If the demand for an agricultural product is inelastic, a bumper crop will:
A. raise price and decrease total revenues.
B. raise price and increase total revenues.
C. lower price and decrease total revenues.
D. lower price and increase total revenues.
Answer: C
Economics
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Unemployment compensation is an example of a(n):
a. discretionary stabilizer. b. countercyclical stabilizer. c. procyclical stabilizer. d. seasonal stabilizer. e. automatic stabilizer.
Economics
Water, when it is not tradeable among current and potential users, is often kept that way
a. by governments demanding tight control over who gets the water. b. by nature, as water cannot be easily moved from place to place in large quantities. c. to protect fish and other wildlife, rather than for any other reason. d. by monopoly owners in the private sector.
Economics