Which of the following scenarios would prompt producers to supply less now than they otherwise would have?
a. Producers expecting a higher price in the future
b. Producers expecting prices to remain unchanged
c. Producers expecting a lower price in the future
d. Producers expecting prices to be volatile
a
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Between 1950 and 2015, the number of acres devoted to wheat production in the United States ________ and the price of wheat ________
A) declined; more than doubled B) more than doubled; increased by about 50 percent C) declined; decreased D) increased; more than doubled
Two goods, X and Y, are complementary goods if the demand for X:
a. increases when the price of Y increases. b. increases when income increases. c. decreases when the price of Y increases. d. increases as the price of its substitute good increases. e. decreases as the price of its substitute good decreases.
To calculate GDP it is necessary to
A) add the total amounts of all the goods produced.
B) use production cost to place a dollar value on all goods produced.
C) average the cost of producing a good with the price of the good to place a dollar value on all goods produced.
D) use the market price to place a dollar value on each good produced.
E) use the average market price over the last five years to place a dollar value on all goods produced.
Inflation caused by a rise in the prices of inputs is referred to as ________.
A. hyperinflation B. unexpected inflation C. demand-pull inflation D. cost-push inflation