Goods that are produced in other countries and then sold domestically are called
A) exports.
B) imports.
C) tariffs.
D) quotas.
B
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In the 1990s, Oprah Winfrey, the former national talk-show host, discouraged Americans from eating beef. She argued beef consumption could create major health problems, and, as a result, beef purchases and the price of beef fell substantially
Which of the following occurred? A) The supply curve of beef shifted to the left. B) The demand curve for beef shifted to the left. C) The supply curve of beef shifted to the right. D) The demand curve for beef shifted to the right. E) Neither the supply curve nor the demand curve for beef had changed.
Refer to Table 3-2. The table above shows the demand schedules for caviar of two individuals (Ari and Sonia) and the rest of the market. If the price of caviar rises from $65 to $75, the market quantity demanded would
A) decrease by 52 oz. B) decrease by 36 oz. C) increase by 36 oz. D) increase by 52 oz.
A firm's technology may depend on which of the following factors?
A) the training of its workers B) the skill of its managers C) the speed and efficiency of its equipment D) all of the above
The cost of inflation to society includes I. The opportunity costs of resources used by people to protect themselves against inflation II. The costs associated with recalculating prices
A) I only B) II only C) Both I and II D) Neither I nor II