The following factors have boosted farm income per farm household in the U.S., except:
A. Consolidation of farms
B. Outmigration from farming
C. Stronger or appreciating dollar
D. Significant government subsidies
C. Stronger or appreciating dollar
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Autarky is a situation where one country does not trade with other countries
Indicate whether the statement is true or false
We have read that the uninsured and the insured behave differently in regard to medical services. Suppose that the insured have a demand curve that can be written as Q = 100 - P, where Q is the quantity of medical services and P is the price. Suppose further that the uninsured have a demand curve that can be written as Q = 100 - 2P.
(a) At a price of $10 of medical services, how much will each demand? (b) At a quantity of 50 units, how much will the price be for the insured and uninsured?
If the expenditure schedule must be shifted upward to reach potential GDP, then the economy is experiencing a(n)
a. inflationary gap. b. precautionary gap. c. recessionary gap. d. expansionary gap.