Assume that a hurricane in Brazil destroys half of the coffee crop. Considering that Brazil is a major coffee producing country, consumers expect the price of coffee to increase in the near future. How does this reflect on the demand for coffee?
a. There is a movement upward along the demand curve for coffee.
b. The demand curve for coffee shifts inward.
c. The demand curve for coffee shifts outward.
d. There is a movement downward along the demand curve for coffee.
e. The demand for coffee declines.
Question 2
When collective decision making is utilized to resolve economic questions regarding the allocation of resources, then:
a. everyone will receive an equal share of the output produced.
b. the preferences of individuals are of no importance.
c. economic efficiency will be assured.
d. the role of markets will be replaced by political decision making.
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