The short-run instability in the prices of agricultural products arises from the following factors, except:
A. Inelastic demand for the products
B. Fluctuations in farm outputs
C. Fluctuations in demand for the products
D. Fluctuations in incomes of the farmers
D. Fluctuations in incomes of the farmers
You might also like to view...
Assume that black beans and rice are staples in the diet of one particular family. How could you tell if these goods were complements, substitutes, or unrelated goods?
a. If the price of black beans rose and the consumption of rice remained the same, they would be substitutes. b. If the price of black beans rose and the consumption of rice increased, they would be substitutes. c. If the price of black beans rose and the consumption of rice decreased, they would be substitutes. d. If the price of black beans rose and the consumption of both goods remained the same, they would be complements. e. There is no way to determine whether these goods are complements, substitutes, or unrelated goods.
Many economists think that, in the long run, the economy tends to move toward
a. the natural or full-employment rate of unemployment. b. the natural or full-employment rate of inflation. c. a severe slump with high unemployment. d. an accelerating rate of inflation.
A US unemployment rate of 1.5% creates labor ____ which will cause ____
a. shortages; deflation b. surpluses; deflation c. shortages; inflation d. surpluses; inflation
If there is a sole producer of a good, and he faces no threat of competition, it is likely that:
A. the consumer surplus is greater than in a competitive equilibrium. B. the price is set below the competitive equilibrium price. C. the price is set inefficiently high. D. the market is efficient.