A drought destroyed a large amount of orange crops in California, leading to
A) a decrease in supply of oranges.
B) a decrease in quantity supplied of oranges.
C) a decrease in demand for oranges.
D) a decrease in quantity demanded for oranges.
Answer: A
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The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, the amount of enrollment is
A) efficient. B) inefficient because marginal social cost exceeds marginal social benefit. C) inefficient because marginal social benefit exceeds marginal social cost. D) inefficient because the quantity of education demanded exceeds the quantity of education supplied.
Although foreign exchange market trades are said to involve the buying and selling of currencies, most trades involve the buying and selling of
A) bank deposits denominated in different currencies. B) SDRs. C) gold. D) ECUs.