Which of the following statements about agriculture in the U.S. is correct?
a. Technological improvements typically increase both supply and revenue for individual farmers.
b. Technological improvements that increased supply, coupled with inelastic demand for foodstuffs, explain why the number of farmers has decreased dramatically over the last century.
c. Because technological improvements increase the supply of a product for which demand is inelastic, an individual farmer would be better off not adopting the new technology.
d. All of the above are correct.
b
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When the United States exports goods and services to France, there is an increase in the
A) demand for dollars. B) supply of French francs. C) supply of dollars. D) U.S. capital account balance. E) U.S. official settlements account balance.
In 2014, the price of peanuts was rising, which lead peanut butter sellers and peanut butter buyers to expect the price of peanut butter would rise in the future. Suppose the effect on the sellers was larger than the effect on the buyers
Consequently, in the current market for peanut butter there is a ________ in the price of peanut butter and ________ in the quantity of peanut butter. A) rise; an increase B) rise; a decrease C) fall; a decrease D) fall; an increase