Read the following short articles then answer the questions on answer sheet about basic economic knowledge

  • Minimum wage is an example of a price _____floor____________. (5 points)
  • If I increased the price of my handmade jewelry and my total revenue decreased I would realize that the demand for my jewelry is _______________________.( elastic, inelastic, or unit elastic) (5 points ).

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For Questions 3 ,4,5, and 6 ( 20 points each)

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For each article below : Use the Answer sheet

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Write the number of the graph that best describes what happened.

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Fill in only the appropriate boxes in each chart for each article and be sure and indicate if it is an increase or a decrease.

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3. Men’s Business Suits

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Men’s Wearhouse and Jos. A. Bank

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Thanks to a staggering number of American men working from home as a result of coronavirus, suit purveyors Men’s Wearhouse and Jos. A. Bank plan to close up to 500 stores over time, as revealed by their parent company, Tailored Brands, in July 2020.

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4. Christmas Decor

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After disinfectants and protective items in the spring, building materials this summer as well as Mason jars and appliances this fall, Christmas decorations are the latest victims of a shortage during a pandemic. Sales of holiday decor and Christmas ornaments underperformed in 2019, the Columbus store Elm & Iron and many other stores ordered less merchandise than usual in 2020 also some orders never arrived because of factory closings due to Covid.

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“Most of ours is almost gone,” said Shell Sindle, who works in production and development for the store, which which has locations in Clintonville and Easton.

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Stores are experiencing an explosion in demand for Christmas decor this season as more Ohioans stay home for the holidays and seek to add some seasonal spice to their homesteads. The unexpectedly high demand for decorations and ornaments means that many stores are seeing their supply quickly depleted.

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5. Junk Food

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A new study has taken a look at the effect legalizing cannabis in the US has on the sale of junk food like cookies, ice cream, and chips.

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Previous studies have looked at the direct effects of cannabis on health, but this is the first study of its kind to look into – and find – a causal relationship between legal cannabis and junk food sales. Though recreational drugs all come with their downsides, it’s often been found that cannabis is far safer than the world’s favorite drug, alcohol, which is associated with 2.8 million deaths each year.

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With the legalization of cannabis across many states in the US being fairly recent, the opportunity to study other knock-on effects, such as how the drug affects driving performance (spoiler alert: It’s not famed for giving you superhuman reflexes) and workplace fatalities, is just beginning.

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A team from Georgia State University decided to look at the effect of legalization on junk food consumption, publishing their findings in Economics & Human Biology. It may sound a little frivolous, until you consider that some 42 percent of the US population are considered obese, according to the Centers for Disease Control and Prevention.

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The researchers took retail scanner data on purchases of high-calorie food, using differences in timing of the introduction of recreational cannabis use laws across different states in order to measure the effects of legalization on sales. You will likely not be shocked to find that legalization of cannabis was linked to an increase in sales of junk food.

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“In [Recreational Marijuana Legalization] RML states monthly sales of junk food increased by 3.2 percent and 4.5 percent when measured by volume,” the team wrote in their study. “Specifically, in counties located in RML states, monthly sales of high-calorie food increased by 3.1 percent for ice cream, 4.1 for cookies, and 5.3 percent for chips.”

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Despite stoner stereotypes, the team notes that there is actually very little formal causal evidence to support the link between cannabis and food consumption, though pretty much every weed user will likely anecdotally confirm they have at some point gotten the “munchies”.

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“Our research appears to be the first that causally links cannabis consumption to junk food consumption,” the team wrote. “Our findings may be particularly relevant from a policymaking perspective, at a time when more states are considering legalizing marijuana consumption while battling an obesity epidemic and when different countries have already fully legalized or are considering legalizing consumption.”

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Though increased junk food consumption is by no means a good thing for health, there are other factors to be weighed up by policymakers, such as the finding by the same authors that legalization of cannabis was associated with a 12.4 percent drop in alcohol sales. Nevertheless, the research highlights that there may be unpredictable consequences for legalization.

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“You think marijuana does no harm — that’s pretty much the consensus today,” co-author Alberto Chong told The Academic Times. “But there are unintended consequences, and one of them is the fact that you really get very hungry and you start eating crap.”

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6. Coffee

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World’s Biggest Coffee Crop Is Wilting in a Relentless Dry Spell

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(Bloomberg) — Coffee traders are just starting to come to grips with the extent of Brazil’s weather woes as prospects for this year’s harvest shrivel in the hot and dry conditions.

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The smooth-tasting arabica beans that Brazil ships to buyers including Starbucks Corp. saw little reprieve in November, with rainfall missing estimates and prices paid to local farmers approaching record levels, according to the nation’s top growing cooperative Cooxupe.

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“Rains have been awful, well below the average,” Cooxupe Commercial Director Lucio Dias said in an interview, adding the impact may extend into the 2022 season. “The situation is very concerning.”

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While Brazilian output was already expected to fall after this year’s record and as arabica trees enter the lower-yielding half of a biennial cycle, the dryness may exacerbate declines. A supply squeeze in the world’s top producer may continue into late next year.

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. “The Brazilian crop decline is large .”

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