It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?
a. This loss of jobs has been detrimental to our economy.
b. The government should provide subsidies to encourage more people to become farmers.
c. The reduction in the number of farmers explains the increase in the price of food.
d. This is progress because freed-up labor is used to produce other goods.
d
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If a good has an income elasticity of 1.83, then it:
A. is a normal good, and a necessity. B. is an inferior good, and a necessity. C. probably has a lot of close substitutes available. D. is a luxury.
A tax on an imported good is called
a. a subsidy b. dumping c. a quota d. a tariff e. restricted trade
If resource prices are fixed and the selling price rises, then
a. profits will decrease. b. profits will increase. c. profits will remain constant. d. both profits and output will decrease.
A theory must be capable of being proved wrong if, in fact, it is wrong
Indicate whether the statement is true or false