Farmers can choose to produce eggs or milk. If there is an increase in the price of milk then what will be the effect in the egg market?
a. The quantity of eggs demanded will increase.
b. Egg demand will decrease.
c. Egg supply will increase.
d. Egg supply will decrease.
d
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If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve. B) result in unequal marginal rates of substitution for the two people. C) result in one person being worse off than with his or her endowment. D) All of the above.
The infant industry argument for tariffs against free trade is sometimes supported because:
A) it is very hard to discern which industries really deserve protection. B) subsidies may have more merit than tariffs. C) the "infant" may "still wear diapers" even after it attains a huge size and economies of scale. D) a new domestic industry may have potential economies of scale.
"The invisible hand" is really the ____________.
Fill in the blank(s) with the appropriate word(s).
Answer the following statement true (T) or false (F)
1) A British thermal unit is the amount of energy required to raise the temperature of one liter of water by one degree Celsius. 2) The average person in the United States generates about 10 pounds of trash per day. 3) The United States produces more than twice as much output per million BTUs of energy consumed than it did in 1950. 4) Increases in U.S. living standards have matched increases in per capita energy use.