According to the U.S. Department of Commerce, all persons, unrelated or related, who occupy a housing unit comprise
a. a family unit.
b. a household.
c. an extended family unit.
d. group living.
b. a household.
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In the above figure, which point represents a situation with significant shortages of labor, capital, and other resources?
A) point F B) point G C) point I D) point K
Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?
A) a drought that sharply reduces cotton output B) an increase in consumer income C) a decrease in consumer income D) unusually good weather that results in a bumper crop of cotton
The demand for most agricultural products tends to be
a. both price and income elastic b. both price and income inelastic c. price inelastic and income elastic d. price elastic and income inelastic e. of unitary price elasticity and income elastic
Which would be one of the factors that increase aggregate demand?
A. An increase in consumer wealth. B. An increase in the productivity of labor. C. An increase in personal income tax rates. D. An increase in real interest rates.