As a result of heavy spring rains in the Midwest, the corn crop declined sharply. If corn growers experienced an increase in sales revenue, the demand for corn must be
a. price elastic
b. price inelastic
c. unitary elastic
d. perfectly inelastic
e. perfectly elastic
B
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As technology advancements have led to more white collar jobs,
A) the labor force participation rate for women has increased over the last 50 years. B) the labor force participation rate for women has decreased since 1960. C) the labor force participation rate for men and women have increased. D) a higher percentage of men of working age have entered the labor force. E) the unemployment rate has steadily fallen.
For a monopoly, marginal revenue is less than price because
A) the demand for the firm's output is downward sloping. B) the firm has no supply curve. C) the firm can sell all of its output at any price. D) the demand for the firm's output is perfectly elastic.
A price ceiling set below the equilibrium price causes a shortage in the market
a. True b. False Indicate whether the statement is true or false
A single bank is severely limited in its ability to create money because: a. the FDIC will not permit it to create money unless the Resolution Trust Corporation guarantees the loans. b. loan recipients usually take the proceeds of the loan in cash
c. the funds loaned probably will be deposited in another bank. d. recent federal legislation prohibits banks from creating money except to finance international trade.