Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: Between 1930 and 1935, millions of U.S. farm families lost their farms, and less output was produced by the remaining farms. (See Figure 8.6.)
A. A.
B. B.
C. C.
D. D.
Answer: A
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Pay-As-You-Throw programs that charge people a small price for each bag of trash they throw out are likely to ________
A) increase waste creation B) increase recycling and reuse C) increase the social cost of waste disposal D) reduce social surplus
The effect of opening trade between countries is
a. living standards rise in the country with efficient, high-pay workers. b. both countries can exploit comparative advantage and increase productivity. c. total world production increases as both countries specialize in specific goods. d. All of the above are correct.
The CPI equals 1.00 in year one and 1.05 in year two. If the nominal wage is $15 in year one and a contract calls for the wage to be indexed to the CPI, what will be the nominal wage in year two?
A. $15.00 B. $15.75 C. $14.29 D. $16.05
Assume the market was in equilibrium in the graph shown. If the market price gets set to $7, which of the following is true?
A. Some producers lose surplus, but total surplus rises. B. Some producers gain surplus, but total surplus falls. C. Some consumers lose surplus, but total surplus rises. D. Some consumers gain surplus, but total surplus falls.