Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production. What happens in the Australian wool market as a result of this announcement?
A) The quantity of Australian wool demanded increases in anticipation of higher prices in the future.
B) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future.
C) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future.
D) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
D
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You are trying to decide whether to purchase the latest Harry Potter book online or borrow it from the library. There is no charge for borrowing a book from the library, but going to the library takes more time than ordering a book online. Regardless of how you get the book, its benefit to you is the same. If the cost of buying the book online is $13, then you should:
A. borrow the book from the library because you can get it from the library for free. B. borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is less than $13. C. buy the book online because it takes less time. D. borrow the book from the library if the cost of doing so (in terms of the extra time it takes) is greater than $13.
Which of the following is the most volatile component of private investment?
a. Plant and equipment purchases b. New home construction c. Purchases of services d. Changes in business inventories e. Consumption of nondurables
Refer to the diagram for a specific economy. A reduction in structural unemployment or bottleneck problems in labor markets will:
A. shift this curve to the right.
B. shift this curve to the left.
C. move this economy southeast along the curve.
D. move this economy northwest along the curve.
Which of the following are considered market failures?
A. Monopoly. B. Externalities. C. The lack of public goods and services. D. All of the choices are considered market failures.