During 2005-2006 Europe imported more than $70 million worth of U.S. long-grain rice
In 2006, the European Union threatened to restrict imports of long-grain rice because traces of genetically modified rice were found mixed in to commercial supplies. What would NOT be an effect in the European rice market if U.S. imports were banned? A) There would be an increase in long-grain rice consumption.
B) There would be an increase European in rice production.
C) The price of long-grain rice would increase.
D) The quantity of long-grain rice imports would decrease.
A
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How would an increase in the U.S. federal budget deficit affect the exchange rate in the market for dollars?
A) The exchange rate will increase. B) The exchange rate will not be affected by a change in the federal budget deficit. C) The exchange rate will decrease. D) The impact of the increase in the federal budget deficit on the exchange rate cannot be predicted.
Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening. b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles. c. There are many competing uses for the annual budget of your city, county, or state. d. All of the answers are correct.
Which of the following statements is true?
A. A production process is either economically efficient or technically efficient but never both. B. A production process must always be both economically efficient and technically efficient. C. Any economically efficient production process is always technically efficient. D. Any technically efficient production process is always economically efficient.
A reduction in workers' marginal productivity would result in:
A. a reduction in the equilibrium wage rate. B. a decrease in labor supply. C. an increase in labor demand. D. an increase in equilibrium employment level.