One factor that contributed to the gradual decline in United States farm income during the 20th century was
a. World War I
b. World War II
c. unemployment among farmers
d. the low price and income elasticities of demand for farm goods
e. slow technological change in agriculture
d. the low price and income elasticities of demand for farm goods
You might also like to view...
If the PPF for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods
a. True b. False Indicate whether the statement is true or false
How are total costs determined?
a. fixed costs x output b. sunk costs + variable costs c. fixed costs + variable costs d. marginal costs / output
In a housing market with no rent ceilings, the equilibrium rent is that for which the quantity of apartments demanded
A) equals the quantity supplied. B) is greater than the quantity supplied. C) is less than the quantity supplied. D) might be greater than, equal to, or less than the quantity supplied depending on whether the supply curve is upward sloping, horizontal, or vertical. E) None of the above answers is correct because without rent ceilings there is no equilibrium rent.
A budget constraint:
A. is the same across all individuals with the same income constraints. B. is different for each individual with the same income constraints. C. is the same across all individuals with the same tastes and preferences. D. is different for each individual with the same tastes and preferences.