Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S1 to S3?
A. a tax on wheat production
B. a decrease in the price of wheat
C. an increase in the price of wheat
D. a subsidy for wheat production
Answer: A
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Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. If they then still sell almost the same number of sodas per day, this suggests:
A. there are few other places to purchase soda on campus. B. the price elasticity of demand for soda is equal to 1. C. students do not have good nutritional information. D. soda purchases represent a large fraction of students' budgets.
Who among the following would not be considered officially unemployed?
a. Jones, who quit his job to look for a better job in another part of the country b. Jason, who got fired from his job when the government cut spending c. Bourne, who is looking for a job after being out of the labor force for five years d. Sophie, who retired early because she disliked her current job e. Annie, who dropped out of the labor force after a year of job search
The economic theory of discrimination suggests that the practice of apartheid in South Africa should have
a. worsened the economic condition of only the blacks. b. worsened the economic condition of only the whites. c. worsened the economic condition of whites as well as others. d. improved the economic condition of the whites.
What effect does the following transaction have on the U.S. balance of payments?(Choose the proper debit and credit entries.)The U.S. Federal Reserve intervenes to puchase U.S. dollars in the foreign exchange market
a. Debit the U.S. financial account; credit the U.S. financialaccount. b. Credit the U.S. financial account; debit the U.S. financialrccount. c. Debit the U.S. financial account; credit the U.S. current account. d. Credit the U.S. financial account; debit the U.S. current account.