Which of the following is a major justification for public aid to agriculture in the United States?
A. The demand for farm products is income elastic
B. Technological progress has greatly reduced the demand for farm products
C. Farmers sell their products in highly imperfect markets and buy resources in highly competitive markets
D. Farmers are subject to extraordinary hazards that are hard to insure against
D. Farmers are subject to extraordinary hazards that are hard to insure against
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A market with the characteristics of many firms selling an identical product, many buyers, and no restrictions on entry or exit to the market is
A) a monopoly market. B) an oligopolistic market. C) a perfectly competitive market. D) a monopolistically competitive market.
The cross price elasticity of demand between two goods will be positive if
A) the two goods are complements. B) the two goods are substitutes. C) the two goods are luxuries. D) one of the goods is a luxury and the other is a necessity.
Productivity is defined as:
a. output per unit of capital. b. output per labor hour. c. output divided by the price level. d. the percentage change in total annual output.
_____ have faith in the free market (price) system that leads them to favor minimal government intervention
a. New Keynesian economists b. Traditional Keynesian economists c. Monetarist economists d. Traditional classical economists e. New classical economists