Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because the market supply curve for wool is ________ sloped.
A. increase; positively
B. increase; negatively
C. decrease; positively
D. decrease; negatively
Answer: A
You might also like to view...
An explanation for the slowdown in U.S. productivity growth in the 1973–1995 period was higher oil prices caused by
A. the CIA. B. the WTO. C. the IMF. D. OPEC.
The Green GDP:
A. tries to capture the environmental effects regular GDP doesn't. B. subtracts the environmental costs of production from the positive outputs normally counted in GDP. C. values negative externalities. D. All of these statements are true.
For a firm in a perfectly competitive industry
A) short-run economic profits must be zero. B) short-run and long-run economic profits must be zero. C) short-run economic profits may be positive, but long-run economic profits must be zero. D) both short-run and long-run economic profits may be negative.
Drug companies tend to attribute higher drug prices on
A. high litigation costs on drugs that are ultimately shown to be dangerous. B. pharmacies charging too much for drugs. C. Pharmacies charging too much for drugs and high litigation costs on drugs that are ultimately shown to be dangerous. D. doctors distributing too many free samples.