You would be more likely to find a motel room than a camping site if you were traveling through the West during the height of the tourist season and had no advance reservation if
A) camping sites are expensive to maintain.
B) camping sites are less numerous.
C) most camping sites were managed by government agencies.
D) most motels do not accept advance reservations.
E) motels more often accept credit cards.
C
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Suppose new research shows that soy milk and other products derived from soybeans provide more health benefits than previously thought. At the same time, drought conditions result in extensive damage to the soybean crop
What will be the combined impact of these two factors on the equilibrium price and quantity of soybeans? A) Price will decrease, but the effect on quantity is indeterminate. B) Price will increase, but the effect on quantity is indeterminate. C) Quantity will decrease, but the effect on price is indeterminate. D) Quantity will increase, but the effect on price is indeterminate.
According to the? text, the term? "Eurosclerosis" refers to
a. The cumulative effects of high productivity growth in Europe.
b. Stagnant economic growth in Europe.
c. A long period of higher growth rates among European countries than the growth rates of the United rates.
d. The differing views about the growth rates of European countries.
In Exhibit 3-16, assume that the market price of chairs is $5 each. This price is:?
A. ?an equilibrium price. B. not an equilibrium price, since there is an excess supply at a price of $5. C. ?not an equilibrium price, since there is an excess demand at a price of $5. D. ?not an equilibrium price, since the rate at which chairs are being supplied is great than the rate at which they are being demanded.
If the quantity demanded of peanut butter falls by 12% when income rises by 10%, then peanut butter is:
A. an inferior good. B. a normal good. C. a necessity D. both an inferior good and a necessity