Question : 51) Tom Searchinger, a senior attorney at the Environmental Defense : 1387365

51) Tom Searchinger, a senior attorney at the Environmental Defense Fund, observed that generous farm subsidies have encouraged farmers to produce more corn and more wheat. How does this affect the market for fertilizer?

A) The supply of fertilizer increases.

B) The supply of fertilizer decreases

C) The demand for fertilizer increases.

D) The demand for fertilizer decreases.

52) In June, buyers of titanium expect that the price of titanium will fall in July. What happens in the titanium market in June, holding everything else constant?

A) The demand curve shifts to the right.

B) The quantity demanded increases.

C) The quantity demanded decreases

D) The demand curve shifts to the left.

53) In January, buyers of gold expect that the price of gold will rise in February. What happens in the gold market in January, holding all else constant?

A) The supply curve shifts to the right.

B) The demand curve shifts to the left.

C) The demand curve shifts to the right.

D) The quantity demanded increases.

54) If tablet computers are considered substitutes for e-readers, the decline in the price of tablet computers would, all else equal,

A) increase the demand for e-readers.

B) decrease the demand for e-readers.

C) increase the quantity demanded for e-readers.

D) decrease the quantity demanded for e-readers.

55) Which of the following has occurred as the baby-boom generation ages?

A) The demand for soft drinks has increased in the U.S. market.

B) The demand for soft drinks has decreased in the U.S. market.

C) The global demand for soft drinks has decreased.

D) The global demand for soft drinks has remained relatively low.

56) In the United States, consumption per-person of carbonated soft drinks ________ between 2005 and 2013.

A) declined by more than 15 percent

B) increased by approximately 22 percent

C) fell by almost 80 percent

D) remained virtually unchanged

57) When deciding on which new products to develop, a firm must devote people, time, and money to designing a new product. Because any firm has only limited resources, it

A) should wait until its competitors develop a similar product before deciding on devoting resources to its own product development.

B) is not able to develop more than one new product at a time.

C) must be certain that the product it chooses to develop will be successful or it will not be able to stay in business.

D) faces a trade-off because resources used to develop one product will not be available to develop another product.

58) A(n) ________ is represented by a leftward shift of the demand curve while a(n) ________ is represented by a movement along a given demand curve.

A) decrease in demand; increase in demand

B) decrease in demand; increase in quantity demanded

C) increase in demand; decrease in quantity demanded

D) decrease in quantity demanded; decrease in demand

59) If, in response to a decrease in the price of grapes, the quantity of grapes demanded increases, economists would describe this as

A) an increase in demand.

B) an increase in quantity demanded.

C) a change in consumer income.

D) an increase in consumers’ taste for coffee.

60) The law of demand implies, holding everything else constant, that as the price of gelato

A) increases, the demand for gelato will increase.

B) increases, the quantity of gelato demanded will increase.

C) decreases, the quantity of gelato demanded will increase.

D) decreases, the demand for gelato will increase.