Federally provided agricultural subsidies in the United States have ________ with the passage of the 2002 Farm Security Act and the 2007 Food, Security, and Bioenergy Act
A) been abolished
B) been maintained
C) increased to the level of EU price supports
D) been made a function of tax revenues
B
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If the income elasticity of money demand is 3/4 and the interest elasticity of money demand is -1/4, by what percent does money demand rise if income rises 10% and the nominal interest rate rises from 4% to 5%?
A) 7.50% B) 6.25% C) 5.00% D) 1.25%
Abstraction can be thought of as
a. ignoring reality in order to build theory. b. omitting unimportant details in order to understand complex phenomena. c. creating absurdity in order to explain simplicity. d. assuming complexity when simplicity will do. e. stylizing reality rather than analyzing cause and effect.
What is the difference between elastic and inelastic demand? Use examples to explain your answer
Which of the following would increase in response to a increase in the price of ironing boards?
a. the quantity of irons demanded at each possible price of irons b. the equilibrium quantity of irons c. the equilibrium price of irons d. None of the above is correct.