1 Consider the U.S almond market which of the folowing will cause a decrease in
ID: 1141519 • Letter: 1
Question
1 Consider the U.S almond market which of the folowing will cause a decrease in the uandiy of ailmondis demanded, holding everything else constant? A Almond mik is increasingly pagular among health conscious consumers E. A new US federal program grants subsidies to all domestic almond farmers. C Am increase in almond farm workers' wages due to a higher federal minimum wage. D. An increase in the price of pecans (a substitute). E. Chine a major gicbal consumer of almonds passes a ban on all almond imports from U.s. 2. A society that is producing its maximum combination of goods and using all available A has minimized its opportunity cost. B. is enjoying absolute advantage. C has maximized its apportunity cost D. has eliminated scarcity. E is operating on its production possibilities frontier.Explanation / Answer
1. Ans: China a major global consumer of almonds passes a ban on all almond imports from U.S.
Explanation:
When china passes a ban on all almond imports from U.S., the demand for U.S. almond decreases. Thus, option [E] is correct answer.
2. Ans: is operating on its production possibilities frontier.
Explanation:
When a society is operating on its PPF, all the available resources are optimally utilized and the society produces the optimum combination of goods. Thus, option [E] is correct answer.
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