More cattle are found to have mad cow disease. As a result, consumer confidence in the safety of beef is shaken. What would an economist predict will happen in the beef market?
A) As consumer preferences move away from beef, there is an upward movement along the beef demand curve.
B) The demand curve will shift to the left.
C) The demand curve does not shift but consumers move to a point lower down the curve.
D) absolutely no change in either the quantity demand or the demand for beef
B
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A local pizzeria raised its price from $9 to $11 for each pizza and the sales of its pizza decreased from 150 to 100 per day. What is the price elasticity of demand in this case?
A) 1/2 B) -2 C) -1/2 D) 2
The table above gives the CPI basket for 2015. Suppose that 2015 is the reference base period
a) What is the cost of the CPI basket in 2015? b) What is the cost of the CPI basket in 2016? c) What is the CPI for 2015? d) What is the CPI for 2016?
By threatening to lockout the workers, the firm has
a. Eliminated half of the strategies b. Forced the union to choose the best response in the firm's best interest c. Made it in the union's best interest to not strike d. All of the above
To build growth into its economy, a less-developed country must not
a. invest in education because the fruits of that investment is long run b. focus on the infrastructure that has been its problem c. shift resources out of the production of consumtion goods and into the production of capital goods because a healthy worker is a productive worker d. shift resources out of the production of capital goods and into the production of consumption goods because they need capital to increase labor productivity e. engage in curbing population because more workers means more output