What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if new EPA regulation, which prohibit the use of certain pesticides and herbicides widely used by cotton farmers, are introduced?
A) Decrease in demand
B) Decrease in supply
C) Increase in demand
D) Increase in supply
B
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What is the relationship between marginal revenue and total revenue?
A. Total revenue equals marginal revenue multiplied by quantity sold B. Total revenue equals marginal revenue minus total costs C. Total revenue equals marginal revenue plus the price of all products sold D. Total revenue equals marginal revenue plus fixed costs plus variable costs
If the area between the line of equality and the Lorenz curve is 1,250, and the entire area beneath the line of equality is 5,000, the Gini ratio is
A) 0.25. B) 4.00. C) 0.33. D) 0.80.
Which of the following will tend to retard the growth and prosperity of a country?
a. imposition of price controls and regulations that restrain domestic and international trade b. an expansionary monetary policy that leads to high rates of inflation c. high marginal tax rates d. all of the above
The schedule of the amount of a product that consumers would be willing to purchase at alternative prices during a specific time period is the
a. total utility schedule. b. marginal utility schedule. c. supply schedule. d. demand schedule.