Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production. What happens in the Australian wool market as a result of this announcement?
A) The quantity of Australian wool demanded increases in anticipation of higher prices in the future.
B) The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future.
C) The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future.
D) The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
D
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The reason why the differences in the growth stories of North Korea and South Korea can be viewed approximately as a natural experiment or an experiment of history is that:
A) institutions in both countries was changing radically, while geography and culture remained largely unchanged. B) culture in both countries was changing radically, while geography and institutions remained largely unchanged. C) geography in both countries was changing radically, while culture and institutions remained largely unchanged. D) institutions, geography, and culture in both countries were changing radically.
The above figure shows the U.S. market for flip-flops. With no international trade, the price in the United States for flip-flops is ________. With international trade, the price in the United States for flip-flops is ________
A) $500; $300 B) $14; $12 C) $500; $700 D) $12; $14 E) $700; $300