As farm productivity increases faster than demand:
a. fewer farmers are required to meet demand
b. the number of farmers decreases over time
c. the decreasing number of farmers is good news for society because the basic economic problem is scarcity
d. all of the above
Answer: d. all of the above
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If the price of a good decreases, ceteris paribus, the consumer will experience (Select all that apply.)
a desire to consume a different bundle. the budget constraint rotating outwards along the x-axis the budget constraint rotating inwards along the x-axis an increase in utility. a northern or eastern movement on the indifference map a southern or western movement on the indifference map.
Appendix: Common value auctions with open bidding necessarily entail
a. asymmetric information b. ascending prices c. more than two bidders d. amendment of bids e. sealed final offers.
In the United States, a little more than half the electorate will turn out to vote in:
a. local elections. b. state elections. c. judicial elections. d. presidential elections.
If the economy is in a recession, the actual deficit is ________ than the full employment deficit.
A. smaller than B. larger than C. equal to D. equal to or larger than