The above figures show the market for hamburger meat. Which figure(s) shows the effect of an increase in the number of people who eat hamburger meat?
A) Figure A
B) Figure B
C) Figure C
D) Figures A and C
A
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When applied to committees, the median voter model concludes that _____
a. becomes irrelevant as committees will be unable to select a clear outcome b. the committee selects the outcome preferred by the median voter c. when preferences are double peaked, the committee meets the demand of the median voter d. a cyclical majority will emerge, if voters are irrational
Helen gives up the opportunity to bake 40 cakes for each room she paints; Josh can paint one room in the time it takes him to bake 60 cakes. The opportunity cost of a cake for Helen is
a. painting one room b. painting 1/40 of a room c. painting 1/60 of a room d. painting 2/3 of a room e. painting 3/2 of a room
If the production of a product creates external costs, there is an ____ to production of that good which the government can correct for by ____
a. overallocation of resources; granting a subsidy b. overallocation of resources; imposing a per-unit tax c. underallocation of resources; granting a subsidy d. underallocation of resources; imposing a per-unit tax
Computation of GDP by the expenditures method would include the purchase of ________.
A. land by the U.S. Department of Interior B. government bonds by a commercial bank C. fertilizer by a farmer D. cement by a construction company