Question

In: Economics

The price of Jamaican Blue Mountain coffee is $100 per bag in 2018. In 2019, it...

The price of Jamaican Blue Mountain coffee is $100 per bag in 2018. In 2019, it rises to $110 per bag. However, the overall quantity of Jamaican Blue Mountain coffee does not change. What is the most likely explanation?

(A) Both supply and demand increase.

(B) Both supply and demand decrease.

(C) Supply increases, while demand decreases. (D) Supply decreases, while demand increases.

Which of the following is the best example of an inferior good?

(A) A Lamborghini. (B) Instant coffee. (C) Silk scarves. (D) Electricity.

Which of the following is the best summary of Karl Popper's definition of 'science?'

(A) Science is the study of the natural world, through observation and experimentation.
(B) Science is a set of statements that can be falsfied with data.
(C) Science is a systematic enterprise that builds and organizes knowledge in the form of testable explanations and predictions about the universe
(D) ... Kanye is the GOAT.

Which of the following pairs of goods is most likely to be substitutes?

(A) PS4 and Fortnite.

(B) Marijuana and potato chips. (C) Xbox and Nintendo Switch. (D) Guns and roses.

Expert Solution

Answer to the first question is supply decreases and demand increases.

The following diagram will make you understand.

Silk Scarves is inferior commodity. In comparison with Lamborghini is a luxury good. And others are nessecity..

For the next question option B is correct. That Science is a set of statements that can be falsfied with data.

For the last part Xbox and Nintendo Switch are perfect substitute.

Fortnite has to played in PS4 so those are complementary good.

And other two options are just oppositie use commodities .

Please leave a feedback if possible. Thank you. !!

Rahul Sunny answered 2 years ago

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