Because the demand for wheat tends to be inelastic, the development of a new, more productive hybrid wheat would tend to
a. increase the total revenue of wheat farmers.
b. decrease the total revenue of wheat farmers.
c. decrease the demand for wheat.
d. decrease the supply of wheat.
b
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There is considerable evidence to support the assertion that legislated input combinations have reduced the costs of production in affected industries
Indicate whether the statement is true or false
An excise tax shifts the supply curve
A. by rotating it counter-clockwise. B. down by the amount of the tax. C. up by the amount of the tax. D. by rotating it clockwise.
Which of the following would most likely cause an increase in the supply of dollars?
A. A contractionary fiscal policy that reduced U.S. income and lowered U.S. imports B. A contractionary fiscal policy that reduced U.S. income and increased U.S. imports C. An expansionary fiscal policy that raised U.S. income and increased U.S. imports D. An expansionary fiscal policy that raised U.S. income and reduced U.S. imports
If the United States has reason to believe that the trade policies of another country violate the GATT, then to which organization do they send their complaint?
A. the World Trade Organization (WTO) B. the International Monetary Fund (IMF) C. the United Nations (UN) D. the World Bank (WB)