In 2012, Canadian farmers did not suffer from drought conditions that affected the United States, but they did enjoy the higher corn prices. Canadian farmers reacted to the higher price by planting more corn
Suppose that the price of corn increased by 30 percent and the Canadian farmers increased the quantity of corn they supply by 20 percent. The supply of corn is A) perfectly inelastic.
B) unit elastic.
C) elastic.
D) inelastic.
D
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It is difficult for economists to make observations and develop theories, but it is easy for economists to run experiments to generate data to test their theories
a. True b. False Indicate whether the statement is true or false
Externalities can be produced by ____________, as well as ____________.
A. individuals; firms B. market prices; market incomes C. oceans; streams D. none of these answer options are correct.
From 2000 to 2015, 5 million U.S. manufacturing workers lost their jobs. As a result,
A. other sectors of the economy expanded and absorbed many of those individuals who had lost their jobs. B. the U.S. economy is worse off because those people have lost their incomes and the government has lost the tax revenue from their incomes. C. the U.S. economy shrank, and the well-being of the average American declined. D. the overall unemployment rate in the United States increased.
The production function does NOT provide information about
A) the technology used in the production process. B) the types of inputs used in the production process. C) the relationship between changes in quantity of inputs and changes in the quantity of output. D) the profits of producing a good.