If the demand for corn is elastic, then:
a. there are not many substitutes for the consumption of corn.
b. the price elasticity of demand for corn is less than -1.
c. a decrease in price will reduce total revenue for corn producers.
d. an increase in price will increase total revenue for corn producers.
e. consumers will continue buying the same quantity even if price increases.
b
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According to Keynes, the speculative demand for money pertains to money held in anticipation of a(n)
a. increase in bond prices. b. decrease in bond prices. c. rise in interest rates. d. fall in interest rates. e. both b and c
Physical capital is distinguished from human capital because
A) physical capital refers to trained people. B) physical capital refers to equipment and machinery, whereas human capital refers to trained people. C) human capital refers only to day laborers. D) physical capital refers to trained people, whereas human capital refers to equipment and machinery.