Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?

Assuming coffee and tea are substitutes, a rise in the price of coffee will have which of the following effects on the market for tea?

a. A movement up along the tea demand curve. b. A movement down along the tea demand curve. c. A leftward shift in the tea demand curve. d. A rightward shift in the tea demand curve.

The use of present value calculations in valuing natural resources is important because it:

A. Ensures that net benefits are minimized over time B. Permits greater extraction of resources in the future C. Permits greater extraction of resources in the present D. Ensures resources are allocated to their best use over time