A drought in the US Corn Belt will
A. shift the supply curve of US corn to the right.
B. shift the supply curve of US corn to the left.
C. shift the demand curve for US corn to the right.
D. shift the demand curve for US corn to the left.
Answer: B. shift the supply curve of US corn to the left.
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A country with an undervalued currency
A. will have a balance of payments deficit. B. will accumulate reserves of foreign currencies. C. will suffer losses of foreign reserves. D. must intervene in the foreign-exchange market to buy its own currency.
Just as indexing allows us to compare the cost of living across different periods of time, the ________ is used to allow us to compare the cost of living across different locations.
A. retail power parity B. producer purchasing index C. purchasing power index D. consumer purchasing index