Most countries in the world are classified as
A) advanced.
B) in transition.
C) developing.
D) industrialized.
E) emerging market.
C
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The worst drought in over 50 years has decimated crops of soy beans and corn in the United States. (Source: New York Times, August 10, 2012). Because the production of corn has decreased, prices are expected to increase by 25 percent
These data are insufficient for calculating the elasticity of demand because we also need to know the A) percentage increase in income. B) percentage increase in quantity. C) percentage decrease in quantity. D) increase in bushels per acre.
Normal profit implies that
A. Economic profit must be negative. B. Firms will expand their scale of production. C. The factors employed are earning as much as they could in the best alternative employment. D. Economic profit must be positive.
If the price elasticity of supply of a good is? 2, a 200 percent increase in the price of the good will change the quantity supplied by? ________.
A. 400 percent B. 200 percent C. 100 percent D. 50 percent
Assume that the marginal cost of growing pine trees does not include the benefit to the environment as a result of carbon dioxide reduction. By producing where P = MC, the grower will be producing ________ the efficient amount of pine trees.
A. more than B. less than C. exactly D. sometimes more and sometimes less than