Bumper crops generally reduce farm incomes.
Answer the following statement true (T) or false (F)
True
The price elasticity of food demand is low. As a consequence, when harvests are good, farmers must reduce prices a lot to induce a substantial increase in the quantity of food demanded, resulting in lower total revenue or income.
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The figure above shows Ilene's budget line. If Ilene's income rises, her budget line will
A) rotate and become flatter. B) rotate and become steeper. C) shift rightward and its slope will not change. D) shift leftward and its slope will not change.
Which of these is an example of a negative network externality?
A) Bandwagon effect B) Pollution C) Snob effect D) Two-part tariff
A country is moderately outward-oriented if there are relatively high import-substitution restrictions
a. True b. False Indicate whether the statement is true or false
The California gold rush resulted in an increase in the amount of money in circulation and an increase in prices across the country
Indicate whether the statement is true or false