An agribusiness firm that has monopsony power in a local market will buy less product at a lower price from local producers compared to a competitive market outcome.
a. true
b. false
Ans: a. true
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In an open economy, a society's consumption possibilities are typically ________ its production possibilities.
A. less than B. unrelated to C. equal to D. greater than
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P2 and Y2. B. P1 and Y2. C. P4 and Y2. D. P1 and Y1.
The short-run aggregate supply curve is horizontal when
A) prices are inflexible and the economy is at full employment.
B) there are unemployed resources and prices do not increase when aggregate demand increases.
C) there are unemployed resources and prices do not decrease when aggregate supply increases.
D) there are no unemployed resources and prices do not increase when aggregate demand or supply increases.
From 2007 to 2013, total federal, state, and local appropriations to public institutions of higher education
A. increased $47 billion. B. increased $230 billion. C. remained constant. D. decreased $71 billion.