Farm programs such as those maintained by the European Union (EU) and the United States:
A. Aid developing nations by creating a large market for agriculture
B. Decrease the incomes of farmers in EU nations and in the United States
C. Improve efficiency in the allocation of agricultural resources
D. Distort world trade in agricultural products
D. Distort world trade in agricultural products
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Increases in both labor and capital productivity will result in:
A) downward shift of the average and marginal product curves and upward shift of the average cost curves. B) downward shift of the average and marginal product curves and downward shift of the average cost curves. C) upward shift of the average and marginal product curves and downward shift of the average cost curves. D) upward shift of the average and marginal product curves and upward shift of the average cost curves.
When an economy's resources are not fully employed, then it must be true that the:
a. production point is located outside and to the right of the production possibilities curve. b. production point is located along the production possibilities curve. c. production point is located inside and to the left of the production possibilities curve. d. production possibilities curve shifts to the right. e. production possibilities curve shifts to the left.
The aggregate supply curve will shift to the right when the:
a. amount of labor in the society decreases. b. capital stock of the society shrinks. c. amount of natural resources in the society gets smaller. d. amount of labor in the society increases. e. price level in the economy rises.
The Fed has set a uniform reserve requirement of 3 percent for all deposits in the U.S. banking system
a. True b. False Indicate whether the statement is true or false