Studies show that, in the United States,
A) price elasticity of demand for agricultural products has hovered around 3.2 for many years.
B) as real income has been increasing, the per-capita demand for food has been decreasing.
C) as real income has been increasing, the per-capita demand for food has been increasing by much more.
D) none of the above
D
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The number of times per year, on average, that a dollar is spent on final goods and services is known as
A) the income velocity of money. B) the price of money. C) the money supply. D) the equation of exchange.
According to classical economists, in recessions, not only does the unemployment rate increase, so does the
A) interest rate. B) level of fiscal stimulus. C) natural rate of unemployment. D) level of potential output.
The relationship between the quantity of inputs and the quantity of outputs is called a:
A. production function. B. profit function. C. resource function. D. cost function.
Market discouraging actions, like taxation, can help bring efficiency to markets where externalities are present.
Indicate whether the statement is true or false.