Farm income has fallen in part because demand for farm products is price inelastic and income inelastic
a. True
b. False
A
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Last Tuesday you purchased 100 shares of Jitters Coffee Company, a corporation, for $25.00 per share. Unfortunately, the company went bankrupt later that same day
If the company still owed $1 million in debts after all assets have been liquidated and there are 1 million stockholders, what would be your personal loss from the remaining debt? A) $0 B) $1.00 C) $100.00 D) $1 million
In a two-period model with production, a temporary increase in domestic government spending
A) increases domestic output and increases the current account surplus. B) increases domestic output and decreases the current account surplus. C) decreases domestic output and increases the current account surplus. D) decreases domestic output and decreases the current account surplus.
Which of the following are scarce?
A) information B) time for recreation C) clean air D) all of the above
Which of the following is NOT a characteristic of an increasing cost competitive industry? As the industry expands in the long run,
A. the number of firms increase. B. the price of product remains constant. C. the prices of some inputs rise. D. the cost of production increases. E. none of the above