Which of the following is most likely to increase the supply of corn?
a. The farm worker's union successfully negotiates a pay increase for corn harvest workers.
b. The Surgeon General announces that eating corn bread contributes to baldness in men.
c. Congress and the President eliminate subsidies formerly paid to corn farmers.
d. Farmers that grow soybeans can also grow corn, and the price of soybeans drops by 75 percent.
d
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A macroeconomic model obeys the "natural rate hypothesis" by incorporating
A) the assumption of nominal wage stickiness. B) a vertical LAS curve. C) imperfect information. D) a vertical AD curve.
The United States economy in the mid-2000 . did not experience stagflation because
a. energy prices declined. b. the energy content of GDP declined. c. the U.S. economy became more volatile since 1980. d. all of the above.
The basic goals of total utility maximization, total profit maximization, and total welfare maximization explain most market activity.
Answer the following statement true (T) or false (F)
If we observe a decrease in the price of a good and an increase in the amount of the good bought and sold, this could be explained by a(n):
A. increase in the supply of the good. B. increase in the demand for the good. C. decrease in the demand for the good. D. decrease in the supply of the good.