Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, ________ has a website that provides estimates of demand elasticities for hundreds of food products for dozens of countries.
A. the U.S. Department of Agriculture
B. the U.S. State Department
C. the United Nations
D. the World Bank
Answer: A
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Over the last 100 years labor force participation by elderly males has fallen from over 2/3 to 1/5
Indicate whether the statement is true or false
During the trough of the business cycle,
a. employment and income are at a low ebb. b. little investment in plant and equipment occurs. c. consumers postpone purchases of durable goods. d. All of these occur.
Which of the following is included in GDP?
a. burglar alarm purchases b. crime c. traffic congestion d. income equality
Which of the following statements would John Maynard Keynes most likely agree with?
a. “All income generated from output is used to buy goods and services.” b. “Supply automatically creates adequate demand.” c. “Income is always spent in the period that it is produced.” d. “A decline in investment leads to insufficient total spending.”