Which of the following goods would be most likely to feature an income elasticity of zero?
a. tickets to a championship football game
b. insulin
c. orange juice
d. cigarettes
b
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Suppose a positive technological change in the production of disease-resistant corn caused the price of corn to fall. Holding everything else constant, how would this affect the market for wheat (a substitute for corn)?
A) The demand for wheat would decrease and the equilibrium price of wheat would decrease. B) The demand for wheat would increase because consumers could afford to buy more wheat and corn. C) The demand for wheat would decrease and the equilibrium price of wheat would increase. D) The supply of wheat would increase and the equilibrium price of wheat would decrease.
The rise in output of corn and wheat was achieved more by increasing acres farmed than by raising output per acre
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
1. The federal grant program may have created an incentive for over-building of POTWs and a disincentive for cost-minimization. 2. The Nonpoint Source Management Program was enacted under the Water Quality Act of 1987 as a three-stage plan to be implemented at the state level. 3. According to the text application, mercury contamination is relatively easy to control because mercury emissions tend to remain close to the polluting source. 4. In the United States, the greatest proportion of resources and funding has been allocated to nonpoint source pollution. 5. Delegating control of nonpoint source pollution to the states can be advantageous because runoff is affected by factors that vary considerably, making uniform controls at the federal level ineffective and difficult to implement.
The higher the U.S. dollar price per Mexican peso, the __________ Mexican goods are for Americans and the __________ Mexican goods Americans will buy; thus __________ pesos will be demanded
A) more expensive; fewer, more B) less expensive; more, fewer C) more expensive; fewer, fewer D) less expensive; fewer, more E) none of the above