For developed countries, more price supports and subsidies are provided to agriculture worldwide than to any other sector of the economy.
Answer the following statement true (T) or false (F)
True
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If the price of milk increased by 5 percent because of an increase in the demand for milk, and the quantity of milk supplied increased by 7 percent
A) the supply curve of milk has shifted rightward. B) the price elasticity of supply of milk is greater than one. C) milk is more of a luxury than a necessity. D) milk is more of a necessity than a luxury.
What type of economic system is commonly described as being controlled by an "invisible hand"?
A. a traditional economy B. a command economy C. a market economy D. a communist economy
In the Keynesian-cross model, if government purchases increase by 250, then the equilibrium level of income:
What will be an ideal response?
In the United States, total health care spending per person has been ________, and out-of-pocket spending on health care per person has been ________
A) rising; rising B) rising; falling C) falling; rising D) falling; falling