Refer to the below graph of the supply and demand for agricultural products. The supply and demand for agricultural products are in initial equilibrium at point 1. Technological progress in agriculture will:
A. Shift D1 to D2 and cause farm incomes to fall
B. Shift S1 to S2 and cause farm incomes to fall
C. Change equilibrium from point 1 to point 2 and cause farm incomes to rise
D. Change equilibrium from point 1 to point 6 and cause farm incomes to fall
B. Shift S1 to S2 and cause farm incomes to fall
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Which of the following indexes is best suited to measure wage inflation?
a. The Producer Price Index b. The International Price Index c. The Employment Cost Index d. The Personal Consumption Expenditure Index
Which of the following is a driving force underlying economic growth?
a. trade restrictions that protect domestic businesses from competition with foreign producers b. regulations that require businesses to obtain permission from the government before starting a new business c. tax increases that expand the revenues of the government d. entrepreneurial discovery and production of improved products
High-value, long-term projects benefit from:
A. frequent turnover of lenders in the financial sector. B. leveraging illiquid assets. C. long-term relationships between lenders and borrowers. D. high and volatile inflation rates.
Accounting profit and economic profit differ because economic profit does not take into account opportunity cost.
Answer the following statement true (T) or false (F)