Most agricultuel markets:
a. have a large number of relatively small producers
b. have seen improving productivity and cost efficeincy
c. both of the above
d. neither of the above
Answer: c. both of the above
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The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
A. 1 B. 2 C. 3 D. 4
External shocks to an economy include:
A. Innovation, population growth, and spending behavior. B. Disruptions in trade, wars, and natural disasters. C. Tax policy, government spending, and the availability of money. D. Jobs, prices, and growth.
Refer to the graph shown. What price represents the shutdown price?
A. P1 B. P2 C. P3 D. P4
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.