If beginning stocks for 2014/2015 are adjusted upward in the May (2014) WASDE report, then the estimate of the supply of corn for 2014/15:
a. Is decreased
b. Is increased
c. Is not affected by the adjustment
b. Is increased
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The economist known for his early empirical work supporting the efficient markets hypothesis is
A) Milton Friedman. B) John Muth. C) Eugene Fama. D) Glenn Hubbard.
In a perfectly competitive industry, the price of good A is $2 . If a firm in this industry decides to increase its price to $2.50, it will:
a. realize an increase in profit of $0.50 per unit output. b. be able to increase the quantity sold of good A. c. be unable to sell any quantity of good A that is produced. d. lose some of its customers in the market. e. experience a decrease in profit of $0.50 per unit output.
Which of the following statements about market economies is correct?
a. In a market economy, no one is looking out for the economic well-being of society as a whole. b. Market economies are characterized by decentralized decision making and self-interested decision makers. c. Market economies have proven remarkably successful in promoting overall economic well-being. d. All of the above are correct.
The regular earnings profile of an individual throughout his or her lifetime is
A) the Lorenz curve. B) the age-earnings cycle. C) wealth. D) income-in-kind.