Which of the following statements about agriculture in the U.S. is correct?
a. Technological improvements typically increase both supply and revenue for individual farmers.
b. Technological improvements that increased supply, coupled with inelastic demand for foodstuffs, explain why the number of farmers has decreased dramatically over the last century.
c. Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology.
d. All of the above are correct.
b
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A final good is one that
A) is purchased as an input in the production process. B) is purchased by its final user. C) is a natural resource used to produce a good. D) is used in the production of another good.
Which of the following provides an example of command-and-control regulation? a. Taxing producers based on the external costs created by their pollution, thus internalizing external costs
b. Requiring firms to reduce their pollution by 50 percent, thus allowing them to emit 50 percent of their historical emissions, and allowing them to freely buy and sell allowances. c. Requiring firms to use a particular type of pollution-control technology, such as smokestack scrubbers or catalytic converters. d. Subsidizing firms that exceed their pollution-control targets.
Which of the following does not appear on the asset side of a bank's balance sheet?
a. Checkable deposits b. Loans c. Required reserves d. Excess reserves
According to the representative heuristic, people's belief about the likelihood that something belongs to a given category ________ the extent to which it shares characteristics with the stereotypical members of that category.
A. will only rarely be influenced by B. increases with C. is unaffected by D. decreases with