"Because of unseasonable cold weather, much of the peach crop has been destroyed." This statement indicates that the:
A. price of peaches will fall.
B. quantity of peaches that will be available at any given price has decreased.
C. demand for peaches will shift to the left.
D. quantity of peaches that will be available at any given price have increased.
Answer: B
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Institutions and laws, such as patent protection, that foster innovations lead to economic growth because they
A) give businesses loans to buy new machinery. B) give confidence to consumers that the products they buy are safe. C) allow the government control of the innovations. D) give confidence to inventors that they will profit from their innovation.
When there are external costs of production, such as when electric utilities burn coal, a competitive market will produce an inefficient level of output
Indicate whether the statement is true or false
An efficient allocation of productive inputs requires that:
a. each output has the same rate of technical substitution among inputs used. b. each output has the same marginal rate of substitution for consumers. c. each pair of outputs has the same rate of product transformation. d. each individual has the same marginal rate of substitution between outputs.
Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock. b. $50 bill. c. credit card. d. lawyer's personal computer.