Price floors were established in agricultural markets for all of the following reasons except to
a. keep farmers'incomes in parity with nonagricultural workers' incomes
b. prevent surpluses of agricultural goods from occurring
c. counteract falling agricultural prices caused, over the long run, by technological change
d. counteract the low price elasticity of demand for farm goods
e. counteract the low income elasticity of demand for farm goods
b. prevent surpluses of agricultural goods from occuring
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Gross private domestic investment consists of _____
a. spending by individual households on automobiles and durable goods b. spending by businesses on labor resources c. net additions to business inventories d. spending by government on welfare benefits e. spending by households on stocks and bonds
The nominal rate of interest = _____ + _____.
Fill in the blank(s) with the appropriate word(s).
According to the World Bank, developing countries greatly outnumber industrial countries
a. True b. False Indicate whether the statement is true or false
The production function has ____ on the horizontal axis
a. real GDP b. capital stock c. technology d. labor input