Suppose that vegetarian lobby groups run large advertising campaigns that are successful in substantially lowering the consumption of beef. As a result of the substantially lower desire for beef, we would expect
a. the price of beef to fall.
b. the profitability of being a cattle rancher to fall.
c. a reduction in the number and size of cattle herds--and thus the number of cows--in the long run.
d. all of the above.
d. all of the above.
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q215g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />________ residents of Miniville live west of point B, and ________ live east of point A.
A. 150; 150
B. 100; 200
C. 200; 100
D. 200; 200
Inefficiency in an economy can be caused by
A. misallocating resources. B. underemploying resources. C. discrimination. D. All of the responses are correct.
If you buy a five-year-old TV from a friend, the amount you paid for the TV is
A) always added to consumption expenditures but not investment. B) always added to investment but not consumption. C) not included in this year's GDP. D) added to investment if the TV is expected to last more than 5 additional years and added to consumption if the TV is expected to last less than 5 additional years. E) included in this year's GDP only if the TV set was manufactured in the United States.
Keynesians argue that velocity is
A) equal to the inflation rate. B) equal to one. C) negative. D) unpredictable.