If the price of a hamburgers increases, the substitution effect works to
a. decrease the quantity of hamburgers supplied
b. increase the number of hamburger buns demanded
c. decrease the quantity of hamburgers demanded
d. increase the number of hamburger buns supplied
e. increase the quantity of hamburgers demanded
C
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The figure above shows the production possibilities frontiers for the United Kingdom and France. If the United Kingdom and France specialize and engage in trade, the United Kingdom will export ________ and France will export ________
A) fish; wheat B) wheat; wheat C) fish; fish D) nothing; nothing E) wheat; fish
A specific tariff provides home producers more protection when
A) the home market buys cheaper products rather than expensive products. B) it is applied to a commodity with many grade variations. C) the home demand for a good is elastic with respect to price changes. D) it is levied on manufactured goods rather than primary products. E) the home supply outnumbers the foreign imports.
A change in inflation leads to shifts of the ________ curves
A) MP, IS, & AD B) MP & IS, but not AD C) IS & AD, but not MP D) MP, but not IS nor AD E) none of the above
The U.S. Department of Agriculture defines the official poverty level as
a. the bottom 10 percent of the income distribution b. the poorest 2 million households c. income less than $15,000 d. income equal to three times the estimated cost of a nutritionally adequate diet e. being unemployed for more than two months