The adjustment of ________ is the rationing mechanism in market economies.
A. demand
B. supply
C. price
D. quantity
Answer: C
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Fred's income has just risen from $940 per week to $1,060 per week. As a result, he decides to purchase 9 percent more steak per week. The income elasticity of Fred's demand for steak is
A) 0.75. B) 0.90. C) 1.00. D) 1.33.
Due to global warming, a country's climate has changed over the years. 30 years ago, it used to rain for almost three months. However, for the past two years, the rainy season has hardly lasted for two weeks. If this change in climate adversely affects agricultural productivity and crop yield, it will cause: a. the long-run aggregate supply curve to shift rightward
b. the long-run aggregate supply curve to shift leftward. c. an upward movement along the long-run aggregate supply curve. d. a downward movement along the long-run aggregate supply curve.
In 2014, a farmer grows and sells $3 million worth of corn to Big Flakes Cereal Company. Big Flakes Cereal Company produces $8 million worth of cereal in 2014, with sales to households during the year of $7 million. The unsold $1 million worth of cereal remains in Big Flake Cereal Company's inventory at the end of 2014 . The transactions just described contribute how much to GDP for 2014?
a. $3 million b. $7 million c. $8 million d. $11 million
One main difference in the rulings on the 1945 Alcoa case and the 1956 Dupont cellophane case is that the Alcoa case:
A. Focused on structure whereas the Dupont case focused on behavior B. Focused on behavior whereas the Dupont case focused on structure C. Defined the market broadly whereas the Dupont case defined the market narrowly D. Defined the market narrowly whereas the Dupont case defined the market broadly