In agriculture during much of the 20th century, supply grew more than demand. Which two farm problems are these?
A) the high-productivity problem and the income elasticity problem
B) the low-productivity problem and the income inelasticity problem
C) the high-productivity problem and the income inelasticity problem
D) the low-productivity problem and the income elasticity problem
E) none of the above
C
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If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.
The ratio of retirees to workers who make contributions to the Social Security system ________
A) has increased over the years B) increased as a result of the baby boom following World War II, but has subsequently declined C) has fallen with the decline in U.S. birth rates D) determines the size of contributions to the system
Suppose that a firm uses both labor (L) and capital (K) as inputs. The firm's long-run production function is Q = F(L,K) = 5?L?K. If the firm has 100 units of capital, what is its short-run production function?
A. Q = F(K) = 50?K B. Q = F(L) = 500?L C. Q = F(L,K) = 50?L?K D. Q = F(L) = 50?L
The upward-sloping portion of the short-run average total cost curve is caused by:
A. indivisible setup costs. B. diseconomies of scale. C. the presence of fixed inputs. D. the absence of fixed inputs.