In 2014, the price of peanuts increased. In the market for peanut butter, this change lead to ________ and which therefore ________ the price of peanut butter and ________ the quantity of peanut butter
A) a decrease in the supply; increased; decreased
B) an increase in supply; decreased; increased
C) a decrease in demand; decreased; decreased
D) an increase in demand; increased; increased
A
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When a firm increases its capital usage
a. the total product curve can be expected to fall. b. the total product curve can be expected to rise. c. the marginal product of labor always rises. d. the marginal product of labor always falls
In August of 2013, the number of employed persons in the United States was 144.2 million, the number of unemployed persons was 11.3 million, and the number of persons not in the labor force was 90.5 million
What was the working-age population in August of 2013? A) 155.5 million B) 246.0 million C) 234.7 million D) 101.8 million E) There is not enough information to answer this question.
Sugarcane can be used for producing both sugar and ethanol. New regulations in certain countries now allow a higher level of ethanol in gasoline. An economist would expect sugarcane prices to ____, and quantity sold to ____
a. rise; rise. b. fall; fall. c. rise; fall. d. fall; remain the same.
Over time, GDP may increase as the result of either (i) expansion in the quantities of goods produced or (ii) higher prices. Which of the following is true?
a. (i) will generally increase living standards, but (ii) will not. b. (ii) will generally increase living standards, but (i) will not. c. Both (i) and (ii) will generally increase living standards. d. Neither (i) nor (ii) will generally increase living standards.