"The Department of Agriculture Came Out Today with Its Prediction

question 530

Multiple Choice

"The Department of Agriculture came out today with its prediction for food price next year-4 to 5 percent increases on top of this year's already steep gains… Eggs, dairy products and cereals are up 10 percent... But the USDA says another big part of the American diet has seen only moderate price increases. Beef, poultry and pork will be up only 3 percent this year." Suppose a cattle producer increased the quantity of beef he supplies by 2 percent when the price of beef increased by 3 percent. His elasticity of supply is

• A) inelastic.
• B) elastic.
• C) perfectly elastic.
• D) perfectly inelastic.

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Definitions:

Reproductive Success

The passing of genes onto the next generation in a way that they too can pass those genes on.

Linnaeus

Carl Linnaeus, an 18th-century Swedish botanist, physician, and zoologist who developed a system for naming, ranking, and classifying organisms.

Primates

Primates are an order of mammals that includes humans, apes, monkeys, and prosimians, characterized by complex behaviors, varied forms of locomotion, and a large brain relative to body size.

Hominids

Primates characterized by bipedalism and large brains, including the human lineage and all our immediate ancestors.