Which statement is most correct: According to new research by Olmstead and Rhodes in 2008, productivity gains in cotton:
a. included a nearly 10 percent per annum increase in labor productivity.
b. were accomplished by mechanical innovations.
c. were accomplished by biological innovations.
d. were entirely due to the depletion of Eastern soils, which drove production to the Southwest.
c. were accomplished by biological innovations.
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The incidence of an excise tax
a. refers to who really pays it b. always falls on suppliers c. is equally divided between demanders and suppliers d. is determined by the number of demanders e. is decided by the government when the tax is imposed
Which of the following is the best example of a normative question?
A. Will increasing the money supply affect interest rates? B. How does the market for corn work? C. Will the redistribution of income make society better off? D. How do prices affect the market for coffee?
Answer the question on the basis of the following information: Suppose a firm hires both labor (L) and capital (C) under purely competitive conditions. The price of labor is P L and that of capital is P C . The marginal product of labor is MP L and that
of capital is MP C . The firm sells its product competitively at a price of P X . Refer to the given information. Which of the following must pertain if the firm is to minimize the cost of producing any output? A. MP C = MP L = P X . B. MP C = P C and MP L = P L . C. MP C /P C = MP L /P L . D. MP C /P X = MP L /P X .
During the past 40 years, U.S. exports as a percent of GDP and U.S. imports as a percent of GDP
A) both rose at the same pace. B) both fell at the same pace. C) both rose, but U.S. imports as a percent of GDP rose at a faster pace. D) both rose, but U.S. exports as a percent of GDP rose at a faster pace.