If the demand curve for agricultural products is inelastic and farmers as a group become more productive, then prices of agricultural goods will __________ and total revenue earned by farmers will __________
A) decrease; increase
B) decrease; decrease
C) increase; increase
D) increase; decrease
E) We cannot answer this question without knowing how inelastic the demand curve is.
B
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Which of the following quotations best captures the idea of opportunity cost?
A. “Opportunity knocks but once.” B. “Every choice involves a sacrifice.” C. “Let’s not ask for the moon; we have the stars.” D. “Fools rush in where wise men fear to tread.” E. “All that glitters is not gold.”
The amount of government expenditures on a project or program should continue to increase for as long as the marginal benefits exceed the marginal costs
a. True b. False Indicate whether the statement is true or false
Some poor countries appear to be falling behind rather than catching up with rich countries. Which of the following could explain the failure of a poor country to catch up?
a. The poor country has outward-oriented trade policies. b. The poor country allows foreign direct investment. c. The poor country has poorly developed property rights. d. All of the above are correct.
Sellers who try to maintain or increase the demand for their product in the face of competition by improving its quality
What will be an ideal response?