Land can be used to grow commercial Christmas trees or pulpwood. Which is the more "economically efficient" use of the land?
A) Raising commercial Christmas trees
B) Raising pulpwood
C) Raising a mixed combination of commercial Christmas trees and pulpwood
D) It depends in part on the relative prices of Christmas trees and pulpwood.
D
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Demand curves slope ________ because as the price increases and other things remain the same, the quantity demanded ________
A) downward; decreases B) downward; increases C) upward; decreases D) upward; increases E) downward; does not change
There is demand for and supply of dollars and a demand for and supply of pesos. Under a flexible exchange rate system, if income growth in the United States is greater than income growth in Mexico, then
A) the demand for dollars will shift to the right and the demand for pesos will shift to the left. B) the demand for pesos will shift to the right and the supply of dollars will shift to the left. C) the demand for pesos will shift to the left and the supply of pesos will shift to the right. D) the supply of pesos will shift to the right and the supply of dollars will shift to the right. E) none of the above