The farm problem in the United States can be summed up as
a. low productivity, high prices, and an income-elastic demand for food
b. high productivity, high prices, and an income-elastic demand for food
c. low productivity, high prices, and an income-inelastic demand for food
d. high productivity, low prices, and an income-inelastic demand for food
e. high productivity, low prices, and an income-elastic demand for food
D
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The circular flow model illustrates that aggregate spending in the product markets equals 70 percent of aggregate income earned in the factor markets
a. True b. False Indicate whether the statement is true or false
Under Gresham's law, the term bad money refers to:
a. money with no face value. b. illegal tender. c. devalued money. d. commodity money. e. money with low commodity value.
The law of diminishing marginal productivity states that as more units of a variable input are added, holding other inputs constant (ceteris paribus), the additional output obtained from each new unit of the variable input eventually falls.
Answer the following statement true (T) or false (F)
Use the above figure. At an output equal to "Q" the average fixed cost for the firm will be the line segment
A. BE. B. CD. C. AB. D. DE.