On average, about half the labor force in developing countries works in agriculture, versus only about 3 percent in industrial market countries
a. True
b. False
A
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If the penalty on sellers of an illegal good is less than the penalty on buyers of an illegal good, then supply of the good will ________ by ________ demand and the price of the good will ________
A) increase; more than; increase B) decrease; more than; decrease C) decrease; less than; decrease D) decrease; the same amount as; remain the same
What characteristic is shared by both sole proprietorships and partnerships?
a. They both tend to be large businesses. b. They both face unlimited liability. c. They both have just one owner. d. They both face limited liability. e. They both have just two owners.
Which of the following most accurately reflects the opportunity cost to a pharmacist who drives a taxi?
a. the dollars spent on his previously acquired education in pharmacy b. the revenue derived from operating the cab c. zero if the pharmacist received his education on a scholarship that paid his full tuition d. the value of the pharmacist's time in its highest valued use other than driving a cab
Formation of trade blocs can be considered beneficial because it
A. diverts world trade from low-cost producers to high-cost producers by encouraging too much trade within blocs. B. causes international friction when certain countries are let in the bloc and others are left out. C. encourages purchases from higher-cost producers. D. encourages increased total trade by each member country.