Which of the following would cause a decrease in the equilibrium price and decrease in the equilibrium quantity of papayas?
A) a decrease in supply and an increase in demand
B) a decrease in demand
C) an increase in supply and an increase in demand greater than the increase in supply
D) a decrease in supply and a decrease in demand
Answer: B
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Which of the following is NOT a true statement?
A) India can easily relocate workers from the country to the city. B) India would raise income faster if it moved workers from agriculture to manufacturing. C) High agricultural tariffs in India protect rural workers. D) India has low tariffs in manufacturing.
Which of the following statements regarding price elasticity of supply and the length of time for adjustment is FALSE?
A. The shorter the time period for adjustment, the smaller is the price elasticity of supply. B. The longer is the time period for adjustment, the greater is the price elasticity of supply. C. The longer is the time period for adjustment, the less is the extent to which resources flow into (or out of) an industry through expansion (or contraction) of existing firms. D. The longer is the time period for adjustment, the greater is the extent to which entry or (exit) of firms increases or (decreases) production in an industry.
In a corporation, one important source of value is that the "whole organization" is worth more than the sum of its parts. This is called
A. substitute goods value creation. B. complementary goods value creation. C. team production capabilities. D. collective cost analysis benefits.
If the monetary multiplier is 6, then the reserve requirement must be
A. 0.6. B. 0.167. C. 1.67. D. 0.06.