Which of the following statements about U.S. agriculture is true as it relates to the past several decades?
A. The demand for farm products has declined, the supply of farm products has increased,
and the price of farm products has declined.
B. The demand for farm products has become both more income elastic and more price
elastic.
C. Minimum efficient scale has increased, the prices of farm products have declined, and the
number of farms has declined.
D. The prices of farm products have increased, minimum efficient scale has declined, and the
supply of farm products has been stagnant.
Answer: C
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Which of the following is an outcome of prolonged unemployment?
a. An improvement in labor skills b. An increase in the inflation rate c. A rise in potential GDP d. A fall in potential GDP e. An increase in the size of the labor force
Which of the following is characteristic of firms operating in an oligopoly market?
a. either homogeneous or differentiated products b. mutual interdependence among firms c. significant barriers to entry d. All of the above characterize oligopoly firms.
A tax system in which tax rates fall as incomes rise is
A. Flat. B. Regressive. C. Proportional. D. Progressive.
Suppose the money multiplier is 5. If banks hold excess reserves, the required reserve ratio must:
A. equal 0.20. B. be less than 0.10. C. be greater than 0.20. D. be less than 0.20.