Multiple Choice
An extraordinarily small crop of farm products due to drought causes
A) a large increase in the price of farm products because the demand for farm products is price inelastic.
B) only a slight increase in the price of farm products because the demand for farm products is income elastic.
C) only a slight increase in the price of farm products because the demand for farm products is income inelastic.
D) a large increase in the price of farm products because the demand for farm products is price elastic.
Correct Answer:
Verified
Correct Answer:
Verified
Q203: Over time, technological change has<br>A)reduced both the
Q204: Import quotas on sugar may cost consumers
Q205: The parity ratio initially stood at 0.5.
Q206: Which statement is correct?<br>A)Farmers fared considerably better
Q207: As applied to agriculture, the special-interest effect
Q209: Which of the following has been an
Q210: A major feature of the "Freedom to
Q211: A decrease in the quantity of soybeans
Q212: The increasing relative importance of agricultural exports
Q213: Farm groups spend considerable amounts of money