The above figure shows the supply and demand curves for rice in the U.S. and in Japan. Assume there is no trade between the two countries
If fertilizer price drop causes the supply curves in both countries to shift rightward by the same amount, then A) the quantity will increase the same amount in both counties.
B) the quantity will decrease the same amount in both countries.
C) the quantity will increase more in Japan than in the U.S.
D) the quantity will increase more in the U.S. than in Japan.
D
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Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. What is the marginal product of the sixth worker?
A. 2 units B. 3 units C. 4 units D. 5 units
Without any change in the demand for labor, how are the following events likely to change the equilibrium wage and employment level in a dairy farm?
a) An increase in the population of the region where the dairy farm is located b) The establishment of a cotton mill that pays higher hourly wages, near the dairy farm c) The shutdown of a rice farm located near the dairy farm
College education tends to result in a positive externality because the recipient receives the full benefit of the education
Indicate whether the statement is true or false
With velocity constant and equal to 2, a $10 billion increase in the money supply shifts the LM curve to the right by
A) $2 billion. B) $5 billion. C) $10 billion. D) $20 billion.