Coffee prices fell in the 1990s because of:
a. subsidies by developed countries to their coffee producers.
b. subsidies by developing countries to their coffee producers.
c. new suppliers in Brazil and Vietnam.
d. a fall in world demand for coffee.
Ans: c. new suppliers in Brazil and Vietnam.
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An automobile manufacturer voluntarily recalls certain models to fix a defective part at no cost to the owners. This action has the effect of
A) the lemon problem. B) a manufacturer's warranty. C) a market failure. D) none of the above
Although price searchers can set their prices, the prices they can set are still affected by market conditions.
1. True or False: Although price searchers can set their prices, the prices they can set are still affected by market conditions.
2.Suppose firms in a competitive price-searcher market with low barriers to entry are earning an economic profit.
Firms will (exit /enter) this market until economic profits are (positive/ negative/zero).
When a firm is earning economic profit, this indicates the firm is
a. increasing the value of the resources that it is using. b. reducing the value of the resources that it is using. c. supplying the market with a low quality product. d. creating less value for consumers than another firm that is currently earning losses.
Other Significant Entities Contributing to Federal Reserve Functions
What will be an ideal response?