If the demand for agricultural products is price inelastic and the supply is dependent upon weather conditions, then
A) price changes are likely to be small, and farm revenues are likely to be highly volatile.
B) price changes are likely to be large, and farm revenues are likely to be highly volatile.
C) prices are likely to be constant, and farm revenues are likely to be constant.
D) prices are likely to be constant, and farm revenues are likely to be highly volatile.
E) price changes are likely to be small, and farm revenues are likely to be constant.
B
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Evaluate the following two statements: "He is income rich but he is not very wealthy" "He is income poor but he is wealthy"
What will be an ideal response?
A monopolistically competitive market
a. is imperfectly competitive, and all imperfectly competitive markets are monopolistically competitive. b. is imperfectly competitive, but not all imperfectly competitive markets are monopolistically competitive. c. is imperfectly competitive, whereas an oligopolistic market is not imperfectly competitive. d. is not imperfectly competitive.
In terms of GDP, counting ______ leads to double counting.
a. exported goods b. goods sold in bulk c. agricultural goods d. intermediate goods
What percentage of United States personal income in 2017 came from ownership of property?
A. 9% B. 28% C. 51% D. 64%