Suppose that the demand curve for wheat is downward sloping and the price per bushel increases from $4.50 to $5.50. We would expect:
a. The demand for wheat to increase
b. The quantity demanded of wheat to decrease
c. The quantity demanded of wheat to increase
d. Producers to reduce the number of bushels produced
b. The quantity demanded of wheat to decrease
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________ is (are) the endogenous variable(s) in the Phillips curve
A) Expected inflation B) Inflation C) The natural rate of unemployment D) all of the above E) none of the above
"When the balance of payments sums to zero is the only situation in which there is an equilibrium." Do you agree or disagree? Why?
What will be an ideal response?
The outcome of the game in the figure show predicts that Nike will earn profits of:
A. $2 million.
B. $4 million.
C. $10 million.
D. $15 million.
Using economic analysis to help understand world issues
a. assumes that all decision makers use detailed economic analysis b. highlights the role of choice when resources are scarce c. has unlimited application d. is not appropriate because reality is too complex for economic modeling e. typically enables one nation to gain only when another nation loses