Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).According to this Application, the longer than usual harmattan has impacted the supply curve for cocoa pods, shifting the supply curve to the ________ due to a(n) ________ in cocoa yields.
A. right; increase
B. right; decrease
C. left; increase
D. left; decrease
Answer: D
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All of the points inside a production possibilities frontier are ____; all of the points on the production possibilities frontier are ____.
A. efficient; inefficient B. inefficient; efficient C. attainable; unattainable D. rational; zero-cost E. unattainable; efficient
If snowboarding increases in popularity, what would be expected to happen to the demand and wages of workers who make the snowboards?
A. demand decreases and wages increase B. demand decreases and wages decrease C. demand increases and wages decrease D. demand increases and wages increase
There is a concern that carbon emissions that are a byproduct of the burning of coal and other fuels contributes to global warming. One proposed solution is to tax the use of these fuels based on their carbon content. The following table gives information on the demand and supply of coal: Price ($/ton)400 350 300 250 200 Quantity demanded 10 12 14 16 18 Quantity supplied 18 16 14 12 10 What will be the free-market price and quantity, and what will be the price and quantity if the government requires suppliers to pay a $100 tax for each ton of coal produced?
What will be an ideal response?
Government failure will likely arise if
A. The free-rider problem occurs. B. Public services have reliable market prices. C. There are no valuation problems. D. Government officials attempt to maximize their own utility.