In some ways, adaptation is similar to
A. a cap-and-trade system.
B. a supply curve shift.
C. mitigation.
D. the usual demand response to a price change.
Answer: D
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Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Assume Dave consumes 40 pounds of green beans and 80 pounds of corn without trade. Also, assume that Simon consumes 80 pounds of green beans and 40 pounds of corn without trade. Suppose Simon and Dave specialize and that the terms of trade are 1 pound of green beans for 1 pound of corn. If Simon sells Dave 80 pounds of green beans, then the gains from trade for Simon are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 0, 40 B. 40, 0 C. 20, 20 D. 40, 40
Choices must be made because of scarcity; people do not have enough time or money to get everything they want
a. True b. False Indicate whether the statement is true or false
Lorenz curves for the United States in 1967 and 2016 show
A. a changed relationship between unemployment and inflation from 1967 to 2016. B. a trade-off between unemployment and inflation in 1967 but no such trade-off in 2016. C. a changed relationship between job openings and the unemployment rate from 1967 to 2016. D. increased income inequality from 1967 to 2016.
As the price of a good rises:
A. government regulation becomes more justified. B. firms generally increase the supply of the good. C. firms generally decrease the supply of the good. D. more firms can cover their opportunity cost of producing the good.