According to your authors, the prohibition on alcohol kept the ________ curve relatively stable while the ________ curve became more ________
A) supply; demand; elastic
B) supply; demand; inelastic
C) demand; supply; elastic
D) demand; supply; inelastic
D
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Growth of real GDP per person is totally determined by the growth of average:
A. labor force participation and the share of income going to capital. B. labor force participation and the share of the population employed. C. labor productivity and the proportion of the population employed. D. labor productivity and the proportion of the population in the labor force.
If the taste for a good increases, the
A. demand curve will shift to the left. B. supply curve will shift to the left. C. supply curve will shift to the right. D. demand curve will shift to the right.
The long-run supply curve would be upsloping in:
A. a decreasing-cost industry. B. a constant-cost industry. C. a variable-cost industry. D. an increasing-cost industry.
Which of the following statements about U.S. agriculture is true as it relates to the past several decades?
A. The demand for farm products has declined, the supply of farm products has increased, and the price of farm products has declined. B. The demand for farm products has become both more income elastic and more price elastic. C. Minimum efficient scale has increased, the prices of farm products have declined, and the number of farms has declined. D. The prices of farm products have increased, minimum efficient scale has declined, and the supply of farm products has been stagnant.