The recent WASDE report shows a decrease in expected imports of wheat. The US "total supply" of wheat for the crop year is estimated to:
a. Increase
b. Decrease
c. Remain unchanged
d. Can't tell from available information
b. Decrease
Economics
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What will be an ideal response?
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Economics
In An Inquiry into the Nature and Causes of the Wealth of Nations, Adam Smith listed three reasons for productivity to increase with specialization. What are these three reasons?
What will be an ideal response?
Economics
In Figure 5-3, the price elasticity of demand between points T and U is the same as between points V and W
a.
True
b.
False
Economics