The demand for steel has decreased in July without any change in supply. Six months later there still has been no change in steel prices. This is an example of a

Which of the following is TRUE?

A) Russia is more dependent of international trade than Brazil. B) Exports and imports are rising more slowly than GDP in the BRIC countries. C) China was the last of the BRICs to start economic reforms. D) All of the BRIC countries had to transition from socialist or communist systems.

Suppose an exhaustible resource can be sold only this period or in the next period. The marginal cost of extraction is constant and equal to $5. The current year price of the resource is $55, respectively. The interest rate is 10%. What is the minimum next year price required to make the sale of the resource profitable next year?

A) $55 B) $60 C) $65 D) $75