Use the following graph of the demand for ground beef to answer the question below.
Refer to the three demand curves for ground beef and assume that ground beef and ground turkey are substitutes. Which of the following would shift the demand for ground beef from D1 to D2?
A. an increase in the price of ground beef
B. an increase in the price of ground turkey
C. a decrease in the price of ground beef
D. a decrease in the price of ground turkey
Answer: B
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Use the following figure to answer the question below.
Dave's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 1/2 B. 4 C. 2 D. 1
Samantha values the utility of her first cup of coffee at $1.00; a second cup, $0.75; and a third cup, $0.50 . If Samantha drinks three cups of coffee for breakfast, her marginal utility is equal to
a. $0.50, the value of her last cup of coffee. b. $1.00, the value of her first cup of coffee. c. $2.25. d. $1.50.
Colleges and universities use such things as grade point averages and standardized test scores as
A) a measure of consumer utility. B) non-price rationing devices. C) a means to shift the supply curve for a college education. D) solely to frustrate prospective students.
A recommended policy for DVCs to implement that promotes economic growth is:
A. Establishing realistic policies for exchange rates B. Obtaining more low-interest loans from the U.S. government C. Encouraging more tariffs and quotas to protect DVC businesses D. Discouraging direct foreign investment to make DVCs more self-sufficient