Refer to Figure 18.4. With free trade, what is the equilibrium price of gloves in Duckland?

Economists have:

A. defined money broadly but still only measure currency in circulation. B. one specific measure of the supply of money. C. no systematic way of measuring the supply of money. D. several different measures of the supply of money.

Speculators believing cocoa prices are going to be higher next year will

A) buy cocoa futures, cause the expected future price of cocoa to fall, and induce some additional cocoa to be stored for future consumption. B) buy cocoa futures, cause the expected future price of cocoa to rise, and induce some additional cocoa to be stored for future consumption. C) sell cocoa futures, cause the expected future price of cocoa to fall, and induce some additional cocoa to be stored for future consumption. D) sell cocoa futures, cause the expected future price of cocoa to rise, and induce some additional cocoa to be stored for future consumption. E) sell cocoa futures, cause the expected future price of cocoa to fall, and induce greater current consumption of cocoa.