Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples?
a. There is an increase in the demand for apples and an increase in the quantity supplied of apples.
b. There is an increase in the demand and supply of apples.
c. There is an increase in the quantity demanded of apples and in the supply for apples.
d. There is an increase in the demand for apples and a decrease in the supply of apples.
e. There is a decrease in the quantity demanded of apples and an increase in the supply for apples.
a. There is an increase in the demand for apples and an increase in the quantity supplied of apples.
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Suppose labor productivity differences are the only determinants of comparative advantage, and Brazil and Chile both produce only coffee and sugar. In Chile, either 5 units of coffee or 2 units of sugar can be produced in one day. In Brazil, a day of labor produces either 2 units of coffee or 1 unit of sugar. Calculate the opportunity cost of producing sugar in Brazil
a. Half a pound of coffee b. 4 pounds of coffee c. 1 pound of coffee d. 2 pounds of coffee e. One and a half pounds of coffee
The Clean Water State Revolving Fund (CWSRF) Program
a. was replaced by the federal grant program b. sets up lending programs at the state level to support POTW construction c. is no longer active d. received no support from the American Recovery and Reinvestment Act of 2009
Which of the following would be classified as unemployed?
a. mothers who choose to stay at home with their preschool-age children b. retirees who are no longer working at a job c. students attending school full time d. a 20-year old looking for her first job
To answer the next question use the information in the table below which illustrates the multiplier process resulting from an autonomous increase in investment by $5. Change in IncomeChange in ConsumptionChange in SavingsAssumed increase in investment$5.00 $1.25Second round $2.81 All other rounds 8.44 Totals 5.00The multiplier in this economy is
A. 2. B. 3. C. 4. D. 5.