Which of the following combinations of factors comes closest to describing the situation in agriculture?
A) elastic demand for agricultural products and large swings in supply
B) elastic demand for agricultural products and small swings in supply
C) inelastic demand for agricultural products and constant supply
D) inelastic demand for agricultural products and large swings in supply
E) none of the above
D
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What is productive efficiency? Does it guarantee that markets are operating efficiently?
The Economic Report of the President
a. discusses recent developments in the economy and presents analysis of current policy issues. b. is written by the Council of Economic Advisers. c. is the responsibility of the economists at the Office of Management and Budget. d. Both a and b are correct.
Which of the following statements best describes the economic short run?
A) It is a period during which at least one of the firm's inputs is fixed. B) It is a period during which fixed inputs become variable inputs because of depreciation. C) It is a period during which firms are free to vary all of their inputs. D) It is a period of one year or less.
Under laissez faire, the force that drives the economy toward an efficient outcome is
a. central planning. b. majority voting. c. the pursuit of self-interest. d. altruism.