If the supply curve of cigarettes shifts to the left, quantity demanded for cigarettes
A) will decrease substantially.
B) will increase substantially.
C) will slightly increase.
D) will slightly decrease.
D
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Taxation of agricultural land at a lower rate than commercial property might be justified _____
a. on utilitarian grounds b. on the benefit principle c. on the ability-to-pay principle d. on efficiency grounds
One difficulty with any explanation of economic fluctuations based on a shift in labor supply is that
a. workers' preferences tend to change very quickly b. labor supply shifts all the time without causing recessions or expansions c. labor supply is difficult to measure d. workers' preferences tend to change very slowly e. the unemployment rate changes during economic fluctuations
All of the following would be potential problems if developing nations around the world emphasized export promotion EXCEPT
A) industrial nations may be unable to absorb the exports of many newly industrializing nations. B) it would be much harder to emphasize exports under the WTO framework if the emphasis in exports requires some kind of subsidies. C) export growth may not add to GDP if it crowds out growth in output of goods for domestic consumption. D) current research has clearly established that there is no causal connection between exports and faster economic growth.
The construct used to demonstrate efficient use of society's resources is the
a. production possibilities frontier. b. payoff matrix. c. input-output table. d. cost-benefit table.