An increase in consumers' demand for espresso will lead to an increase in ________, while an increase in the number of firms producing espresso will lead to a(n) ________.
A. supply; decrease in supply
B. supply; increase in quantity supplied
C. quantity supplied; decrease in supply
D. quantity supplied; increase in supply
Answer: D
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Which of the following is NOT a possible solution to the problem of pollution?
A) subsidizing the costs of production of activities that generate pollution B) converting a resource that is communally owned into a privately owned resource C) regulating the quantity of pollution that can be generated D) imposing a pollution tax on producers
The components of a well-run incentive compensation scheme include all of the following EXCEPT
a. evaluating the identified performance measures b. avoiding rewards for outcomes that are not included in the performance measures c. rewarding workers who for meet performance measures d. displaying the wealth disparities between the executives and the line workers
The economy in the period 1950 to 1998 behaved differently than the economy in the 1870 to 1940 time period. Economists explain this difference
A. in part because of the use of stabilization policy. B. because of increases in U.S. population due to the “baby boom.” C. in part because of the globalization of the economy. D. in part because of the use of competition policy.
Answer the following statement true (T) or false (F)
1) Proposed ergonomics regulations are an example of industrial regulation (rather than social regulation). 2) Tying agreements are contracts by which retailers agree to charge the prices that manufacturers set on branded goods. 3) The Celler-Kefauver Act outlawed interlocking directorates. 4) The regulation of natural monopolies has been criticized because it creates a tendency for regulated firms to use too much labor and too little capital in the production process.