Related to the Economics in Practice on page 3: According to the Economics in Practice, when rains in rural India are plentiful, the opportunity cost of having someone out of the labor force, and therefore unable to work in agricultural production,
A. increases.
B. remains unchanged.
C. is zero, because the person is out of the labor force.
D. decreases.
Answer: A
You might also like to view...
In 2011, a dollar could be traded for 100 yen and in 2012 a dollar could be traded for 90 yen. Between these two years, the dollar has become ________ valuable and so the dollar has ________
A) more; appreciated against the yen B) less; depreciated against the yen C) more; appreciated against the dollar D) less; appreciated against the yen E) more; depreciated against the yen
A nation's annual growth rate of real GDP per person is 2 percent. Its standard of living will
A) double in 35 years. B) not change because its population is growing. C) fall because of its population growth. D) double in 10 years. E) double in 50 years.
If there is employment discrimination against minorities, this will cause the:
A. supply of their services to increase, and their wages to fall. B. demand for their services to decline, and their wages to fall. C. supply of their services to decline, and their wages to rise. D. demand for their services to decline, and their wages to rise.
What is measured on the horizontal axis of the aggregate demand/aggregate supply model?
A. real Gross Domestic Product (GDP) B. the interest rate C. nominal income D. the price level