Increased productivity in the agricultural sector in conjunction with an inelastic demand curve for agricultural goods has caused a(n) __________ in output, a(n) __________ in price, and __________ revenues for farmers

A) increase; decrease; higher
B) increase; decrease; lower
C) decrease; increase; higher
D) decrease; increase; lower
E) increase; increase; higher

B

Economics

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If nominal GDP is growing more quickly than real GDP, which is most likely?

A. rising prices B. falling prices C. an expansion D. a recession

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Good A and good B are substitutes in production. The demand for good A decreases, which lowers the price of good A. The decrease in the price of good A

A) decreases the supply of good B. B) increases the supply of good B. C) decreases the demand for good B. D) increases the demand for good B.

Economics