Refer to the scenario above. Suppose a country is currently at point C. Which of the following will happen if it experiences an improvement in technology?
A) It will move from point C towards point D. B) The curve will shift upward.
C) It will move from point C toward point A. D) The curve will shift downward.
B
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When the government levies a tax where everyone is taxed the same fixed percentage of their incomes, this tax is known as a(n):
a. regressive tax. b. progressive tax. c. proportional tax. d. excise tax. e. luxury tax.
Which continent best illustrates LDCs?
a. Australia b. South America c. North America d. Antarctica e. Europe
The cost of production on the "bottom forty" is $100,000 for a given size crop. On the "north forty," due to erosion of the soil, the cost is $150,000 . If both are being farmed by tenants, we would expect the rent on the "bottom forty" to be
a. $50,000 below the rent on the north forty. b. $50,000 above the rent on the north forty. c. different from that on the north forty by an indeterminable amount. d. $50,000 . and the rent on the north forty is $50,000.
Which of the following will cause a decrease in market equilibrium price and an increase in equilibrium quantity?
A. A decrease in demand B. A decrease in supply C. An increase in demand D. An increase in supply