Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews falls from $4 to $2, the market quantity demanded would
A) increase by 36 lbs. B) decrease by 28 lbs. C) increase by 28 lbs. D) decrease by 36 lbs.
A
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These are characteristics of a competitive industry, except:
a. Many substitutes b. No barriers to entry c. Homogenous product d. Little or no information on rivals' products
Economists generally use GDP to measure a nation's total output because it is
a. equal to the sales value of all transactions conducted during a period and thus can be easily calculated. b. the best available measure of the true costs of producing consumer goods. c. unaffected by changes in the prices of products over time. d. a relatively reliable measure of the value of all final product goods and services produced during a specific time period.
The number of people willing to buy tickets to the Super Bowl is invariable greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
What will be an ideal response?
The WTO explicitly stated that in making its sea turtle decision, it was NOT saying that sovereign nations could not adopt effective measures to protect endangered species. Clearly, it said, sovereign nations can and should develop effective measures, including trade measures, to protect endangered species
Indicate whether the statement is true or false