The floods of 1993 caused the price of corn to increase. This is an example of
A. the operations of supply and demand.
B. inflation.
C. deflation.
D. a sustained inflation.
Answer: A
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Differences between people's wealth is generally greater than differences between their incomes
Indicate whether the statement is true or false
Over the period 1870-2014, the United States experienced an average annual growth rate of real GDP per person of about 1.8 percent per year
a. True b. False Indicate whether the statement is true or false
If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall. b. Price and quantity will both rise. c. Price and quantity will both fall. d. Price will fall and quantity will rise.
Which of the following sequences would cause the labor shortage shown in this graph?
a. WMIN goes higher than WE, thereby decreasing QD and increasing QS.
b. WMIN goes lower than WE, thereby decreasing QD and increasing QS.
c. WMIN goes higher than WE, thereby increasing QD and decreasing QS.
d. WMIN goes lower than WE, thereby increasing QD and decreasing QS.