If the demand curve for wheat is inelastic, then total farm income from wheat will be:
A. Higher in years of low yields and lower in years of high yields
B. Lower in years of low yields and higher in years of high yields
C. Higher in years of falling prices
D. Lower in years of rising prices
A. Higher in years of low yields and lower in years of high yields
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By the permanent-income hypothesis, the long-run marginal propensity to consume is
A) j. B) k. C) kj. D) k - j. E) k/j
People who are not currently employed but say they want a job are counted as unemployed only if they: a. have previously held a job
b. are actively seeking employment. c. are discouraged workers. d. are between 16 and 65 years of age. e. are willing to accept any offer of employment.
_____ is a specific location in New York City where contracts to deliver agricultural and metal products are bought and sold
a. The U.S. Department of Commerce b. The New York Stock Exchange c. The Commodity Exchange d. The Barclays Bank e. The U.S. Commodity Futures Trading Commission
Refer to the accompanying figure.
Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating ________ gap.
A. A; a recessionary B. B; no output C. B; expansionary D. D; an expansionary