Incomes of U.S. farmers are adversely affected by:
A. Very good harvests on farms abroad
B. Economic expansion abroad
C. Less protectionist farm policies abroad
D. Higher prices of farm products
A. Very good harvests on farms abroad
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The rate of unemployment that occurs when the economy is producing its potential GDP _____
a. is called the natural rate of unemployment b. is zero c. is thought to be approximately 10% d. can be kept at zero through fiscal policy e. is equal to the rate of stagflation in most years
When we compare PAE and actual output (Y) if PAE is greater than Y we expect that:
A. inventories to increase. B. inventories to decrease. C. there will be no change in inventories. D. the government will spend more than it has collected in taxes.
The own-price elasticity for cherries at the farm level is —0.60. Because of the recent freeze in Washington, cherry production will fall by 12 percent. Cherry prices are likely to
A) Remain the same. B) Rise by 20%. C) Fall by 20%. D) Can't tell; insufficient information.
If the Gini coefficient of Country A is 0.3 and the Gini coefficient of Country B is 0.45, we can conclude that
A. income is more evenly distributed among households in Country A than in Country B. B. wealth is more evenly distributed among households in Country A than in Country B. C. income is more evenly distributed among households in Country B than in Country A. D. wealth is more evenly distributed among households in Country B than in Country A.