Extremely cold winter weather has destroyed oranges in Florida. The freeze has caused
A) scarcity because there are less oranges now than people want.
B) scarcity because people have to switch to other types of citrus fruits.
C) a shortage because people cannot obtain as many oranges as they wish to buy at the pre-freeze price.
D) a shortage because the orange growers will have less income.
C
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If two interdependent economies work independently pursuing the best interests of their own economies
A) both countries can end up worse than they planned because of international externalities. B) they will make other economies more vulnerable to international externalities. C) they will have to sacrifice their monetary autonomy to achieve their goals. D) both countries can end up worse than they planned because of the liquidity effect.
When planned expenditure is drawn on a graph as a function of income, the slope of the line is:
What will be an ideal response?