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Mic Ec Essay

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Below is an essay on "Mic Ec" from Anti Essays, your source for research papers, essays, and term paper examples.

Multiple Choice
Identify the choice that best completes the statement or answers the question.

____ b1. The supply curve of books (which are produced using paper made from trees) will shift to the left in response to:
a. | a decline in college tuition. |
b. | a sharp increase in the demand for and construction of wood-frame homes. |
c. | an increase in the supply of lumberjacks. |
d. | an end to government regulations that limit timber harvesting in national forests. |

____c 2. Suppose Canada steps up efforts to combat drug trafficking and, with the aid of the U.S. border patrol, intercepts a significant percentage of cocaine shipments. Predict the impact of increased drug interdiction on the market for cocaine in Montréal.
a. | The supply of cocaine will increase, causing the price of cocaine to increase. |
b. | The demand for cocaine will increase, causing the price of cocaine to increase. |
c. | The supply of cocaine will decrease, causing the price of cocaine to increase. |
d. | There will be a movement up along the supply curve of cocaine. |

____ c3. Steel mill wage costs increase by 18 percent over a year. What is the likely economic effect on the market for steel?
a. | The increase in wage costs will shift the demand curve for steel to the left, increasing the cost of steel. |
b. | There is a decrease in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel. |
c. | There is an increase in the cost of producing steel, which shifts the supply curve of steel to the left, thereby increasing the price of steel. |
d. | There is an increase in the cost of producing steel, which shifts the supply curve of steel to the right, thereby increasing the price of steel. |

____d4. Which of the following would cause the quantity of wheat bread demanded to increase, but not the demand for wheat?
a. | a reduction in the price of rye, used to produce rye bread |
b....

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