Converting corn into ethanol is most profitable when there is/are:
a. High ethanol prices and low corn prices
b. Low ethanol prices and low corn prices
c. Low ethanol prices and high corn prices
d. When the amount of ethanol produced approaches the limits of the amount required in production of gasoline blended with 10% ethanol (the current "blend wall")
e. Restricted expansion of ethanol production capacity
a. High ethanol prices and low corn prices
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When Janet Yellen, Chair of the Federal Reserve, addresses Congress regarding the United States role in the world economy, she is discussing
A) a macroeconomic topic. B) a microeconomic topic. C) scarcity. D) incentives.
In the above figure, the rise in the price of a gallon of gasoline that created the movement from point C to point A would be shown as a movement ________ along the demand curve for ________
A) upward; coffee B) downward; coffee C) upward; gasoline D) downward; gasoline
Intra-industry trade is most common in the trade patterns of
A) the industrial countries of Western Europe. B) the developing countries of Asia and Africa. C) raw material producers. D) China with the rest of the world. E) labor-intensive products.
Linda earned an income of $3,000 per month, which has now increased to $3,500 per month. She saves 10 percent and spends the remainder on food, lodging, and other expenses. So far, she has managed to save $20,000. What is her marginal propensity to consume?
What will be an ideal response?