Which of the following would shift the supply of Florida Oranges to the left?
a. a hurricane in Florida destroying a major part of the crop
b. an increase in the price of water per unit, a major input, used to irrigate the orange trees
c. one of the orange grooves shuts down
d. all of the above
d
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According to this Application, the decline in population resulting from the Black Death caused the ________ curve for labor to shift to the ________
A) supply; left B) demand; right C) supply; right D) demand; left
The island nation of Sonorez produces 200 tons of wheat and 500 tons of corn. Munisia, its neighboring country, produces 400 tons of wheat and corn each. Sonorez would like to consume another 80 tons of wheat and is willing to give up a 100 tons of corn for it. Munisia on the other hand would like an extra 50 tons of corn and is willing to give up 100 tons of wheat. Which of the following
conclusions can be drawn from this? a. The 2 countries will not trade because they will not come to a common bargain. b. Sonorez will trade 100 tons of wheat for extra corn. c. Munisia will trade 100 tons of corn for extra wheat. d. Sonorez will trade 50 - 100 tons of corn with Munisia for 80 - 100 tons of wheat.
Which of the following is not likely to result from an increase in the federal minimum wage?
a. an increase in the quantity of low-skill labor supplied b. a decrease in the quantity of low-skill labor demanded c. a decrease in teenage unemployment d. an increase in teenage unemployment
Which of the following is correct?
A. SMC = PMC - MD B. MPB = MSB + MEB C. SMC = PMC + MD D. MSC = MPB E. MSB = MSC + MPB