A prolonged period of drought will shift the long-run aggregate supply curve to the right
a. True
b. False
Indicate whether the statement is true or false
False
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In the coordination failure model, we mention sunspots because
A) they influence business cycles. B) apparently irrelevant events may influence business cycles. C) in central banker speak, they are synonymous with open market operations. D) seasonal sunshine has an impact on the business cycle.
If the government establishes a target price for particular agricultural products, then
A) the government sets a limit on the quantity of a product that a farmer is allowed to bring to market. B) farmers are paid to take part of their land out of cultivation, the intent being to reduce supply and raise price to the target level. C) farmers are given limits as to the number of acres that can be used to produce a particular product, the intent being to reduce supply and raise price to the target level. D) farmers are paid the difference between the market price of their product and a government-determined price. E) the government establishes a minimum price that farmers will be paid for their product, which causes the farmers to cut back on the number of acres planted in certain products, which, in turn, causes the price to rise to the target level.
What is the prisoners' dilemma?
What will be an ideal response?
Graphically, what is the main difference between the measure of income elasticity of demand as opposed to the measure of price elasticity of demand?
What will be an ideal response?