The price of tin is lower today than fifty years ago, and mining revenues from t

Question

The price of tin is lower today than fifty years ago, and mining revenues from tin are lower, too. The fact that revenues are lower tell us that (think about how to calculate revenues

the fall in tin prices was inefficient

tin has few close substitutes

tin supply has decreased

All of the above

If the supply of turkey increases, what would we expect to happen in the market for chicken (a substitute)?

The price to rise and quantity to fall

The price to fall and quantity to rise

Both price and quantity to rise

Both price and quantity to fall

Price to fall, but the effect on quantity to be uncertain

Which of the following will increase the quantity of almond butter demanded?

A rise in the supply of almonds

A fall in the price of almonds

A fall in the price of almond butter

The discovery that almond butter promotes luxuriant hair growth

All of the above

Japan can make 4 widgets or 12 gadgets in an hour. Britain can make 3 widgets or 6 gadgets in an hour. Use these facts to answer the next question

The cost of one of Japan's widgets is

4/3 of one British widget

12 gadgets

3 gadgets

There is not enough information to say

1 points   

QUESTION 32

Japan can make 4 widgets or 12 gadgets in an hour. Britain can make 3 widgets or 6 gadgets in an hour. Use these facts to answer the next question

Both countries could be made better off if Japan

specializes in widgets

specializes in gadgets

produces everything itself

lets Britain produce everything itself

Many conservationaists contend that the world is running out of oil. If we are truly depleting our oil supplies, what should be happening to the price of oil?

The price of oil should be increasing

The price of oil should be decreasing, as consumers switch to substitutes

The price of oil would not be affected; price depends on demand

The effect on price cannot be determined without information on opportunity cost

1 points   

QUESTION 36

The supply of sisal serapes is less elastic than the supply of jute wraps. As a result, we can conclude that

the opportunity cost of supplying sisal serapes is greater than the opportunity cost of supplying jute wraps

the opportunity cost of supplying sisal serapes increases faster than the opportunity cost of supplying jute wraps

there are closer substitutes for sisal serapes than for jute wraps

All of the above

the fall in tin prices was inefficient

tin has few close substitutes

tin supply has decreased

All of the above

If the supply of turkey increases, what would we expect to happen in the market for chicken (a substitute)?

The price to rise and quantity to fall

The price to fall and quantity to rise

Both price and quantity to rise

Both price and quantity to fall

Price to fall, but the effect on quantity to be uncertain

Which of the following will increase the quantity of almond butter demanded?

A rise in the supply of almonds

A fall in the price of almonds

A fall in the price of almond butter

The discovery that almond butter promotes luxuriant hair growth

All of the above

Japan can make 4 widgets or 12 gadgets in an hour. Britain can make 3 widgets or 6 gadgets in an hour. Use these facts to answer the next question

The cost of one of Japan's widgets is

4/3 of one British widget

12 gadgets

3 gadgets

There is not enough information to say

1 points   

QUESTION 32

Japan can make 4 widgets or 12 gadgets in an hour. Britain can make 3 widgets or 6 gadgets in an hour. Use these facts to answer the next question

Both countries could be made better off if Japan

specializes in widgets

specializes in gadgets

produces everything itself

lets Britain produce everything itself

Many conservationaists contend that the world is running out of oil. If we are truly depleting our oil supplies, what should be happening to the price of oil?

The price of oil should be increasing

The price of oil should be decreasing, as consumers switch to substitutes

The price of oil would not be affected; price depends on demand

The effect on price cannot be determined without information on opportunity cost

1 points   

QUESTION 36

The supply of sisal serapes is less elastic than the supply of jute wraps. As a result, we can conclude that

the opportunity cost of supplying sisal serapes is greater than the opportunity cost of supplying jute wraps

the opportunity cost of supplying sisal serapes increases faster than the opportunity cost of supplying jute wraps

there are closer substitutes for sisal serapes than for jute wraps

All of the above

Explanation / Answer

1. The price of tin is lower today than fifty years ago, and mining revenues from tin are lower, too. The fact that revenues are lower tell us that tin supply has decreased.Because as we know total revenue is price multiplied by quantity.Now as price falls and if supply increases that is quantity inceases then revenue will be same or increased but we see that revenue falls that means amount of quantity also falls.

2. If the supply of turkey increases, what would we expect to happen in the market for chicken Price to fall, but the effect on quantity to be uncertain.

3. A fall in the price of almond butter will increase the quantity of almond butter demanded, because if price falls people will want to buy more almond butter.

4. The cost of one of Japan's widgets is 3 gadgets.

5. Both countries could be made better off if Japan everything itself.This is because japan is more efficient in producing every item as it take less hour to produce items.

6. Many conservationaists contend that the world is running out of oil. If we are truly depleting our oil supplies then the price of oil should be increasing.Because oil is a necessary good for any country.

7. The supply of sisal serapes is less elastic than the supply of jute wraps. As a result, we can conclude that the opportunity cost of supplying sisal serapes increases faster than the opportunity cost of supplying jute wraps.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.