Which of the following is one reason why the income of small family farms has decreased over time?
A) The demand for farm products is price elastic.
B) The U.S. population has increased greatly since 1950.
C) The demand for farm products is income inelastic.
D) Technology has increased farm productivity and market supply.
A
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If investment demand increases, the equilibrium real interest rate ________ and the equilibrium quantity of investment ________
A) rises; decreases B) falls; decreases C) falls; increases D) rises; increases E) does not change; does not change
Comparative advantage is determined by
A) actual differences in labor productivity between countries. B) relative differences in labor productivity between countries. C) Both A and B. D) Neither A nor B.
Brokers, in contrast to security dealers
A) hold inventories of securities. B) make their income through commissions. C) make their living on the spread between the bid price and the asked price. D) buy and sell securities at given prices.
According to the classical model, changes in aggregate demand are driven by
a. changes in taxes. b. changes in borrowing and lending. c. changes in fiscal policy. d. demand curve to the left and increases the price level.