Which of the following events would increase the supply of tomatoes?
A. A decrease in the price of pasta products.
B. An increase in wages for the tomato pickers.
C. A decrease in the cost of fertilizers for the tomato plants.
D. Unseasonably hot, dry weather in the tomato-growing regions of the nation.
Answer: C
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Which of the following is not an example of informal institutions?
A) Culture B) Laws C) Ethics D) Norms.
Figure 34-7
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In Figure 34-7, AB represents the production possibilities of Pestoland and CD that of Pastaland. In this graph, Pestoland has a comparative advantage in
A. pasta because OA/OB < OC/OD. B. pesto because OA/OB < OC/OD. C. pasta because OA/OB > OC/OD. D. pesto because OA/OB > OC/OD.
Explain why exports are added to, and imports are subtracted from, aggregate expenditures in moving from a private closed economy to a private open economy.
What will be an ideal response?
Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. From Period 2 to Period 3, the marginal return to labor is equal to
A. 0.67. B. 1.5. C. 3.36. D. 3.76.