Which of the following is most likely to increase the supply of corn?
a. The farm worker's union successfully negotiates a pay increase for corn harvest workers.
b. New medical reports claim that eating corn bread increases risk of heart attacks.
c. The government eliminates subsidies formerly paid to corn farmers.
d. Farmers that grow soybeans can also grow corn, and the price of soybeans drops substantially.
d
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Which of the following is true regarding tacit collusion?
A) It is a formal agreement. B) It is more likely to occur when the price elasticity of demand is small. C) It is more likely to occur when barriers to entry are low. D) It is illegal.
As China switches from catch-up growth to discovery-based growth, the pace of worldwide discoveries will increase and this will raise living standards
a. in the countries that China trades with. b. in China and its neighboring countries. c. in the United States d. in China e. in all countries
The marginal tax rates on the richest Americans when Ronald Reagan was elected and when he left office were
a. 28 percent and 50 percent, respectively. b. 70 percent and 40 percent, respectively. c. 40 percent and 70 percent, respectively. d. 50 percent and 28 percent, respectively.
If there are floods or droughts or a decrease in the availability of raw materials
a. aggregate supply shifts right. b. output falls in the short run. c. prices fall in the short run. d. None of the above is correct.