A technological improvement lowers the cost of producing corn. As a result, the price of a pound of corn ____ and the quantity of corn ____. Question 19 options:
A. falls; increases
B. falls; does not change
C. falls; decreases
D. rises; decreases
E. rises; increases
A. falls; increases
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The above figures show the market for oranges. Which figure shows the effect of great growing conditions that produce an above-average sized crop?
A) Figure A B) Figure B C) Figure C D) Figure D
Most lighthouses are operated by the government because
a. of the free-rider problem. b. lighthouses are no longer valued by society. c. most lighthouses are only tourist attractions in state and national parks. d. shipping companies would not be able to afford maintenance fees for lighthouses.
The net benefits a nation receives from free trade are called the costs of trade.
a. true b. false
Figure 1-2
Identify the slope of the two curves A and B in Figure 1-2.
A. A—zero, B—one. B. A—one, B—zero. C. A—one, B—different at different points. D. A—different at different points, B—zero.