The environmental problems of China is not caused by
A. a lack of central planning in the economy.
B. the burning of low-quality, high-sulfur coal.
C. a lack of pollution controls.
D. the one-child policy of population control.
Answer: D
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A continuing, long-term, large decline in the demand for coffee will not cause the price of coffee to fall much over the years if
A) coffee is not scarce. B) the demand for coffee is highly elastic. C) the demand for coffee is highly inelastic. D) the supply of coffee is highly elastic. E) the supply of coffee is highly inelastic.
For most consumers, the process of gathering information can be considered
a. irrational b. unproductive c. a vocation d. nonmarket work e. costless
Suppose the demand for calendars increases in November. At the same time, the price of the ink used in the production of calendars increases. In the market for calendars, the equilibrium price rises, but the effect on the equilibrium quantity is ambiguous
a. True b. False Indicate whether the statement is true or false
European Union subsidizes its farmers. How do these subsidies make it difficult for farmers in developing economies to compete in the world farm market?
A. The subsidies shift the supply of EU farm goods to the right, lowering world prices of farm goods and the price developing country farmers can receive for their produce. B. The subsidies function as a tariff, causing imports from developing countries to become artificially expensive, thus denying European consumers the benefits of cheap imported food C. The subsidies set a price ceiling for EU farm goods, keeping prices below the market equilibrium, and lowering the price developing country farmers can receive for their produce. D. The subsidies create ethical problems for Europeans who want to buy farm products from developing countries since the subsidies are raising the price of developing country produce.