Farmers withholding some of their current corn harvest from the market because they anticipate a higher price of corn in the near future would cause a
A. leftward shift in the current supply of corn.
B. movement up along the current supply curve of corn.
C. movement down along the current supply curve of corn.
D. rightward shift in the current supply of corn.
Answer: A
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Bananas and apples are substitutes. When the price of bananas rises, and a technological advance in apple production occurs at the same time
A) the equilibrium price of apples rises and the equilibrium quantity of apples falls. B) the equilibrium price of apples rises and the equilibrium quantity of apples might rise or fall. C) the equilibrium quantity of apples rises and the equilibrium price of apples might rise or fall. D) the equilibrium price of apples rises and the equilibrium quantity of apples rises.
Which of the following is the best indicator of standard of living?
a. Nominal GDP b. Real GDP c. Real GDP per capita d. Productivity e. Productivity per unit of labor
The percentage of U.S. citizens living below the poverty line is higher today than it was for most of the 1970s.
Answer the following statement true (T) or false (F)
In the short run, a firm using variable labor and fixed capital inputs achieves the ________ level of output at the minimum point on its average total cost curve.
A. highest cost B. only possible C. least efficient D. efficient