Agricultural Economics MCQ

If the price elasticity of demand is equal to 2, the good has _____ demand.

Normal.

Elastic.

Inferior.

Inelastic

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Using the factors of production to make one product always means that _____.

A company may experience a shortage of materials

A nation can make more money

It is possible to make too many of that product

Fewer resources are left to make something else

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Five characteristics of hunter gatherer societies were _____

Trash located in one spot

More surplus food

More dangers from animals and accidents

Few social changes

People lived in one place

Healthier and better diets

Little problem with spread of disease

Few technological changes

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A demand curve that illustrates the law of demand ______.

Shows that the quantity demanded decreases as the price falls

Is downward sloping

Shows that the quantity demanded remains the same when the price falls

Is horizontal

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Normative economics deals with ____ and positive economics deals with ____.

What should be; what is

What is; what is

What is;what should be

What should be;what should be

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