Because the demand for agricultural products is highly price-inelastic, a modest increase in supply will cause:
A. Relatively large declines in farm prices and incomes
B. Relatively large increases in farm prices and incomes
C. A small decline in farm prices, but an increase in farm incomes
D. A large decline in farm prices, but an increase in farm incomes
A. Relatively large declines in farm prices and incomes
Economics
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If the Friedman rule for long-term monetary policy were implemented, the result would be
A) inflation. B) neither inflation nor deflation. C) deflation. D) hyperinflation.
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A nation's standard of living is best measured by its
a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person.
Economics