Which of the following best describes the agricultural sector for much of the 20th century and today?
A) high productivity, price elasticity of demand less than 1, income elasticity of demand greater than 1
B) low productivity, price elasticity of demand greater than 1, income elasticity of demand less than 1
C) high productivity, price elasticity of demand less than 1, income elasticity of demand less than 1
D) low productivity, price elasticity of demand less than 1, income elasticity of demand greater than 1
C
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No firm's total revenue could exceed its total opportunity costs if
A) all firms were price takers. B) prices always cleared the market. C) quantity demanded of every good equaled the quantity supplied. D) the future were completely predictable. E) there were no legal restrictions on entry into any industry.
Policies adopted by a country's central bank that influence interest rates and credit conditions, which in turn influence consumer and business spending are called:
A) monetary policy. B) fiscal policy. C) foreign policy. D) exchange rate policy.
An increase in the effective tax rate on capital would cause the IS curve to ________ and the LM curve to ________
A) shift down and to the left; be unchanged B) shift down and to the left; shift up and to the left C) shift up and to the right; be unchanged D) shift up and to the right; shift up and to the left
The tax base of the value added tax and a turnover tax are the same
a. True b. False