What impact would a severe drought that destroys the wheat crop in several areas of the United States have on the market for wheat?
a. The supply of wheat would fall.
b. The supply of wheat would rise.
c. The demand for wheat would fall.
d. The demand for wheat would rise.
A
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The net exports effect is the direct relationship between net exports and the price level of an economy
a. True b. False Indicate whether the statement is true or false
Privately formed cartels are legal in many countries, including the United States
a. True b. False Indicate whether the statement is true or false
The dilemma in a prisoner's dilemma is that:
A. the outcome is random, so players are uncertain about which strategy to play. B. the players would be better off if they both played a dominated strategy. C. only one player has a dominant strategy, but the other player is uncertain about what to do. D. the players may be trapped in a game they don't know how to play.
Suppose that opportunity costs are constant in both France and Germany. In France, maximum feasible hourly production levels are either 3 units of wheat or 5 units of wine. In Germany, maximum feasible hourly production levels are either 4 units of wheat
or 10 units of wine. It is correct to state that A) Germany has an comparative advantage in producing both wheat and wine. B) Germany has a comparative advantage in producing wine. C) France has a comparative advantage in producing both wheat and wine. D) France has a comparative advantage in producing wine.