An official agreement with another country in which it agrees to import more from the United States is
A. a regional trade bloc.
B. the quota system.
C. a voluntary restraint agreement.
D. a voluntary import expansion.
Answer: D
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Buyers rush to purchase stocks in California vineyards following a forecast of a 30 percent decline in this year's grape harvest. What happens in the California wine market as a result of this announcement?
A) The demand curve for California wine shifts to the right in anticipation of higher prices in the future. B) The demand curve for California wine shifts to the left in anticipation of higher prices in the future. C) The supply curve for California wine shifts to the left in anticipation of lower quantities in the future. D) The supply curve for California wine shifts to the right in anticipation of higher prices in the future.
A reduction in world oil supplies is likely to cause
A. an increase in equilibrium price level and an increase in real Gross Domestic Product (GDP). B. a reduction in aggregate supply, a rise in the equilibrium price level, and a fall in real Gross Domestic Product (GDP). C. an increase in aggregate demand and a decrease in the equilibrium price level. D. a decrease in equilibrium price level and an increase in real Gross Domestic Product (GDP).
Refer to the information provided in Figure 34.4 below to answer the question(s) that follow.
Figure 34.4Refer to Figure 34.4. If the demand and supply of pounds are D1 and S1, the equilibrium is
A. $2.00 per pound and the quantity is 500 pounds. B. 2 pounds per $ and the quantity is 500 pounds. C. $1.50 per pound and the quantity is 300 pounds. D. $2.50 per pound and the quantity is 400 pounds.
If labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by:
A. 60 percent B. 45 percent C. 15 percent D. 9 percent