Mamma's Honey sells locally produced raw honey at an equilibrium price of $12 a jar and an equilibrium quantity of 200 jars. Which of the following is most likely to be true if the government begins to pay a $3-per-jar subsidy to the seller?
a. The price paid by buyers will increase
b. The price received by sellers will decrease.
c. The quantity demanded by buyers will decrease.
d. Total surplus will decrease.
d
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The modern view of the Phillips curve suggests that
a. when inflation is less than anticipated, unemployment will fall below the natural rate. b. when inflation is steady, actual unemployment will equal the natural rate of unemployment. c. systematic demand stimulus policies will be unable to affect prices in the long run. d. there will be a trade-off between inflation and unemployment in the long run.
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table.Time cleaning windows (hours/day)Total number of windows cleaned0017211314416517 Should John spend a third hour cleaning windows?
A. Yes, because the additional amount he would earn is $6, which is better than earning nothing. B. Yes, because the additional amount he would earn is $14, which is greater than his opportunity cost of $7. C. No, because the additional amount he would earn is $6, which is less than his opportunity cost of $7. D. Yes, because he would earn $28.
Which of the following is a FALSE statement about education in the high-growth Asian economies?
A) An emphasis on state funding of advanced degree programs, such as engineering and computer science, increased manufacturing production significantly. B) Literacy rates rose dramatically in the high-growth Asian economies and laid a foundation for a skilled labor force. C) As the average educational level rose, workers could take on more technological, sophisticated production, pushing new investment into product lines. D) Spending was focused on the primary and secondary level, where it has the greatest social impact.
Before the 1970s, IMF conditionality focused primarily on correcting the immediate source of the problem
Indicate whether the statement is true or false