The demand for farm goods is income inelastic if the percentage change in quantity demanded is __________ the percentage change in __________
A) greater than; income
B) equal to; income
C) less than; income
D) greater than; revenue
E) less than; revenue
C
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There has been a decrease in investment. As a result, real GDP will ________ in the short run, and ________ in the long run
A) increase; decrease to its initial value B) decrease; decrease further C) decrease; increase to its initial level D) increase; increase further
Which of the following is NOT an important source of revenue for the federal government?
A) individual income taxes B) property taxes C) social insurance taxes and contributions D) corporate income taxes
With of the following is true with regard to leverage? a. The U.S.banking system uses very little leverage to ensure the safety of the banking system. b. Leverage in the banking system increases its potential for profits, but no losses
c. Losses borne by highly leveraged banks can have a ripple effect throughout the financial system. d. All of the above are true
An industry where the cost of inputs stays the same even when the industry expands is which of the following?
a. A normal cost industry b. A decreasing cost industry c. An increasing cost industry d. A constant cost industry