Refer to the four graphs below. Select the graph that best shows the changes in demand and supply in the market specified in the following situation: In the market for beef, if a new diet fad favoring beef consumption becomes hugely popular, while cattle
producers see steeply rising costs of cattle feed.
A. Graph A
B. Graph B
C. Graph C
D. Graph D
D. Graph D
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Of the following countries, which is the best example of a command economy?
A) the United States B) Cuba C) Japan D) Brazil
Refer to Table 5.2. This table shows the number of labor hours required to produce a bicycle and a harmonica in Germany and Sweden
a. Which country has an absolute advantage in the production of bicycles? b. Which country has an absolute advantage in the production of harmonicas? c. What is Germany's opportunity cost of producing one bicycle? d. What is Sweden's opportunity cost of producing one bicycle? e. What is Germany's opportunity cost of producing one harmonica? f. What is Sweden's opportunity cost of producing one harmonica? g. If each country specializes in the production of the product in which it has a comparative advantage, who should produce bicycles? h. If each country specializes in the production of the product in which it has a comparative advantage, who should produce harmonicas?
Which of the following statements is TRUE?
A) Bank failures inflict serious financial harm on individual depositors. B) Bank failures do not inflict serious financial harm on individual depositors. C) Bank failures inflict not only serious financial harm on individual depositors, but also harm the macroeconomic stability of the economy. D) Bank failures inflict serious financial harm on individual depositors, but fortunately do not harm the macroeconomic stability of the economy. E) Bank failures only inflict serious financial harm on the macroeconomic stability of the economy.
Which of the following factors best explains why consumers might prefer to go to a restaurant that was similar to another restaurant in terms of décor and food choices but had fewer customers?
a. the presence of network externalities b. the idea that some people receive utility from goods they believe are popular c. income and substitution effects d. switching costs