The price elasticity of demand for many agricultural products is (absolute value) less than 1, meaning that these products are inelastic in demand
Indicate whether the statement is true or false
True
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A rightward shift of the supply curve will lead to a(n)
A) decrease in equilibrium price. B) excess supply at the old equilibrium price. C) increase in quantity demanded. D) All of the above.
Government purchases are included in national product
a. True b. False Indicate whether the statement is true or false
Suppose that land and labor are substitute resources. If the wage rate rose, the employment of land would rise only if
A. the output effect outweighed the substitution effect. B. the substitution effect outweighed the output effect. C. the substitution effect was equal to the output effect.
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. The opportunity cost of a pair of shoes is ________ for the United States than Canada, so Canada has the ________ advantage in shoe production.
A. lower; comparative B. higher; comparative C. higher; absolute D. lower; absolute