John Maynard Keynes and his followers argued that
a. the classical model does a good job of explaining the economy's operation in both the short run and long run
b. the short run is unimportant so economists should focus their attention on the long run
c. the economy should be allowed to function with minimal government interference
d. the economy operates the same way in both the short run and long run
e. while the classical model might explain economic performance in the long run, the long run could take a long time to reach
E
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The combination of low income elasticity of demand for food and high agricultural productivity leads to the demand for food increasing and the supply of food increasing even more, which has lead to rising prices of food
Indicate whether the statement is true or false
The diagram suggests that:
A. X and Y are both inferior goods.
B. X and Y are both normal goods.
C. X and Y are substitute goods.
D. X and Y are independent goods.