Suppose that many coal mines are shut for environmental reasons. This will cause
A) no change in the supply curve, only a change in price.
B) a movement up the supply curve.
C) a decrease in the supply of coal (a leftward shift of the supply curve).
D) an increase in the supply of coal (a rightward shift of the supply curve).
E) a movement down the supply curve.
Answer: C) a decrease in the supply of coal (a leftward shift of the supply curve).
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According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
Which of the following is the best example of a non excludable good?
A. National parks B. Cable TV C. Beer D. Television broadcast over the air
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point B to Point D, the opportunity cost of motorcycles, measured in terms of hybrid cars,
A. increases B. remains constant. C. initially increases, then decreases. D. decreases.
In Figure 33.1, suppose that the Gini coefficient for Omega is 0.55. The Gini coefficient for Alpha must be
A. Greater than 0.55. B. Equal to 0.55. C. Less than 0.55. D. 0.45.