If the demand for foodstuffs is inelastic, which of the following positions would be most beneficial to Farmer Jones?
A) Bad weather for Jones and good weather for all other farmers.
B) Bad weather for all farmers except Jones (who witnesses good weather).
C) Bad weather for all farmers.
D) Good weather for all farmers.
E) There is not enough information to answer the question.
B
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The above figure gives your budget line between CDs and magazines. If the price of a magazine increased, then the budget line
A) shifts outward and the slope does not change. B) rotates inward with no change in the horizontal intercept. C) rotates inward with no change in the vertical intercept. D) rotates outward with no change in the vertical axis.
In the circular-flow diagram,
a. taxes flow from households to firms, and transfer payments flow from firms to households. b. income payments flow from firms to households, and sales revenue flows from households to firms. c. resources flow from firms to households, and goods and services flow from households to firms. d. inputs and outputs flow in the same direction as the flow of dollars, from firms to households.