Vineyards can grow either red wine grapes or white wine grapes on their land. Which of the following would cause the supply of red wine grapes to decrease?
A) an increase in the price of white wine grapes B) an increase in the demand for red wine grapes
C) a decrease in the price of white wine grapes D) an increase in the price of red wine
A
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The capital and financial account balance is equal to
A) the value of exports of U.S. capital goods minus the value of imports of capital goods into the United States. B) exports minus imports. C) foreign assets owned by the United States minus U.S. assets owned by foreigners. D) U.S. investment abroad minus foreign investment in the United States. E) foreign investment in the United States minus U.S. investment abroad.
Assume that the market for executive travel is perfectly competitive. If the availability of time-sharing reduces transaction costs and the owner's cost of negotiating for a single trip, which of the following situations must occur?
a. The hours of flight available will increase. b. The hours of flight available will decrease. c. The cost of flying will remain steady. d. The cost of flying will increase.