If you were a government official and wanted to raise the price of wheat, which of the following actions would you take?
a. Take wheat from government storage and sell it.
b. Encourage farmers to use more fertilizer.
c. Lower the price of rye.
d. Subsidize purchases of farm equipment.
e. Encourage farmers to grow less wheat.
e
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Which of the following is counted in GDP?
A) the value of do-it-yourself work B) the value of leisure C) the value of goods and services produced in the underground economy D) the cost of a speed boat purchased by drug smugglers
The law of diminishing marginal returns states
A) that at some point, adding more of a variable input to a given amount of a fixed input will cause the marginal product of the variable input to decline. B) that at some point, adding more of a fixed input to a given amount of variable inputs will cause the marginal product of the variable input to decline. C) that in the presence of a fixed factor, at some point average product of labor starts to fall as more and more variable inputs are added. D) average total costs of production initially fall and after some point starts to rise at a decreasing rate as output increases.
Because of NAFTA, the U.S. shifts some of its imports from Europe to Mexico (a member of NAFTA). This is an example of
A) trade deflection. B) trade diversion. C) protectionism. D) rules of origin.
The use of controlled experiments using particular substances to test hypotheses is most likely to be found in:
A) chemistry. B) economics. C) history. D) the humanities.