In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market
If, following the hurricane, the price remained at its pre-hurricane level, we would expect to see
A) a surplus of oranges.
B) a shortage of oranges.
C) an increase in the demand for oranges.
D) the quantity demanded equal to the quantity supplied.
B
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An increase in the price a firm receives for its output will lead the firm to:
A. leave output unchanged and earn greater profits. B. reduce output. C. expand output. D. leave output unchanged and earn smaller losses.
The amount by which the federal government's annual revenues exceed its annual expenditures is the
A) federal debt. B) federal government budget deficit. C) federal government budget surplus. D) federal profit.
Household production is more likely to occur when
a. it requires many specialized resources b. technology makes it more costly than market production c. tax avoidance is undesirable d. more control over the final product is desirable e. all of the above
Which of the following is(are) indexed to inflation?
A. Standard deduction B. Employer contributions to pensions C. Gifts and inheritances D. None of the answer options are correct.