If one day a terrible disease were to wipe out over one-half of the orange trees in the United States, which of the following would likely result?
A. The demand curve for orange juice would shift to the right.
B. The supply curve of orange juice would shift upward and to the left.
C. The supply curve of orange juice would shift downward and to the right.
D. The demand curve for orange juice would shift to the left.
Answer: B
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Which of the following is an example of an efficiency-equity trade-off faced by economic agents?
A) Concerned about the falling birth rate, the French government has pledged more money for families with three children, in an effort to encourage working women to have more babies. B) All New York City art museums are considering adopting a free-admission policy for local residents one weekend per month. C) According to an article by in the American Journal of Public Health by Edward Kaplan and Michael Merson of Yale University School of Medicine, the federal government's current method of allocating HIV-prevention resources is not cost-effective. Instead of allocating resources to states in proportion to reported AIDS cases, resources should flow first to those activities that prevent more infections per dollar and then to less and less effective combinations of programs and populations until funds are exhausted, even if it means that some populations would be left without any prevention services. D) Some U.S. colleges are actively recruiting foreign students for their technology-based programs.
In the Heckscher-Ohlin model, countries are assumed to differ only in terms of their
A) factor endowments. B) tastes and preferences. C) available technologies. D) factor productivities. E) physical size.
If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
Colombia produces coffee with less labor and land than any other country. This implies that it has:
a. a comparative advantage in coffee production. b. a perfectly elastic demand curve for coffee. c. a perfectly inelastic supply curve of coffee. d. an absolute advantage in coffee production.