The "Big Five" macroeconomic variables with respect to agriculture
A) Represent key linkages between sectors in the food and fiber industry.
B) Include the rate of interest, the unemployment rate, the rate of inflation, the rate of growth in GDP and the producer price index.
C) Include the rate of foreign exchange, the rate of interest, the unemployment rate, the rate of inflation, and the rate of growth in GDP.
D) None of the above.
Answer: C
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People have a strong incentive to form rational expectations because
A) they are guaranteed of success in the stock market. B) it is costly not to do so. C) it is costly to do so. D) everyone wants to be rational.
If we wanted to describe unemployment in terms of supply and demand, we could say:
A. the quantity of those demanding labor is greater than those supplying labor. B. there is a surplus of labor. C. at the prevailing wage, the demand is greater than the supply of labor. D. All of these are true.
When the representatives of the OPEC countries met in March 1999 and decided to reduce the amount of oil each country would produce, the result was
A. the world demand for oil fell. B. the world supply of oil fell. C. the price of oil fell. D. All of the choices were results of this meeting.
After participating members of a cartel form an agreement on common prices and output quotas, then an individual firm can increase its own profits by
A) decreasing production. B) decreasing prices. C) advertising. D) paying its employees higher wages.