the demand for ethanol is affected by the following factors (pick the best of the choices):
a) the price of corn (an input to ethanol production)
b) the number of ethanol plants that produce ethanol
c) a change in the technology of ethanol production
d) a new regulation mandating increased use of ethanol mixed gasoline
e) all of the above
d) a new regulation mandating increased use of ethanol mixed gasoline
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Suppose Mary is willing to pay up to $15,000 for a used Ford pick-up truck. If she buys one for $12,000, her ________ would be ________.
A. economic surplus; $12,000 B. cost; $15,000 C. benefit; $12,000 D. economic surplus; $3,000
Redbox rents DVDs for $1 per day via self-service kiosks located across the United States. In 2007, each kiosk averaged about 50 rentals per day. Suppose Redbox increases their daily price to $1.50
What is the price elasticity of demand if rentals decrease by 20 per day? A) 1.25 B) 1.33 C) 1 D) 0.8
What is utilitarian justice?
What will be an ideal response?
Ricardian equivalence predicts:
A. that if governments cut taxes but not spending, people will not change their behavior. B. if people perceive current tax cuts to mean higher tax payments in the future, the cuts will have little expansionary effect. C. the consumers need to feel as though they will not have to pay in the future for current spending to make current tax cuts effective expansionary policy. D. All of these are true.