Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. If the organization in New Zealand was successful in getting the Olympics to include sheep shearing as a spectator sport, and this helped to raise the world price of wool, the quantity of wool supplied would ________ because the market supply curve for wool is ________ sloped.
A. increase; positively
B. increase; negatively
C. decrease; positively
D. decrease; negatively
Answer: A
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Suppose that the United States imposes an antidumping duty on imported steel. Which of the following is likely to occur?
a. The U.S. terms of trade will improve, and U.S. steel imports will rise. b. The U.S. price of steel will rise, and U.S. steel consumption will fall. c. The foreign price of steel will rise, and foreign steel consumption will fall. d. U.S. steel companies will earn lower profits.
An unexpected rise in the Purchasing Managers' Index should send bond prices __________ and stock prices __________
A) up; up B) up; down C) down; up D) down; down
Which of the following countries is forbidden to impose export tariff by its constitution?
a. The United States b. Brazil c. The United Kingdom d. Japan e. Mexico
The key explanation for the prevalence of waterway pollution is
a. the inclusion in production of all costs involving use of the waterway. b. that there are private costs but no costs to society. c. that waterways are often an open access, commonly owned resource. d. that waterways are subject to the market's normal control procedures.