Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes
And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers. We know with certainty that these two simultaneous events will cause which of the following? A) no change in the equilibrium quantity and a reduction in the equilibrium price
B) an increase in the equilibrium quantity and in the equilibrium price
C) a decrease in the equilibrium quantity and an indeterminate change in the equilibrium price
D) a decrease in the equilibrium quantity and an increase in the equilibrium price
C
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With respect to economic freedom, which of the following is TRUE?
A) Three out of four people live in nations with governments that grant residents high degrees of economic freedom. B) About three dozen nations with governments unwilling to grant much in the way of economic freedom are home to two-thirds of the world's population. Even so, these countries produce over 50 percent of the world's output. C) Where governments do not grant residents a high degree of economic freedom, economic growth rates tend to be above the annual average for the world's nations. D) As economic freedom increases, so does a nation's prospects for economic growth.
Refer to the scenario above. Which of the following combinations will lie above Jack's production possibilities curve?
A) 2 paintings and 3 sculptures B) 5 sculptures only C) 10 paintings only D) 3 paintings and 5 sculptures