Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. Because hops are inputs in the production of beer, an increase in the production of beer resulted in:
A. an increase in the demand for hops.
B. a decrease in the demand for hops.
C. an increase in the quantity demanded for hops.
D. a decrease in the quantity demanded for hops.
Answer: A
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You read online that, at current rates of production, the yearly world supply of food is sufficient to feed the projected 2050 population of earth, but that after 2050 there will be massive starvation. This prediction appears to assume that:
A. the long-run supply of food is perfectly inelastic. B. the long-run supply of food is perfectly elastic. C. the short-run supply of food is perfectly elastic. D. the short-run elasticity of supply of food is greater than long-run elasticity of supply.
The price elasticity of demand for good x is defined as:
a. percentage change in px / percentage change in x. b. percentage change in x /percentage change in px. c. percentage change in x/percentage change in income. d. percentage change in x /percentage change in py.
Which of the following statements most likely lies within the realm of macroeconomics? a. An increase in the price of automobiles will lead to a decrease in the quantity of automobiles demanded
b. Due to process innovations in computer chip manufacturing, the market supply of computers increased. c. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. d. Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the course textbook.
Which program forces farmers to destroy millions of dollars' worth of crops each year?
A. Set-asides. B. The dairy termination program. C. Marketing orders. D. Countercyclical payments.