If corn and soybean are alternative crops grown by most farmers, an increase in the price of corn, other things constant, is likely to:
a. increase the supply of corn.
b. ?increase the supply of soybeans. ?
c. decrease the supply of soybeans. ?
d. decrease the supply of corn. ?
e. decrease the demand for soybeans.
b. ?increase the supply of soybeans. ?
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Labor unions create ________ unemployment at the higher end of the wage ladder
A) frictional B) cyclical C) structural D) under-reported
Since price tends to equal marginal utility, the price of water is low and the price of diamonds is high.
Answer the following statement true (T) or false (F)
There's been a real depreciation of the dollar over the past month. In the long run, you would expect the quantity of
A) American imports to fall and the quantity of American exports to fall. B) American imports to rise and the quantity of American exports to rise. C) American imports to fall and the quantity of American exports to rise. D) American imports to rise and the quantity of American exports to fall.
Advocates of the minimum wage admit that it has some adverse effects, but they believe that these effects are small and that a higher minimum wage makes the poor better off
a. True b. False Indicate whether the statement is true or false