Using the above figure, in the absence of any government intervention, the number of tons of paper produced will be
A) 60 million tons.
B) 80 million tons.
C) 100 million tons.
D) 120 million tons.
C
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Japanese electronics exports were hurt in 2008 as a result of the recession. How would this decrease in exports have affected Japan's aggregate demand curve?
A) The aggregate demand curve would not have shifted, but there would have been a movement down the aggregate demand curve. B) The aggregate demand curve would have shifted to the right. C) The aggregate demand curve would not have shifted, but there would have been a movement up the aggregate demand curve. D) The aggregate demand curve would have shifted to the left.
Which of the following is related to the concept of trade-off used in economics?
a. Paying tuition to attend college b. Paying a high price for a movie ticket on the first day of screening c. Not having enough information available to make a rational decision d. Giving up one good or activity in order to obtain some other good or activity e. Having your cake and eating it too
The town of Bloomfield is well known for its basketball team. The price of basketball game tickets is determined by market forces. Table 6-8 above shows the demand and supply schedules for basketball games tickets. Refer to Table 6-8. What is the most distinctive feature of the supply curve?
A) The supply curve is perfectly elastic. B) The supply curve is horizontal. C) The supply curve is perfectly inelastic. D) The supply curve is upward sloping.
Which of the following increases the supply of corn?
a. Farmers that grow soybeans can also grow corn, and the price of soybeans drops by 75 percent. b. Congress and the President eliminate subsidies formerly paid to corn farmers. c. The farm worker's union successfully negotiates a pay increase for corn harvest workers. d. The Surgeon General announces that eating corn bread contributes to baldness in men.