Due to Covid -19 and fall in the National Income, the government of India reduced subsidies for farmers. This will lead to ____________. a. None of these. b. Leftward shift in the supply of farm products in the economy c. Rightward shift in the supply of farm products in the economy d. No change in the supply of goods in the econo

Due to Covid -19 and fall in the National Income, the government of India reduced subsidies for farmers. This will lead to ____________. a. None of these. b. Leftward shift in the supply of farm products in the economy c. Rightward shift in the supply of farm products in the economy d. No change in the supply of goods in the econo

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 14RQ: Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the...

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4. Explain each key ingredients. (iii) The demander should have the purchasing power to buy that good or service.
Consider the scenario. Explain using written and graphical analysis What will happen in the market for lobster if the government rises the income taxand lobsters are a normal good?
1. what is a supply? 2. what is a quatity supplied? 3. what is the difference between supply and quantity supplied? 4. change in supply versus change in quatity supplied.
1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall
Given: I = 150, G = 200, and T = 200, and C=150 +.85Yd Fill in the missing cells. Explain adjustment to equilibrium.
Why do the prices of new houses in US go so high? Explain with help of supply and demand graph What are the factors that decrease supply of houses? Draw Supply and demand graph and show what happens to the prices and quantity of houses if the prices of raw materials increase? 3. What are your suggestions to the home builders?
The market for rice has the following supply and demand schedule. -What is the equilibrium price and quantity? -Calculate the revenue at equilibrium. -Quantity supplied is reduced by 30 tonnes. Calculate the new quantity supplied. What is the new equilibrium price and quantity now? -Calculate the new revenue. Did it increase or decrease? Price ($) Quantity demanded (tonnes) Quantity supplied (tonnes) 2 110 50 4 95 65 6 80 80 8 65 95 10 50 110 12 35 125
Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system
19. Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods. Explain.
Scenario Milk is flowing like never before in the U.S., where dairies have expanded output enough to send wholesale prices plunging from an all-time high in September. Production in the 12 months through October reached 17.08 billion pounds a month on average, up 1.8 percent from the same period a year earlier, as farmers took advantage of high milk prices and low livestock-feed costs, government data show. Two years of record corn harvests in the U.S. sent grain prices to a five-year low. Grains are mainly used as feed for cow farmers. Imports of milk to the US has also increased during the period as countries such as New Zealand are also benefiting from good market conditions During this time however, demand for the good has not been able to keep up with the supply. Notably, the current market conditions are not expected to last with impending drought conditions that would impact the harvest of corn and result in an increase in its price. With higher prices for grains some farmers…
1. These are factors affecting the supply to increase and decrease, except one. A. Technology C. Producers Tastes B. Producer Preferences D. Consumer preferences 2. These are factors affecting the demand to increase and decrease, EXCEPT one. A. Raw materials C. Consumer Tastes B. Producer Preferences D. Price of related goods
IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?