The arguments of Kessel and Alchien (1959) on the terms of trade and the question of "who paid for the Civil War (1861–1865)" conclude that 40 percent of the war's burden fell on
(a) those who exported manufactures.
(b) those who purchased imports.
(c) farmers alone.
(d) the economy as a whole.
(b)
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"The recent hurricanes in Florida are bringing financial gain to California citrus growers. Due to extensive damage to the Florida citrus crop, California citrus products are commanding their highest prices ever"
Which of the following statements best explains the economics of this quotation? A) The supply of Florida oranges decreased, causing their price to increase, which then increased the demand for substitute California oranges. B) The supply of Florida oranges decreased, causing the supply of California oranges to increase and the price of California oranges to rise. C) The demand for Florida oranges decreased because of the hurricanes, causing a greater demand for California oranges and an increase in the price of California oranges. D) The demand for Florida oranges decreased, causing their prices to rise, therefore increasing the demand for California oranges.
An increase in demand accompanied by a simultaneous decrease in supply will have what effect on equilibrium?
a. Price will either rise or fall; quantity will fall. b. Price will rise; quantity will fall. c. Price will rise; quantity will either rise or fall. d. Price will either rise or fall; quantity will rise. e. Price will fall; quantity will either rise or fall.