Which of the following best describes the agricultural sector for much of the 20th century and today?
A) high productivity, price elasticity of demand less than 1, income elasticity of demand greater than 1
B) low productivity, price elasticity of demand greater than 1, income elasticity of demand less than 1
C) high productivity, price elasticity of demand less than 1, income elasticity of demand less than 1
D) low productivity, price elasticity of demand less than 1, income elasticity of demand greater than 1
C
You might also like to view...
Your textbook asserts that the federal government's $787 billion stimulus plan, launched in 2009,
A) failed to stimulate the economy out of the Great Recession. B) was followed by growing unemployment. C) stifled the corrective process of the previous cluster of errors during the housing bubble. D) favored well-organized interests. E) led to all of the above.
An income distribution may not give an accurate picture of the standard of living for the poor because it does not include in-kind transfers
a. True b. False Indicate whether the statement is true or false