In the former Soviet Union most of the farmland was in the form of _____________________.
Fill in the blank(s) with the appropriate word(s).
collective farms
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As price decreases and we move down further along a linear demand curve, the price elasticity of demand will:
a. decrease. b. increase. c. stay the same. d. approach infinity. e. increase or decrease.
Which of the following statement(s) best describes scarcity?
a. Even if the budget constraint or a PPF shifts, scarcity remains—just at a different level. b. If the budget constraint shifts, scarcity disappears. c. If a PPF shifts, scarcity disappears. d. Scarcity is not dependent on the budget constraint or a PPF shift.
Economists use models in order to
a. experiment with alternative circumstances. b. make educated guesses about real life events. c. predict outcomes under various hypothetical conditions. d. increase understanding of how a relationship actually works. e. All of the above are correct.
Which of the following statements is false?
A) Discouraged workers are a subset of a larger group termed marginally attached workers. B) Discouraged workers are counted as unemployed in the official unemployment rate calculation. C) A person is considered underemployed if he is working at a job for which his skills far exceed the skills required for his job. D) People who are underemployed are not counted as unemployed.