Help with these economic questions?
1 If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
a. increase. b. decrease. c. be unchanged. d. either increase or decrease, depending on what happens to supply.
2 Assume there is an increase in the demand for hand calculators. The subsequent:
a. increase in price will be greater in the long run than in the short run. b. increase in price will be greater the greater the inelasticity of supply. c. increase in price will be greater the greater the elasticity of supply. d. decline in price will be greater the greater the elasticity of supply.
3 Indifference curves are linear and budget lines are convex to the origin.
a. True b. False
4 Which of the following statements is correct?
a. Both cash and noncash gift-giving cause value losses. b. Neither cash nor noncash gift-giving cause value losses. c. Noncash gift-giving create a value loss, but cash gifts do not. d. Cash gifts creates a value loss, but noncash gift
Answer:
1 If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
b. decrease. 2 Assume there is an increase in the demand for hand calculators. The subsequent:
b. increase in price will be greater the greater the inelasticity of supply.
3 Indifference curves are linear and budget lines are convex to the origin.
b. False
4 Which of the following statements is correct?
a. Both cash and noncash gift-giving cause value losses. b. Neither cash nor noncash gift-giving cause value losses.
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Demand and Quatity demanded?
a. increase. b. decrease. c. be unchanged. d. either increase or decrease, depending on what happens to supply.
2 Assume there is an increase in the demand for hand calculators. The subsequent:
a. increase in price will be greater in the long run than in the short run. b. increase in price will be greater the greater the inelasticity of supply. c. increase in price will be greater the greater the elasticity of supply. d. decline in price will be greater the greater the elasticity of supply.
3 Indifference curves are linear and budget lines are convex to the origin.
a. True b. False
4 Which of the following statements is correct?
a. Both cash and noncash gift-giving cause value losses. b. Neither cash nor noncash gift-giving cause value losses. c. Noncash gift-giving create a value loss, but cash gifts do not. d. Cash gifts creates a value loss, but noncash gift
Answer:
1 If the demand for farm products is price inelastic, a good harvest will cause farm revenues to:
b. decrease. 2 Assume there is an increase in the demand for hand calculators. The subsequent:
b. increase in price will be greater the greater the inelasticity of supply.
3 Indifference curves are linear and budget lines are convex to the origin.
b. False
4 Which of the following statements is correct?
a. Both cash and noncash gift-giving cause value losses. b. Neither cash nor noncash gift-giving cause value losses.
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