Based on empirical evidence, the "farm problem" that has confronted U.S. policymakers for many years is attributable, in large part, to the relatively inelastic demand for many agricultural products
Indicate whether the statement is true or false
TRUE
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The list of the major factors that create economies of scale includes all of the following except:
A) specialization and division of labor. B) quantity discounts. C) an increase in demand for the firm's output. D) the use of automation devices.
The inclusion of external costs in the decision making process determining equilibrium price and quantity leads to
A) lower priced items and increased quantity. B) lower priced items and a decline in quantity. C) higher priced items and increased quantity. D) higher priced items and a decline in quantity.
The table in the textbook shows that income elasticity of food in industrialized nations is
a. higher than in less industrialized nations b. negative c. income elastic d. lower than in less industrialized nations e. the same as in less industrialized nations because food is an essential good
The "mercantilists" whose views on economic systems carried considerable weight in Britain and Europe from the 1500s through the 1700s,
A) Favored trade but promoted restrictions on it that protect their narrow commercial interests B) Favored trade but only in so far as importing items, not exporting C) Were promoted by a variety of writers including David Hume D) Promoted the idea of large landholdings with peasants tied to the land