A surplus of wheat:
a. is impossible if people are hungry.
b. is impossible if the price of wheat is below equilibrium.
c. will result when the quantity demanded exceeds the quantity supplied at the current price.
d. is unlikely to cause any change in the price of wheat.
e. indicates that the problem of scarcity of wheat has been solved.
b
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Which of the following statements is true?
A) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a command economy which decelerated their economic growth. B) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a market economy which accelerated their economic growth. C) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a command economy which accelerated their economic growth. D) After Czechoslovakia split into Czech Republic and Slovakia, the nations adopted a market economy which decelerated their economic growth.
Which of the following statements is TRUE?
A) If average product equals marginal product, average product decreases. B) If marginal product equals average product, average product is a maximum. C) If marginal product equals average product, marginal product is a maximum. D) If marginal product exceeds average product, marginal product increases.
Marginal land is land on the borderline of
a. producing revenue. b. being used profitably. c. producing economic rent. d. a facility that produces output.
Two factors are affecting the domestic auto industry: (1) an increase in cheap Korean imports (2) an increase in the cost of materials. What can we say about equilibrium price and quantity of domestic autos?
A. Equilibrium price will fall. B. Equilibrium quantity will fall. C. Equilibrium price will rise. D. The answer cannot be determined from the information given above.