Suppose consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples?
a. There is an increase in the demand for apples and an increase in the quantity supplied of apples.
b. There is an increase in the demand and supply of apples.
c. There is an increase in the quantity demanded of apples and in the supply for apples.
d. There is an increase in the demand for apples and a decrease in the supply of apples.
e. There is a decrease in the quantity demanded of apples and an increase in the supply for apples.
a. There is an increase in the demand for apples and an increase in the quantity supplied of apples.
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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) export promotion by many countries may lead to economic conflicts. E) current research has clearly established that there is no causal connection between exports and faster economic growth.
On a bar graph comparing a firm's economic profit with its accounting profit, it will always be TRUE that
A) explicit costs will be greater in the column representing accounting profit. B) explicit costs will be greater in the column representing economic profit. C) total revenue will be greater in the column depicting accounting profit. D) opportunity costs will be missing from the column depicting accounting profit.