John Maynard Keynes developed his economic theories in the
A) 1870s.
B) 1900s.
C) 1930s.
D) 1960s.
C
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The African agrarian system is characterized by
(a) absentee landlords. (b) a dual agrarian system known as latifundio-minifundio. (c) land fragmentation. (d) shifting cultivation.
The key disadvantage of the kinked-demand model is that it:
A) explains why firms may collude, but it does not explain how they interact. B) does not explain why prices may be rigid in an oligopoly. C) requires the assumptions of perfect competition. D) only holds under price leadership.
In Quarto, farmers must obtain permission from the government to grow and sell tobacco beyond a stipulated level. The government sets a quota on the acres of land that a farmer can cultivate, but farmers may rent out their land and the quota associated with it. This is an example of a _____
a. corrective tax b. property tax c. tradable permit d. gift tax
Commodity egalitarianism refers to commodities that
A. are important for most consumers. B. are too dangerous for most consumers. C. should be made available to all consumers. D. are good ideas but never produced.