As incomes increase worldwide, in addition to increased energy use, we expect to see use (and relative share) of grains and oilseeds used for animal feed
a. increase in highly developed economies only
b. to decrease worldwide
c. to increase worldwide
d. stay at relatively the same share
c. to increase worldwide
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If a union negotiates a wage greater than the competitive wage, the total union wage bill will necessarily decrease
a. True b. False
"Public goods" are provided by the public sector as a matter of social choice, not economic necessity
Indicate whether the statement is true or false
Supply tends to be more elastic in the short run and more inelastic in the long run
a. True b. False Indicate whether the statement is true or false
The branch of economics which studies the behavior of entire economies and policies that affect the economy as a whole is called
A) public economics. B) microeconomics. C) macroeconomics. D) normative economics.