Holding other factors constant, bad weather causes the supply curve for agricultural products to
a. Shift to the left, causing the prices of agricultural products to rise
b. Shift to the left, causing the prices of agricultural products to fall
c. Stay the same
d. The supply curve does not shift. Only the demand curve shifts.
a
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The largest single portion of the federal budget is devoted to
A. national defense. B. Medicare and Medicaid. C. Social Security and unemployment compensation. D. education. E. interest payments on the national debt.
It is very difficult for Gourmet Chocolatier to find inexpensive and available inputs for the business. Because of this, we predict that Gourmet Chocolatier's supply to be
A) inelastic. B) perfectly elastic. C) elastic. D) unit elastic. E) nonexistent.
Which of the following about economic growth is true?
a. The fastest growing economies in the world are mostly less developed countries. b. The fastest growing economies in the world (those with annual real growth rates of 3.5 percent or more) are mostly high-income industrial countries. c. The slowest growing countries in the world, many of which are experiencing declines in per capita GDP, are less developed countries. d. Both a and c are true.
A consumer will continue to purchase items until the budget is exhausted and ________ ________ is equal
a. consumer surplus b. marginal utility c. marginal cost d. consumer deficit