Land suitable for growing wheat can also be used to farm dairy cattle. Therefore, from the farmer's perspective, an increase in the price of wheat tends to
A) reduce the demand for wheat.
B) increase the demand for dairy cattle.
C) decrease the cost of farming dairy cattle.
D) increase the cost of farming dairy cattle.
D
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An international agreement from 1947 designed to lower tariffs was
A) the General Agreement on Tariffs and Trade. B) the World Trade Organization. C) the World Agreement on Tariffs and Trade. D) the Trade and Tariff Agreement.
It has been generally observed that most trade in the world occurs between a developed and a less-developed nation rather than between industrial or developed nations
a. True b. False Indicate whether the statement is true or false
Other things constant, an increase in the demand for bicycles will
a. decrease the price of bicycles. b. decrease the quantity of bicycles bought and sold. c. decrease the demand for bicycle workers and lower their wages. d. increase the demand for bicycle workers and increase their wages.
Suppose a restaurant that is highly profitable during the summer months is unable to cover its total cost during the winter months. If it wants to maximize profits, the restaurant should
a. shut down during the winter, even if it is able to cover its variable costs during that period. b. continue operating during the winter months if it is able to cover its variable costs. c. go a out of business immediately; losses should never be tolerated. d. lower its prices during the summer months.