For price variability in agricultural crops, U.S. weather-related issues fall under the category of
A. static variability.
B. supply variability.
C. demand variability.
D. demand and supply variability.
Answer: B
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Suppose that when the price of hamburgers decreases, the Landry family decreases their purchases of chicken nuggets. To the Landry family
A) hamburgers and chicken nuggets are normal goods. B) hamburgers and chicken nuggets are inferior goods. C) hamburgers and chicken nuggets are substitutes. D) hamburgers and chicken nuggets are complements.
Given a Cobb-Douglas production function estimate of Q = 1.19L.72K.18 for a given industry, this industry would have:
a. increasing returns to scale b. constant returns to scale c. decreasing returns to scale d. negative returns to scale e. none of the above
In the classical model,
a. markets do not automatically clear. b. business demand for loanable fund exceeds business planned investment spending. c. there is no government sector, only private consumption and planned investment. d. businesses engage in interest-free borrowing. e. the government's demand for funds is vertical.
Trade occurs only when a country has an absolute advantage and not just a comparative advantage over another country
a. True b. False Indicate whether the statement is true or false