Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).This Application illustrates how a change in weather conditions can adversely impact the ________ by ________ the price of a good.
A. demand; decreasing
B. demand; increasing
C. supply; decreasing
D. supply; increasing
Answer: D
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There are very few, if any, farms within the city limits of Chicago because
A) zoning laws have always prohibited them. B) the land under the city of Chicago is unfertile. C) Chicago is known for its butchers and freighters, not its farmers. D) the land is in extremely great demand for non-agricultural purposes.
Which of the following are substitute goods?
A) margarine and butter B) peanut butter and jelly C) pizza and beer D) sports utility vehicles and gasoline
In the factor payments approach, owners of land receive
a. wages b. user fees c. rent d. interest e. profit
Consider the hypothetical supply and demand of Kidneys.
Initially, Kidney exchanges are regulated to donations only. This means kidneys can only be exchanged at a price of zero. What is the deadweight loss from this restriction?
A. $825,000 B. $0 C. $1200 D. $1,350,000