The rate of growth in GDP affects agriculture
A) Has a major effect on agriculture because people need to eat.
B) Has a minimal effect on agriculture because more consumers eat away from home.
C) Has a major effect on agriculture because of the high income elasticity for agricultural products.
D) Has a minimal effect on agriculture because of the low income elasticity for agricultural products.
Answer: D
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Which of the following makes it difficult for markets to produce public goods?
a. Free riders use the goods without paying for them. b. The government intervenes as a free rider. c. Intellectual property is easily stolen by foreign firms. d. Social pressures require firms to lower prices on the goods.
Which of the following would a Keynesian economist be most likely to stress?
a. Supply creates its own demand. b. Businesses will not produce goods and services if they do not think people will buy them. c. You cannot spend your way out of a recession. d. When the unemployment rate is high, wage rates will fall. e. A dollar saved is a dollar earned; a high rate of saving is the key to prosperity.
If the number of employed people decreases and the average hours worked per week increases, then
What will be an ideal response?
Compensating differentials for employees can be seen as one measure of adjusting for:
A. corporate tax evasion. B. surplus labor in the unorganized sector. C. high rates of inflation. D. problems of ethical conflict.