Measured in terms of farm employment and the number of farms, agriculture has been:
A. a declining industry.
B. an expanding industry.
C. a stable industry.
D. a volatile industry.
Answer: A
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According to opportunity-cost theory, people will find themselves increasingly "short of time" when
A) their demand curves become less elastic. B) their demand curves become more elastic. C) their income declines. D) they become wealthier. E) they lose valuable opportunities.
Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance. b. the actions of particular agents within the economy, like households, workers, and business firms. c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals. d. workers or firms, and whether they are well suited within the overall production process.
Joe deposits $200 in currency into his checking account at a bank. This deposit is treated as
A. an addition of $200 to the money supply because the bank holds $200 in currency and the checking account has been increased by $200. B. an addition of $200 to the money supply because of the creation of a checkable deposit of $200. C. a subtraction of $200 from the money supply because the $200 in currency is no longer in circulation. D. no change in the money supply because the $200 in currency has been converted to a $200 increase in checkable deposits.
Explain the concept of consumer equilibrium
What will be an ideal response?