Which of the following would cause an increase in the supply of cheese?
A) an increase the price of a product that producers sell instead of cheese
B) an increase in the price of cheese
C) a decrease in the price of wine (assuming that cheese and wine are complements)
D) an increase in the number of firms that produce cheese
D
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A tax of 20 percent per unit of imported garlic is an example of a(n)
A) specific tariff. B) ad valorem tariff. C) nominal tariff. D) effective protection tariff. E) a disadvantageous tariff
You are assigned a group project for the class, you will be graded as a group, and your individual grade will be decided on the group's performance relative to other groups. Would you like this arrangement?
What will be an ideal response?
Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the following statements is correct?
A. If the box office price were raised, the excess demand for Orange Bowl tickets would decrease. B. The box office price is higher than the equilibrium price for Orange Bowl tickets. C. There is a shortage of Orange Bowl tickets at the box office price. D. both a and c E. all of the above
A competitive market with flexible prices and many buyers and sellers will:
A) tend to create surpluses. B) tend to create shortages. C) reach an equilibrium where the market clears. D) reach and equilibrium only if a government agency sets the price.