A soil bank program is designed to
a. increase the supply of farm goods
b. increase the availability of farm land
c. decrease the supply of farm goods
d. increase the demand for farm goods
e. decrease the price of farm goods
C
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Income elasticity of demand describes how change in income affects the quantity demanded of a good
a. True b. False Indicate whether the statement is true or false
Justin is trying to decide whether he wants to spend a $50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision?
A. Birthday check B. DVD player C. Concert tickets D. $50
As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have less control over price. B. face more barriers to entry. C. face more competitors. D. sell a more differentiated product.
Under the NAFTA, countries must enforce their own labor standards
Indicate whether the statement is true or false