Which of the following would, other things equal, increase the demand for U.S. farm products?
A. Poorer crops abroad.
B. Appreciation of the U.S. dollar.
C. Deteriorating trade relations with China and Russia.
D. Increases in foreign tariffs on imported farm products.
Answer: A
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Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D1 and S2 (point B)
If there is an increase in number of companies producing motorcycles and a decrease in income (assume motorcycles are a normal good), the equilibrium could move to which point? A) A B) B C) C D) E
If the Mexican peso appreciates against the U.S. dollar
A) Mexican exports will become cheaper in the United States. B) Mexican exports will become more expensive in the United States. C) U.S. exports will become more expensive in Mexico. D) there will be no change in the price of Mexican imports in the United States.
A fall in the price of the final product produced by a firm will cause
A) a decline in the price of an input used to produce the good. B) a movement down the demand curve for an input used to produce the final product. C) a reduction in demand for an input used to produce the final product. D) a reduction in the supply of an input used to produce the final product.
Regarding the production possibilities curve, an improvement in technology will
A) shift the curve o the left. B) cause a movement downward along the curve. C) cause a movement downward along the curve D) shift the curve to the right.