All else held constant, if farmers receive a subsidy for their corn, then this would cause a
A. movement up along the current supply curve of corn.
B. movement down along the current supply curve of corn.
C. rightward shift in the current supply of corn.
D. leftward shift in the current supply of corn.
Answer: C
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According to the textbook application, the International Organization for Standardization (ISO)has developed standards for environmental management. Identified as
a. ISO 1500 c. ISO 1400 b. ISO 15000 d. ISO 14000
Miguel is a 20 year old college student who works part-time and earns an annual income of $12,000 . To smooth out his life cycle changes in income, Miguel can
a. save his earnings to use when he is middle-aged. b. lend money to a friend to purchase a new car. c. borrow money to pay for college, which he will later repay when his income rises. d. attempt to pay for college from his current earnings.
If the public correctly perceives that the central bank will reduce inflation, then
a. the short-run Phillips curve shifts right, and the sacrifice ratio will be higher. b. the short-run Phillips curve shifts right, and the sacrifice ratio will be lower. c. the short-run Phillips curve shifts left, and the sacrifice ratio will be higher. d. the short-run Phillips curve shifts left, and the sacrifice ratio will be lower.
Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $3 tax on buyers, which results in a shift of the demand curve from D1 to D2. The amount of the tax revenue paid by the buyer is
A. $300. B. $600. C. $2100. D. $900.