Crops that are grown primarily to sell, rather than to consume, are referred to as
a. staples
b. subsistence crops
c. cash crops
d. market crops
e. none of the above
C
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Which of the following Federal Reserve chairs had the longest tenure?
a. Alan Greenspan. b. Paul Volcker. c. Milton Friedman. d. Arthur Laffer.
Which of the following countries averaged GDP growth (after adjusting for inflation) of at least 5% per year both from 1990 to 2000 and from 2000 to 2008, and therefore, can be grouped into the fast-growth category?
a. Mozambique b. Central African Republic c. Guinea-Bissau d. Haiti
If the budget line shifts from BB to bb in the above diagram we can infer that the:
A) price of Y has increased and the price of X has decreased. B) price of Y has decreased and the price of X has increased. C) prices of both X and Y have increased. D) prices of both X and Y have decreased.
Which of the following is true in a market economy?
A. Central planners determine answers to the basic economic questions. B. Resources are used efficiently. C. The distribution of wealth is equal. D. Information for production and distribution decisions pass directly to buyers from the government.