Refer to Table 15.1. The sources of government funds for Arugula in 2012 total
A) $135 million.
B) $195 million.
C) $380 million.
D) $600 million.
D
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What will be an ideal response?
Freezing temperatures in California have sharply reduced the supply of oranges in the U.S. You predict that the price of oranges will ________, and the more elastic the demand for oranges, the ________ will be the effect on the price
A) fall; smaller B) fall; greater C) rise; smaller D) rise; greater
Imagine that the economy is at a point on that is below both AA and DD, where both the output and asset markets are out of equilibrium. Which first action is TRUE?
A) The economy will stay at this level in the short run. B) The exchange rate will first rise to a point on the AA schedule. C) The exchange rate will first rise to a point on the DD schedule. D) The AA-DD equilibrium will shift to the position of the economy. E) The output level will first increase to a position on the DD schedule.
If demand is perfectly elastic, the demand curve is horizontal, and the price elasticity of demand equals 1
a. True b. False Indicate whether the statement is true or false