibrium price,

a.	a shortage will exist.
b.	buyers desire to purchase more than is produced.
c.	sellers desire to produce and sell more than buyers wish to purchase.
d.	quantity demanded exceeds quantity supplied.

46. A surplus exists in a market if

a.	there is an excess demand for the good.
b.	the situation is such that the law of supply and demand would predict an increase in the price of the good from its current level.
c.	the current price is above its equilibrium price.
d.	quantity demanded exceeds quantity supplied.

47. If a surplus exists in a market, then we know that the actual price is

a.	above the equilibrium price and quantity supplied is greater than quantity demanded.
b.	above the equilibrium price and quantity demanded is greater than quantity supplied.
c.	below the equilibrium price and quantity demanded is greater than quantity supplied.
d.	below the equilibrium price and quantity supplied is greater than quantity demanded.

48. If, at the current price, there is a surplus of a good, then

a.	sellers are producing more than buyers wish to buy.
b.	the market must be in equilibrium.
c.	the price is below the equilibrium price.
d.	quantity demanded equals quantity supplied.

49. Which of the following would cause price to decrease?

a.	a decrease in supply
b.	an increase in demand
c.	a surplus of the good
d.	a shortage of the good

50. You have been asked by your economics professor to graph the market for lumber and then to analyze the change that would occur in equilibrium price as a result of recent forest fires in the west. Your first step would be to

a.	decide which direction to shift the curve.
b.	decide whether the fires affected demand or supply.
c.	graph the shift to see the effect on equilibrium.
d.	None of the above are correct.

Table 4-5

Price	Quantity Demanded	Quantity Supplied
$10
$8
$6
$4
$2

51. Refer to Table 4-5. The equilibrium price and quantity, respectively, are

a.	$2 and 50.
b.	$6 and 30.
c.	$6 and 60.
d.	$12 and 30.

52. Refer to Table 4-5. If the price were $8, a

a.	shortage of 20 units would exist and price would tend to rise.
b.	surplus of 25 units would exist and price would tend to fall.
c.	shortage of 25 units would exist and price would tend to rise.
d.	surplus of 45 units would exist and price would tend to fall.

53. Refer to Table 4-5. If the price were $4, a

a.	surplus of 15 units would exist and price would tend to fall.
b.	shortage of 25 units would exist and price would tend to rise.
c.	surplus of 25 units would exist and price would tend to fall.
d.	shortage of 40 units would exist and price would tend to rise.

Figure 4-8

54. Refer to Figure 4-8. Equilibrium price and quantity are, respectively,

a.	$15 and 200.
b.	$25 and 600.
c.	$25 and 400.
d.	$35 and 200.

55. Refer to Figure 4-8. At the equilibrium price,

a.	200 units would be supplied and demanded.
b.	400 units would be supplied and demanded.
c.	600 units would be supplied and demanded.
d.	600 units would be supplied, but only 200 would be demanded.

56. Refer to Figure 4-8. At a price of $35,

a.	there would be a shortage of 400 units.
b.	there would be a surplus of 200 units.
c.	there would be a surplus of 400 units.
d.	there would be a surplus of 600 units.

57. The price elasticity of demand measures how much

a.	quantity demanded responds to a change in price.
b.	quantity demanded responds to a change in income.
c.	price responds to a change in demand.
d.	demand responds to a change in supply.

58. The price elasticity of demand measures

a.	buyers’ responsiveness to a change in the price of a good.
b.	the extent to which demand increases as additional buyers enter the market.
c.	how much more of a good consumers will demand when incomes rise.
d.	the movement along a supply curve when there is a change in demand.

59. The price elasticity of demand for a good measures the willingness of

a.	consumers to buy less of the good as price rises.
b.	consumers to avoid monopolistic markets in favor of competitive markets.
c.	firms to produce more of a good as price rises.
d.	firms to cater to the tastes of consumers.

60. There are very few, if any, good substitutes for motor oil. Therefore,

a.	the demand for motor oil would tend to be inelastic.
b.	the demand for motor oil would tend to be elastic.
c.	the demand for motor oil would tend to respond strongly to changes in prices of other goods.
d.	the supply of motor oil would tend to respond strongly to changes in people’s tastes for large cars relative to their tastes for small cars.

61. Holding all other forces constant, when the price of gasoline rises, the number of gallons of gasoline demanded would fall substantially over a ten-year period because

a.	buyers tend to be much less sensitive to a change in price when given more time to react.
b.	buyers tend to be much more sensitive to a change in price when given more time to react.
c.	buyers will have substantially more real income over a ten-year period.
d.	the quantity supplied of gasoline increases very little in response to an increase in the price of gasoline.

62. Which of the following is not a determinant of the price elasticity of demand for a good?

a.	the time horizon
b.	the steepness or flatness of the supply curve for the good
c.	the definition of the market for the good
d.	the availability of substitutes for the good

63. The greater the price elasticity of demand, the

a.	more likely the product is a necessity.
b.	smaller the responsiveness of quantity demanded to a change in price.
c.	greater the percentage change in price over the percentage change in quantity demanded.
d.	greater the responsiveness of quantity demanded to a change in price.

64. The value of the price elasticity of demand for a good will be relatively large when

a.	there are no good substitutes available for the good.
b.	the time period in question is relatively short.
c.	the good is a luxury as opposed to a necessity.
d.	All of the above are correct.

65. If the price elasticity of demand for a good is 10.0, then a 4 percent increase in price results in a

a.	0.4 percent decrease in the quantity demanded.
b.	2.5 percent decrease in the quantity demanded.
c.	4 percent decrease in the quantity demanded.
d.	40 percent decrease in the quantity demanded.

66. If the price elasticity of demand for a good is 0.4, then a 10 percent increase in price results in a

a.	0.4 percent decrease in the quantity demanded.
b.	2.5 percent decrease in the quantity demanded.
c.	4 percent decrease in the quantity demanded.
d.	40 percent decrease in the quantity demanded.

67. If the price elasticity of demand for a good is 0.25, then a 20 percent decrease in price results in a

A Publisher Faces The Following Demand Schedule For The Next Novel

a.	0.0125 percent increase in the quantity demanded.
b.	4 percent increase in the quantity demanded.
c.	5 percent increase in the quantity demanded.
d.	80 percent increase in the quantity demanded.

68. If the price elasticity of demand for a good is 1.5, then a 3 percent decrease in price results in a

a.	0.5 percent increase in the quantity demanded.
b.	2 percent increase in the quantity demanded.
c.	4.5 percent increase in the quantity demanded.
d.	5 percent increase in the quantity demanded.

69. If the price elasticity of demand for a good is 0.8, then which of the following events is consistent with a 4 percent decrease in the quantity of the good demanded?

a.	a 0.2 percent increase in the price of the good
b.	a 3.2 percent increase in the price of the good
c.	a 4.8 percent increase in the price of the good
d.	a 5 percent increase in the price of the good

70. The flatter the demand curve through a given point, the

a.	greater the price elasticity of demand at that point.
b.	smaller the price elasticity of demand at that point.
c.	closer the price elasticity of demand will be to the slope of the curve.
d.	greater the absolute value of the change in total revenue when there is a movement from that point upward and to the left along the demand curve.

71. The smaller the price elasticity of demand, the

a.	steeper the demand curve will be through a given point.
b.	flatter the demand curve will be through a given point.
c.	more strongly buyers respond to a change in price between any two prices P1 and P2.
d.	smaller the decrease in equilibrium price when the supply curve shifts rightward from S1 to S2.

Figure 5-1

72. Refer to Figure 5-1. The demand curve representing the demand for a luxury good with several close substitutes is

a.	A.
b.	B.
c.	C.
d.	D.

73. Refer to Figure 5-1. Atog says he would buy one cup of coffee per day regardless of the price. If this is true, then Atog's demand for coffee is represented by demand curve

a.	A.
b.	B.
c.	C.
d.	D.

Figure 5-2

74. Suppose that quantity demand rises by 10% as a result of a 15% decrease in price. The price elasticity of demand for this good is

a.	inelastic and equal to 0.67.
b.	elastic and equal to 0.67.
c.	inelastic and equal to 1.50.
d.	elastic and equal to 1.50.

75. Suppose that quantity demand falls by 30% as a result of a 5% increase in price. The price elasticity of demand for this good is

a.	inelastic and equal to 6.
b.	elastic and equal to 6.
c.	inelastic and equal to 0.17.
d.	elastic and equal to 0.17.

Table 5-2

The following table shows a portion of the demand schedule for a particular good at various levels of income.

Price	Quantity Demanded (Income = $5,000)	Quantity Demanded (Income = $7,500)	Quantity Demanded (Income = $10,000)
$24
$20
$16
$12
$8
$4

76. Refer to Table 5-2. Using the midpoint method, when income equals $7,500, what is the price elasticity of demand between $16 and $20?

a.	0.56
b.	0.75
c.	1.33
d.	1.80

77. Refer to Table 5-2. Using the midpoint method, when income equals $5,000, what is the price elasticity of demand between $8 and $12?

a.	0.56
b.	0.75
c.	1.33
d.	1.80

78. Refer to Table 5-2. Using the midpoint method, at a price of $16, what is the income elasticity of demand when income rises from $5,000 to $10,000?

a.	0.00
b.	0.50
c.	1.00
d.	1.50

79. Refer to Table 5-2. Using the midpoint method, at a price of $8, what is the income elasticity of demand when income rises from $7,500 to $10,000?

a.	0.00
b.	0.41
c.	1.00
d.	2.45

80. Refer to Table 5-2. Using the midpoint method, at a price of $12, what is the income elasticity of demand when income rises from $5,000 to $10,000?

a.	0.00
b.	0.41
c.	1.00
d.	2.45

Date: 2015-12-11; view: 2892

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