Farmers can raise either goats or ostriches on their land. Which of the following would cause the supply of goats to decrease?
A) an increase in the demand for goats B) an increase in the price of ostrich feed
C) a decrease in the price of goats D) an increase in the price of ostriches
D
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Economic analysis implies that one of the most effective ways to deal with potential damages from environmental pollution is to
a. declare the relevant resources to be public goods, owned by the public. b. establish and enforce property rights for the resources that are being damaged, if possible. c. allow the government to take over and control all natural resources. d. enact legislation that makes all environmental pollution illegal.
Why is productivity related to the standard of living? In your answer be sure to explain what productivity and the standard of living mean. Make a list of things that determine labor productivity
The domestic demand and supply for sugar are Qd = 700 ? 2P and QSD = 100 + 4P. The foreign supply is QSF = 150 + 3P. Suppose an import quota of 100 is imposed in the domestic market. How many units of sugar will domestic producers supply after the quota is imposed?
A. 500 B. 560 C. 350 D. 640
Any firm that has economies of scale will
A. Be able to produce at a lower unit cost as it increases production. B. Prefer to produce a small amount of total industry output. C. Face an upward-sloping long-run average total cost curve. D. Try to spread production over many plants.