The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
D
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Refer to Figure 4-10. Suppose the market is initially in equilibrium at price P1 and now the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax? For demand curve D1
A) the producer bears the entire burden of the tax if the supply curve is S2 and the consumer bears the entire burden of the tax if the supply curve is S1. B) the producer bears a smaller share of the tax burden if the supply curve is S2. C) the producer's share of the tax burden is the same whether the supply curve is S1 or S2. D) the producer bears a smaller share of the tax burden if the supply curve is S1.
A perfectly competitive firm in the short run determines its quantity supplied at various prices by using
a. the portion of its marginal cost curve rising above its average total cost curve b. the portion of its marginal cost curve rising above its average variable cost c. its average variable cost curve d. its average total cost curve e. the portion of its average variable cost curve rising above its average fixed cost curve
Which of the following would be considered an investment in human capital?
a. education b. a teacher's blackboard c. the purchase of a new computer to enhance labor productivity d. All of the above are correct.
Other things the same, in the open-economy macroeconomic model, if the exchange rate rises,
a. the demand for dollars shifts left. b. the demand for dollars shifts right. c. the quantity of dollars demanded falls. d. the quantity of dollars demanded rises.