Which of the following is an example of a renewable natural resource?
a. fish
b. soybeans
c. wood
d. All of the above are correct.
d
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According to the economics of exhaustible resources, if the interest rate increases,
A) an exhaustible resource will be used up sooner. B) an exhaustible resource will be used up over a longer period of time. C) the period of time until an exhaustible resource is used up will not change. D) none of the above
An income elasticity (Ey) of 2.0 indicates that for a ____ increase in income, ____ will increase by ____
a. one percent; quantity supplied; two units b. one unit; quantity supplied; two units c. one percent; quantity demanded; two percent d. one unit; quantity demanded; two units e. ten percent; quantity supplied; two percent
If the current market price is above the equilibrium price, then:
a. the quantity demanded exceeds the quantity supplied. b. there will be a shortage. c. the quantity supplied will exceed the quantity demanded. d. the price will have to increase to establish equilibrium. e. demand will shift to the left.
If the Consumer Price Index was 102.2 in 2007 and 104.9 in 2008, we can conclude that
a. the prices of all consumer goods were higher in 2008 than in 2007 b. the prices of all consumer goods were lower in 2008 than in 2007 c. the price level fell from 2007 to 2008 d. the price level rose from 2007 to 2008 e. the base year was 2001