An international agreement reached in 1994 by the world's trading nations provides for:
A. an increase in export subsidies on agricultural products.
B. an increase in agricultural price supports.
C. a reduction of tariffs on agricultural products.
D. an international research organization designed to discover nonfood uses of agricultural
output.
Answer: C
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Which of the following is the term used to describe the expansion of a country's per capita real GDP?
A) change in factor incomes B) change in the labor force C) technological change D) economic growth
The reason that supply and demand tend to be more price elastic over longer time periods is because
A) it takes time for households and businesses to adjust to price changes. B) some goods have longer shelf life and are reordered less often. C) firms incur costs in changing the price of goods on their shelves. D) the feedback loop from buyers to sellers takes time.