Which of the following world regions has received the largest percentage of lending from the World Bank since 1990?
A) Latin America/Caribbean
B) South Asia
C) Africa
D) Middle East
C
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A minimum wage set above the equilibrium wage will ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) not change; not change
The capital stock increases whenever
A) gross investment is exceeds net investment. B) net investment exceeds gross investment. C) gross investment is negative. D) net investment is positive.
The figure above shows the market for coffee. The ________ price that producers must be offered to get them to produce 10 million pounds of coffee per month is ________
A) maximum; $2.00 B) maximum; $3.50 C) minimum; $2.00 D) minimum; $3.50
Refer to Table 3-6. The table contains information about the sorghum market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of sorghum? b. Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $6 per bushel? e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 36,000 bushels of sorghum? g. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $14 per bushel? j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?