Which of the following could be responsible for an increase in the price of wheat?
a. an increase in the supply of wheat
b. an increase in the demand for wheat
c. a decrease in the demand for wheat
d. a simultaneous increase in supply and decrease in demand for wheat
b
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A subsidy equal to the marginal private benefit of a good can be used to make a market with a positive externality efficient
a. True b. False
A good produced in Japan and sold to Korea
a. is a Korean export and Japanese import b. is a Korean import and Japanese export c. implies that Japan has an absolute advantage in the production of the good d. implies that Korea has a comparative advantage in the production of the good e. implies that Korea has an absolute advantage in the production of the good
When prices are rising:
A. the Lespeyres index tends to overstate the increase in the cost of living because of the substitution bias. B. the Lespeyres index tends to understate the increase in the cost of living because of the substitution bias. C. the Lespeyres index tends to overstate the increase in the cost of living because of the compensating variation bias. D. the Lespeyres index tends to understate the increase in the cost of living because of the consumer preference bias.
Public choice deals with
A) negative and positive externalities. B) public-sector decision making. C) how people choose between several mutually exclusive options. D) bond, stock, and money markets. E) none of the above