If a price floor on coffee is set above the market-clearing price, then
A) the quantity of coffee demanded will decrease.
B) the quantity of coffee supplied will increase.
C) the quantity demanded for coffee will increase.
D) Both A and B will occur
E) none of the above will occur.
D
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Most total product curves have
A) first increasing and then decreasing marginal returns to labor. B) output first increasing and then decreasing as labor is added. C) first decreasing and then increasing marginal returns to labor. D) output increasing at an increasing rate as labor is added.
Farmers can use their land to grow soy beans or corn. If the price of corn rises,
A) the supply of soybeans decreases and the soybean supply curve shifts leftward. B) the supply of soybeans increases. C) the supply of corn increases and the corn supply curve shifts rightward. D) the supply of corn increases.
An example of the opportunity to gain human capital would be:
A. a firm expanding and creating 20 more jobs. B. a firm offering on-the-job training. C. a firm starting a community garden for its employees. D. All of these are examples of human capital.
Suppose that an increase in a nation's income causes the nation's residents to buy more domestic and foreign goods. Given this, if U.S. residents experience an increase in income, but Mexican residents do not, it is likely that, ceteris paribus,
A) both the U.S. dollar and the Mexican peso will depreciate. B) both the U.S. dollar and the Mexican peso will appreciate. C) the U.S. dollar will depreciate and the Mexican peso will appreciate. D) the U.S. dollar will appreciate and the Mexican peso will depreciate.