Farmers can plant either corn or soybeans in their fields. Which of the following would cause the supply of soybeans to increase?
A) an increase in the price of soybeans
B) a decrease in the price of corn
C) an increase in the demand for corn
D) an increase in the price of soybean seeds
Answer: B
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Currently Belize, a country in Central America, has a small coffee industry but does not export any coffee
Suppose the government of Belize, in order to protect the new coffee industry to enable it to grow into a mature industry that can compete in world markets, places a tariff on the importation of coffee. What is the argument that has been used to support the tariff on coffee? A) the infant-industry argument B) the dumping argument C) protection of Belize coffee workers D) to prevent rich countries from exploiting developing countries
A trade surplus exists if export spending is less than import spending
Indicate whether the statement is true or false
Vertical contracts often result in
a. Higher prices b. Lower prices c. Unchanged prices d. None of the above
The minimum point on the marginal cost curve corresponds to the:
a. maximum point on the total cost curve. b. minimum point on the total cost curve. c. inflection point on the total variable cost curve. d. midpoint of the total cost curve.