What branch of economics is concerned with the activities of U.S. agricultural producers?
A) Normative economics B) Positive economics
C) Microeconomics D) Macroeconomics
Answer: C
Economics
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Which of the following would not cause the supply curve for gasoline to shift?
A) A change in the wages paid to gas station attendants. B) A change in the number of gas stations. C) A change in the incomes of drivers. D) A change in the cost of refining oil.
Economics
Refer to the supply and demand graph of Product X below. If there are positive externalities from the consumption of Product X, then the socially optimal demand curve would be:
A. To the left of line D on the graph
B. To the right of line D on the graph
C. At the position of line D on the graph
D. An upward-sloping line
Economics