Recall the Application about the decrease in the price of wool in the 1990s to answer the following question(s). In the 1990s, the world price of wool decreased by about 30 percent and prices have remained relatively low since then. In 2012, an organization in New Zealand proposed that sheep shearing be added to the Commonwealth Games and the Olympics as a spectator sport in an effort to increase the awareness and the demand for wool.Recall the Application. The decrease in the price of wool would be reflected by a movement ________ on the market supply curve for wool.
A. down and to the right
B. down and to the left
C. up and to the right
D. up and to the left
Answer: B
Economics
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Refer to Figure 28-2. Suppose the economy is at point A in the figure above. Which of the following is true?
A) Actual inflation is 1%. B) The economy will move from A to B. C) The expected rate of inflation is 5.5%. D) The current unemployment rate is 3.8%. E) The current unemployment rate is equal to the natural rate of unemployment.
Economics
The effects of asymmetric information in the car market can be weakened by:
a. providing a warranty for the product. b. purchasing business interruption insurance. c. inserting a "buyer beware" clause in the agreement. d. buying a "put" option.
Economics