Which of the following statements is false?
A) There are fewer farms in this country today than there were earlier in this century.
B) In 2000, there were 8 million farms in the United States.
C) Bad weather reduces the supply of foodstuffs and leads to greater farmer total revenue, assuming demand for the foodstuffs is inelastic.
D) b and c
B
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Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
If the market price decreases to $0.55, the profit-maximizing quantity of output is
A. 0. B. more than 20, but less than 35. C. 20. D. 15.
A recession is a period when
a. output growth is negative for two consecutive quarters b. actual output falls below potential output and the rate of unemployment falls below the high- employment benchmark. c. unemployment reaches 10 percent for an extended period of time. d. actual output falls below potential output and the rate of unemployment rises above the high-employment benchmark..
What would happen in the market for prescription drugs if people begin to view over-the-counter remedies as a good substitute for prescription medications?
A) Prescription medications will become an inferior good. B) There is an upward movement along the demand curve for prescription medications. C) There is a downward movement along the demand curve for prescription medications. D) The demand for prescription medications will decrease.
Illustrate and explain the effects of tax reduction and simplification using the dynamic aggregate demand and supply model. To simplify the analysis, assume that aggregate demand is not affected by the tax cut
What will be an ideal response?