If the number of wine producers decreases
A) the supply of wine increases. B) the supply of wine decreases.
C) the demand for wine decreases. D) the demand for wine increases.
B
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When economists talk about supply, they are referring to a relationship between price received for each unit sold and the _________________.
A. demand schedule B. market price C. quantity supplied D. demand curve
Which two countries ran substantial trade surpluses for most of the last three decades?
a. Germany and Russia b. Russia and Japan c. Germany and Japan d. Germany and Mexico
Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized, mutually beneficial trades are
a. less of a concern for a monopoly than competitive market. b. offset by the higher profits earned by a monopolist. c. a function of the reduction in the quantity produced by a monopolist in comparison to a competitive market. d. All of the above are correct.
Assume that Brazil gives up 3 automobiles for each ton of coffee it produces, while Peru gives up 7 automobiles for each ton of coffee it produces.
A) Brazil has a comparative advantage in automobile production and should specialize in coffee. B) Brazil has a comparative advantage in coffee production and should specialize in the production of automobiles. C) Brazil has a comparative advantage in coffee production and should specialize in coffee production. D) Brazil has a comparative advantage in automobile production and should specialize in automobile production.