A soil bank program pays ___________ in order to _________
a. farmers' mortgages; eliminate bankruptcy
b. farmers' mortgages; reduce the parity price ratio
c. farmers to not grow; reduce excess demand
d. farmers to grow; rejuvenate the land
e. farmers to not grow; reduce supply
E
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Answer the following statement(s) true (T) or false (F)
1. If the consumer chooses not to purchase potatoes, then the marginal value of potatoes must be less than or equal to the relative price of potatoes. 2. The steeper the indifference curve, the greater the marginal value of a good. 3. If a person is willing to trade one good for another, their new basket after the trade must lie on a lower indifference curve than their original basket. 4. Along a convex indifference curve, the marginal value of a good rises as the quantity of the good rises. 5. When using the composite good convention all other goods are measured in terms of dollars.
Which of the following statements is correct? I. When economists derive the aggregate demand curve, they are looking at the effect of the price level on one commodity only. II. Any non-price-level change that increases aggregate spending on domestic goods shifts the AD curve to the right.
A) I only B) II only C) Both I and II D) Neither I nor II
An increase in the price of a particular bond implies an increase in the interest rate for that bond
a. True b. False Indicate whether the statement is true or false
David and Asher buy the same pair of sneakers, but each in the wrong size. David proposes a size swap with Asher. This is an example of a. barter, since the sneakers in the correct size represent a medium of exchange
b. barter, since the sneakers in the correct size have intrinsic value to both David and Asher. c. money, since the sneakers in the correct size do not have any intrinsic value. d. money, since the sneakers in the correct size represent a medium of exchange.