Between 1950 and today there was a
a. 20 percent drop in the number of farmers, but farm output increased by more than ten times.
b. 30 percent drop in the number of farmers, but farm output more than tripled.
c. 40 percent drop in the number of farmers, but farm output more than doubled.
d. 70 percent drop in the number of farmers, but farm output increased by about five times.
d
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An inferior good is one that consumers buy in smaller quantities when incomes rise.
Answer the following statement true (T) or false (F)
For a competitive firm
A) price is equal to marginal revenue. B) price is less than marginal revenue. C) demand is less than marginal revenue. D) demand is less than average revenue but equal to marginal revenue.
Utility is maximised when the utility for the last euro spent on each product is maximised, this is explained by
a) Law of Diminishing Marginal Utility. b) Equi-Marginal Principle. c) Total Utility. d) Marginal Utility.
Which would shift the aggregate demand curve? A change in:
A. net export spending. B. the legal-institutional environment. C. input prices. D. the prices of imported resources.