If output increases by 5 percent and population growth is 3 percent, per capita output grows by about:
A. 8 percent.
B. 3 percent.
C. 2 percent.
D. 5 percent.
Answer: C
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In the orange market, what impact would an increase in the price of oil that orange growers burn to keep oranges from freezing in the winter have on the market?
a. It would shift the supply curve to the right. b. It would shift the supply curve to the left. c. It would shift the demand curve to the left. d. It would shift the demand curve to the right.
Goods that are rival in consumption and excludable are:
A. a private good. B. a common resource. C. a public good. D. an artificially scarce good.
How is future price related to current demand?
a. If the price is expected to rise, current demand will drop. b. If the price is expected to fall, current demand will rise. c. If the price is expected to rise, current demand will rise. d. Future price is not related to current demand.
A monopolist will find that its marginal revenue curve
A. Lies below its demand curve and is steeper than its demand curve. B. Is the same as its demand curve. C. Lies above its demand curve and is flatter than its demand curve. D. Lies below its demand curve and has the same slope as its demand curve.