When economists say that the supply for a product has decreased, they mean that the
A. product has become more expensive and thus consumers are buying less of it.
B. supply curve has shifted to the left.
C. product has become particularly abundant for some reason.
D. supply curve has shifted to the right.
Answer: B
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The text argues that if avocado growers in Mexico can produce avocadoes cheaper than avocado growers in the United States, this will not reduce total jobs available in the United States. The logic underlying this argument is that
A) avocado growers in the United States did not earn much anyway. B) avocado growers in the United States are welcome to emigrate to Mexico. C) avocado growers in the United States will switch to specializing in a crop in which they hold the comparative advantage. D) avocado growers in Mexico need the jobs more than Americans do.
All of the following are examples of changes in U.S. assets abroad except
a. Disney opens a new theme park in Brazil b. a U.S. citizen buys stock in a British car company c. a Japanese investor buys U.S. government bonds d. McDonald's closes an unsuccessful restaurant in Russia e. Exxon builds an oil refinery in Mexico