The U.S. food and fiber industry
A) Includes farm input supply firms.
B) Is one of the nation's most regulated sectors of the economy.
C) Benefits from expansionary monetary policies.
D) All of the above.
Answer: D
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According to the efficiency wage model, during a recession, firms will not reduce real wages because
A) unions would go on strike, reducing profitability. B) this would reduce worker effort and productivity. C) the equilibrium real wage has increased. D) legally, they can't.
Ethics play a key role in income redistribution.
A. True B. False C. Uncertain
"The marginal utility received from each additional unit of a good consumed declines, other things constant." This is a statement of the law of
a. increasing marginal returns b. marginal rate of substitution c. supply d. diminishing marginal utility e. demand
The factors of production include all goods and services produced in an economy
a. True b. False Indicate whether the statement is true or false