The relative price inelasticity of demand for agricultural products has resulted in:
A. Prices fluctuating more in agriculture than in other industries
B. Prices fluctuating less in agriculture than in other industries
C. Higher prices for agricultural products
D. Lower prices for agricultural products
A. Prices fluctuating more in agriculture than in other industries
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Other things constant, which of the following would tend to decrease the demand for Disney World vacations?
A) A rise in the price of Hawaiian vacations (a substitute for Disney World) B) A rise in income, if Disney World vacationing is a inferior good C) A fall in the price of air travel (a complementary good) D) New information that Disney World will raise its prices after this summer E) All of the above.
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. A movement from CE to BD occurs when
A) the price of capital decreases while the price of labor increases. B) the price of labor decreases while the price of capital remains unchanged. C) the price of capital increases while the price of labor decreases. D) the price of capital increases while the price of labor remains unchanged.
Which of the following statements is TRUE about scarcity?
A) Both rich and poor people face the problem of scarcity. B) Scarcity exists only when supply is insufficient to meet demand. C) Scarcity exists only when a shortage exists. D) Scarcity can be eliminated when a country becomes richer.
Scarcity is the result of:
a. government decision making b. inappropriate normative judgments. c. positive economics. d. wants that exceed the resources necessary to provide them.