Farm prices fell sharply in 1919–21 . Then, until 1929, the farm "terms of trade" (the movement of farm prices relative to the movement of non-farm prices)
(a) collapsed by more than half.
(b) remained essentially unchanged.
(c) actually rose.
(d) collapsed, but only slightly.
(c)
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A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down. B) a change in one of the variables causes a change in the other variable in any direction. C) the two variables being compared change in the same direction, or when one goes up the other also goes up. D) the two variables have no identifiable relationship with each other.
In general, entrepreneurs prefer:
A. more diversification, to reduce the risk of their ventures. B. more diversification, to increase the risk and payoff of their ventures. C. less diversification, to reduce the risk of their ventures. D. less diversification, to increase the risk and payoff of their ventures.
Foregone investment opportunities are an example of
a. an explicit cost. b. an implicit cost. c. revenues. d. profits.
Economists believe that a little bit of inflation may be a good thing. What are the potential benefits of inflation?