One of the problems with Lewis' concept of surplus labor is that
a. People who look like they are not working actually are achieving important development objectives.
b. Productivity in subsistence agriculture is so low that all workers are constantly needed.
c. Those no longer needed in agriculture have long ago left for the cities.
d. Those whose labor is not needed at one time may be needed at other times.
e. Surplus labor exists only in developed country agriculture.
D
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The quantity theory of inflation indicates that if the aggregate output is growing at 3% per year and the growth rate of money is 5%, then inflation is
A) 2%. B) 8%. C) -2%. D) 1.6%.
Everything else held constant, an increase in the required reserve ratio will result in ________ in M1 and ________ in M2
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Suppose that initially there is no public debt. Using the above table, the public debt over this four year period would have
A) increased by $215. B) decreased by $100. C) increased by $1,375. D) decreased by $1,590.
In the light of the infant industry argument, identify the industry which is likely to have substantially high initial costs
a. Fashion designing b. Retail industry c. Iron and steel industry d. Dairy industry e. Software industry