Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Based this Application, between 2012 and 2017, a decrease in craft beer production will ________ the demand for hops and ________ the price of hops.
A. decrease; increase
B. decrease; decrease
C. increase; increase
D. increase; decrease
Answer: B
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Answer the next question using the following budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. Government SpendingTax RevenuesGDPYear 1$450$425$2,000Year 25004503,000Year 36005004,000Year 46406205,000Year 56805804,800Year 66006205,000 If year 1 is the first year of this nation's existence and year 6 is the present year, this nation's public debt is
A. $275 billion. B. $3,540 billion. C. $100 billion. D. $230 billion.
The concept of “random walk” applies most closely to forecasts of
A. consumer demand for a product after a price increase. B. the effects of a tax on the supply of oil. C. the effects of transfer payments on labor supply. D. the price of a particular stock one year from now.
Which of the following statements are false?
a. b and d. b. Marginal cost is always rising. c. Marginal and average total costs are equal at the most efficient production level. d. The AFC and AVC curves do not cross. e. The AFC and ATC curves do not cross.
Relative to a situation in which gasoline is not taxed, the imposition of a tax on gasoline causes the quantity of gasoline demanded to
a. decrease and the quantity of gasoline supplied to decrease. b. decrease and the quantity of gasoline supplied to increase. c. increase and the quantity of gasoline supplied to decrease. d. increase and the quantity of gasoline supplied to increase.