Assume both the demand for bagels and the supply of bagels increase. Which of the following outcomes is certain to occur?
A. The equilibrium price of bagels will rise.
B. The equilibrium price of bagels will fall.
C. The equilibrium quantity of bagels will rise.
D. The equilibrium quantity of bagels will fall.
Answer: C
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One of the main drivers of industrialization in South Korea was
A. an increase in human capital. B. decreased trade with developed countries. C. the accumulation of new technology. D. trade with North Korea.
Statistics on families below the poverty line may be overstated because:
A. the poor are primarily children who soon will move out of poverty. B. poverty in the United States is rich compared to poverty in other nations. C. the income levels used to measure poverty do not include in-kind transfers. D. unemployment compensation is a program closed to the poor.
The variable cost of producing a college textbook is usually around ________ of its price.
A. 20% B. 50% C. 80% D. 40%
A tax on imports is a(n)
A. tariff. B. quality barrier. C. import quota. D. voluntary import restriction.