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. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool.
A. down and to the right
B. down and to the left
C. up and to the right
D. up and to the left
Answer: B
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A monopolist can charge whatever price it wants and can therefore reap phenomenal profits
a. True b. False Indicate whether the statement is true or false
In summary, many of the government's farm programs are an attempt to shift the
a. demand curve for farm goods to the right b. demand curve for farm goods to the left c. supply curve for farm goods to the left d. supply curve for farm goods to the right e. supply and demand curves for farm goods to the right
Other things the same, if the U.S. real exchange rate appreciates, U.S. net exports
a. increase and U.S. net capital outflow decreases. b. decrease and U.S. net capital outflow increases. c. and U.S. net capital outflow both increase. d. and U.S. net capital outflow both decrease.
Based on the table showing income inequality in the United States, from 1950 to 1980, the distribution of income in the United States ______.
a. changed erratically
b. remained more or less stable
c. dramatically shifted to favor lower earners
d. dramatically shifted to favor higher earners