Consider a small family wheat farm. List some examples of explicit costs of farming
seeds, fertilizer, pesticide, fuel for machinery, machinery, hired help (if applicable), crop insurance
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According to the equation of exchange, if V = 5, P = 100, and Q = 10, the M is:
a. 20. b. 10. c. 500. d. 1,000. e. 200.
National income: a. is a measure of the income earned by owners of resources used in making final goods and services. b. is a measure of the income received by persons after taxes
c. equals aggregate income minus the statistical discrepancy. d. equals GDP minus depreciation.
Inelastic demand creates an incentive for suppliers to:
A. stop producing altogether. B. compete with each other and increase quantity supplied. C. try to get together and increase quantity supplied. D. try to get together and limit quantity supplied.
The number of labor union members reached its peak in the decade of the
A. 1950s. B. 1960s. C. 1970s. D. 1980s.