The Lewis two sector model
a. Explains rapid growth in Asia
b. Says that excess labor in agriculture can be used as a source of growth
c. transfers a surplus from the traditional to the modern sector
d. All of the above
e. None of the above
D
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The category of "rent" in the income approach to GDP
A) does not have any connection to owner-occupied housing. B) includes the money paid to use land and other rented inputs. C) includes the money paid to rent apartments only. D) includes the money paid to rent machinery only. E) includes only the imputed rent for owner-occupied housing.
Growers expect that the price of a bushel of wheat will increase in one month. This belief results in
A) an increase in current supply of wheat. B) a decrease in current supply of wheat. C) a decrease in future supply of wheat. D) no change in current or future supply of wheat.
Recurrent flooding in Bangladesh is causing the land area of the country to shrink. In what ways might environmental mismanagement play a role in explaining this phenomenon?
What will be an ideal response?
Which of the following is true if the total variable cost curve is rising?
a. Average fixed cost is increasing. b. Marginal cost is decreasing. c. Marginal cost is increasing. d. Average fixed cost is constant.