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.
Question 2
Which of the following statements is false?
A) Not all sectors of the U.S. economy are affected equally by international trade.
B) Most of the leading exporting countries are large, high-income countries.
C) Exports benefit trading countries because exports create jobs. Imports do not benefit trading countries because they result in a loss of jobs.
D) Each year the United States exports about 50 percent of its wheat crop and 20 percent of its corn crop.
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