The United States imports heavily in all of the following markets except
A. Coffee.
B. Aluminum.
C. Chromium.
D. Aircraft.
Answer: D
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Which of the following statements is true about the income elasticity of demand?
A) The income elasticity of demand for normal goods is always zero. B) The income elasticity of demand for inferior goods is always zero. C) The income elasticity of demand for normal goods is always positive. D) The income elasticity of demand for inferior goods is always positive.
What will happen to the equilibrium price and quantity of coffee if it is discovered to help prevent colds and, at the same time, Brazil and Vietnam emerge in the global market as massive producers of coffee?
A) The price will fall and the effect on the quantity is uncertain. B) The quantity will increase and the effect on the price is uncertain. C) The quantity will decrease and the price will rise. D) The quantity will increase and the price will remain unchanged.
Henri earned a salary of $50,000 in 2001 and $70,000 in 2006 . The consumer price index was 177 in 2001 and 265.5 in 2006 . Henri's 2006 salary in 2001 dollars is
a. $35,000.00. b. $46,666.67. c. $61,950.00 d. $105,000.00.
A small soybean crop in South America would
A. increase the price of soybean meal. B. decrease the price of soybeans. C. increase the crush margin of soybean processors. D. increase the demand for soybean meal.