The demand for most farm products is relatively inelastic. All else constant, what is the effect on farm revenues as a result of the introduction of new and better farm equipment which increases productivity?
A) Farm revenues could increase or decrease depending on the cost of this new equipment.
B) Farm revenues remain constant because consumers will not increase their consumption of farm products by much.
C) Farm revenues increase.
D) Farm revenues decrease.
D
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One reason why it is very difficult to write optimal military procurement contracts is because _____
a. there are numerous possible producers b. the military purchases many goods c. new technology often has to be developed d. there are many possible consumers of the product
The? self-interest theory of government explains why many states have limits on
A. taxes and government spending. B. the number of times politicians can be? re-elected. C. the number of people who can be? free-riders. D. all of the above
Slogans, company parties, rituals, and role models are all aspects of
A. empowerment. B. rational expectations. C. enhancing communication. D. benchmarking.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point D to Point B, the opportunity cost of hybrid cars, measured in terms of motorcycles,
A. initially increases, then decreases. B. increases. C. remains constant. D. decreases.