A freeze in Florida's orange growing regions will:
A) result in a sharp increase in the price of oranges in the short run because demand and supply are highly inelastic.
B) result in a sharp increase in the price of oranges in the short run because demand and supply are highly elastic.
C) result in a sharp decrease in the price of oranges in the short run because demand is highly inelastic and supply is highly elastic.
D) result in little change in the price of oranges in the short run because supply is infinitely elastic.
A
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Which of the following events would result in an increase in the demand for natural gas, causing the demand curve to shift outward?
A. A decrease in the price of electricity B. An increase in the price of furnaces C. An increase in the price of heating oil D. A decrease in the price of natural gas
People who are currently not working but are actively looking for work are officially classified as
A) employed and out of the labor force. B) unemployed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
The table above lists six points on the production possibilities frontier for grain and cars. From this information you can conclude that production is inefficient if this economy produces
A) 6 tons of grain and 18 cars. B) 4 tons of grain and 26 cars. C) 2 tons of grain and 27 cars. D) 8 tons of grain and 10 cars.
The cross price elasticity of demand is measured by the
A) percentage change in the quantity demanded of one good divided by the percentage change in quantity demanded of another good. B) percentage change in the price of one good divided by the percentage change in price of another good. C) percentage change in the demand for one good divided by the percentage change in price of another good. D) percentage change in the price of one good divided by the percentage change in the demand for another good.