A. panel (b) only. In panel (b), there will be
A. a shortage of wheat.
B. a surplus of wheat.
C. equilibrium in the market.
D. lines of people waiting to buy wheat.
B. a surplus of wheat.
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Cost-of-living adjustments are
A) changes in the basket of goods used in calculating the CPI. B) automatic wage changes based on the CPI which are included in some union contracts. C) quality measurements included in the calculation of the CPI. D) averages of neighboring years' base prices used in constructing the CPI.
Of the following high-income countries, which has the highest obesity rate?
A) Canada B) Japan C) the United Kingdom D) the United States
Suppose that the price of eggs increases from 75 cents to $1.00 per dozen and as a result a typical farmer experiences a decrease in egg sales from 300 to 200 dozen per week
Using the method of average values, the absolute price elasticity of demand is A) 1.4. B) 0.8. C) 3.0. D) 1.75.
Which one of the following statements is correct?
a. Policymakers have good intentions and therefore their proposals will create good outcomes. b. Potential secondary effects do not need to be considered when deciding whether to implement a new government program. c. A good outcome is guaranteed from a government program if it is created with good intentions. d. Government programs can be implemented with good intentions but can lead to undesirable outcomes because of unintended consequences.