During the Great Depression, the United States economy operated ______________ the production possibilities frontier.
Fill in the blank(s) with the appropriate word(s).
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The primary goal of an agricultural extension service is to
(a) bring new areas under cultivation. (b) increase the yield per hectare. (c) introduce land reform. (d) assist rural-urban migration.
Which of the following statements about cost functions is true?
a. Variable costs will always increase in direct proportion to the quantity of output produced. b. The less capital equipment employed in the production process relative to labor and other inputs, the longer will be the period of time required to increase significantly the scale of operation. c. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations. d. none of the above
Which of the following is associated with a more elastic demand curve?
a. availability of many close substitutes b. a greater amount of time for consumers to respond to a price change c. a large percentage of income spent on the good in question d. all of the above
Which makes it easier for a cartel to operate effectively over time?
A. The number of substitutes for the cartel's product increases. B. Demand for the cartel's product becomes more elastic. C. Each member firm observes the pricing and output decisions of other firms in the cartel. D. Demand for the cartel's product decreases.