If the tea harvest is bad in a particular year, the supply of tea will
a. decrease, its price will decrease, and the quantity demanded of coffee will increase
b. decrease, its price will increase, and the quantity demanded of coffee will increase
c. decrease, its price will increase, and the quantity demanded of coffee will decrease
d. decrease, its price will decrease, and the quantity demanded of coffee will decrease
e. increase, its price will increase, and the quantity demanded of coffee will increase
C
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If an inflation forecast is based on last year's inflation rate, it is said to be
A) historical. B) rational. C) logical. D) adaptive.
Which of the following is not a determinant of the long-run level of real GDP?
a. the price level. b. the amount of capital used by firms. c. available stock of human capital. d. available technology