If Sally maximizes her total utility by allocating time between two different activities, she will select the combination at which the marginal utility per hour spent is the same in both activities

If the costs of production decrease, there is

A) an increase in aggregate supply and the AS curve shifts rightward. B) an increase in the quantity of real GDP supplied and a movement up along the AS curve. C) a decrease in aggregate supply and the AS curve shifts leftward. D) a decrease in the quantity of real GDP supplied and a movement down along the AS curve. E) an increase in aggregate supply and the AS curve shifts leftward.

If August futures for a commodity are currently trading at $9.30/bu, and you expect the basis in July to be $0.25/bu under the August futures, then you expect the July cash price to be:

A. $9.05/bushel under August B. $9.55/bushel over August C. $9.05/bushel D. $9.55/bushel