A rightward shift of the demand curve will lead to an
A) increase in equilibrium price.
B) excess demand at the old equilibrium price.
C) increase in quantity supplied.
D) All of the above.
D
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The price elasticity of demand for wheat is 0.42. A drought cuts the supply of wheat. What will happen to the farmers' total revenue?
A) The total revenue will increase. B) The total revenue will decrease. C) The total revenue will not change. D) There is not enough information to determine what happens to the total revenue.
Lizzie's preferences are shown in the figure above. Lizzie is just as happy to have ________ as she is to have ________
A) 4 comic books and 12 cookies; 6 comic books and 12 cookies B) 2 comic books and 12 cookies; 11 comic books and 8 cookies C) 2 comic books and 8 cookies; 3 comic books and 5 cookies D) 4 comic books and 12 cookies; 8 comic books and 8 cookies
Which statement about U.S. poverty rates is true?
a. Poverty rates decreased during the 1960s. b. Poverty rates were at their lowest in 2011. c. Poverty rates increased during the 1970s. d. Poverty rates decreased significantly in 2013.
?The first step in estimating simultaneous equations models (SEMs) with panel data is to find instrumental variables for the endogenous variables in the transformed equation.
Answer the following statement true (T) or false (F)