Which of the following will shift an economy's
Select one:
a.
An increase in the
b.
A decrease in land, labor, or capital.
c.
A decrease in the unemployment rate.
d.
An improvement in technology.
Suppose there is a decrease in the price of herbicides and pesticides used in the production of barley. All other things being equal, the
Select one:
a.
increase; decrease; increase; decrease
b.
decrease; increase; decrease; decrease
c.
decrease; increase; increase; increase
d.
increase; increase; decrease; increase
This past year, a sharp decrease in Japanese demand for U.S. dollars resulted in a decline in the exchange rate of the dollar from 145 yen to 100 yen per dollar. Other things being equal, which of the following will result from the decline in the value of the dollar in terms of yen?
Select one:
a.An increase in the yen price of U.S. Boeing 767 aircraft exported to Japan.
b.An increase in the yen price of U.S. exports to Japan. but no change in the dollar price of Japanese imported products in the U.S.
c.A decrease in the dollar price of Japanese cars imported to the U.S.
d.
An increase in the dollar price of Japanese cars imported to the U.S.
In a market characterized by a downward-sloping demand curve and an upward-sloping supply curve, a per-unit tax placed on the sellers of a good will
Select one:
a.not increase price at all.
b.fail to yield any tax revenue to the government.
c.increase the price of the good by the full amount of the tax.
d.hurt sellers and help consumers.
e.None of the above.
The price elasticity of demand for Bart Simpson watches is -3. A 5% increase in the price of the watches will cause the quantity demanded to
Select one:
a.increase.
b.decrease by 15%.
c.decrease by 5%.
d.decrease by 3%.
A 64-cent-per-liter tax is levied on bourbon. The tax will result in a 64-cent increase in the price of a liter of bourbon if
Select one:
a.the demand for bourbon is perfectly inelastic.
b.the supply of bourbon is perfectly inelastic.
c.the supply of bourbon is perfectly elastic.
d.the demand for bourbon is perfectly elastic.
e.Either (a) or (c).
A $4-per-unit tax is placed on the sellers of good Y, which has a perfectly
Select one:
a.
$760.
b.
$780.
c.
$800.
d.
$820.
Production possibility curve is the graphical illustration of the the combination of two goods that the economy can produce with the available resources and given stock of technology.
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