A headline reads "Perfect Weather Brings Record-High Coffee Harvest." This situation would lead to a(n):
A. Increase in the price and in the quantity purchased of coffee
B. Decrease in the price and in the quantity purchased of coffee
C. Increase in the price and a decrease in the quantity purchased of coffee
D. Decrease in the price and an increase in quantity purchased of coffee
D. Decrease in the price and an increase in quantity purchased of coffee
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If exports and imports both rose, but exports rose less than imports, a. AD would decrease
b. AD would increase. c. AD would be unaffected. d. AD could either increase or decrease.
The existence of economic profits in a perfectly competitive industry
A. will signal resources to flow into that industry. B. gives the investors in that industry a return on investment that just covers opportunity costs. C. indicates an inelastic demand for the industry's products. D. indicates that economic resources are being used efficiently in that industry.
Productivity of an input is the amount of output produced per unit of input.
Answer the following statement true (T) or false (F)
Suppose the price level rises and the money wage remains constant. This set of changes leads to
A) an upward movement along the LAS curve. B) an upward movement along the SAS curve. C) a leftward shift of the SAS curve. D) a leftward shift of the SAS curve and the LAS curve.