The figure above shows the market for coffee. The ________ price that producers must be offered to get them to produce 10 million pounds of coffee per month is ________
A) maximum; $2.00
B) maximum; $3.50
C) minimum; $2.00
D) minimum; $3.50
C
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Foreign direct investment declined worldwide during the recession of 2007-2009
The decline in foreign direct investment in developing countries can make it more difficult for these countries to break out of the vicious cycle of low economic growth and A) overpopulation. B) low saving and investment. C) low government spending. D) a low import/export ratio.
Generally, exchange rates are quoted as a single price of a unit of foreign currency rather than a ratio because:
a. the ratio of the units of home currency to units of foreign currency is always equal to one. b. the denominator is always equal to one. c. the price is fixed by the government. d. the rate is adjustable in increments of 25 basis points.
As a result of a shortage,
A. Consumers increase demand for the product. B. Producers increase output and raise price. C. Government purchases decrease. D. Producers reduce supply.
A linear, upward-sloping supply curve has
a. a constant slope and a changing price elasticity of supply. b. a changing slope and a constant price elasticity of supply. c. both a constant slope and a constant price elasticity of supply. d. both a changing slope and a changing price elasticity of supply.