According to the Application, one reason for the increase in Chinese demand for pecans was
A) the expectation of higher future prices.
B) a decrease in income.
C) an increase in the price of walnuts, a substitute good.
D) an increase in consumer preferences.
D
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In the production possibilities frontier depicted in the figure above, which of the following combinations of hats and bananas is unattainable?
A) 4 million pounds of bananas and 4 million hats B) 2 million pounds of bananas and 5 million hats C) 0 pounds of bananas and 6 million hats D) 1 million pounds of bananas and 3 million hats
A monopolistically competitive firm
a. earns no long-run economic profit and is therefore allocatively efficient b. earns no long-run economic profit and therefore produces at the minimum point of its ATC curve c. earns no long-run economic profit and is allocatively efficient even though it is not producing at the minimum point of its ATC curve d. earns no long-run economic profit, is allocatively inefficient, and does not produce at the minimum point of its ATC curve e. has a chance of making a long-run economic profit and is therefore allocatively inefficient
The Glass-Steagall Act was set up to:
A. regulate the derivatives market as a result of the 2008 crisis. B. establish banking regulations and deposit insurance as a result of the 1930s crisis. C. regulate financial institutions after the Savings and Loan Crisis the 1980s. D. give the federal government the sole responsibility in carrying out fiscal policy to regulate the economy.
Politicians who have to go through elections tend to focus on the short-term net benefits of projects because of:
A. Voters' tendency to more easily see short term benefits rather than long-term ones B. The special-interest effect of specific groups among the electorate C. The ability of government to coerce people to do things involuntarily D. "Pork-barrel" politics and the principal-agent problem