The Farm Security Act of 1985 included a gradual reduction in government support prices.
Answer the following statement true (T) or false (F)
True
The Farm Security Act of 1985 took a few steps in that direction. The core feature of the act was a gradual reduction in government support prices.
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If the actual capital-labor ratio is above the steady-state capital labor ratio, growth from convergence will be ________, and the economy will grow ________ than it will along a balanced growth path
A) negative; slower B) negative; faster C) positive; slower D) positive; faster
If the price elasticity of demand for a good is 2.0, then a 10 percent increase in price results in a
a. 0.2 percent decrease in the quantity demanded. b. 5 percent decrease in the quantity demanded. c. 20 percent decrease in the quantity demanded. d. 40 percent decrease in the quantity demanded.
For any competitive labor market, changes that increase the opportunity cost of work will:
A. decrease the labor supply and shift the supply curve left. B. increase the labor supply and shift the supply curve right. C. increase the labor supply and shift the supply curve left. D. decrease the labor supply and shift the supply curve right.
If 1 U.S. dollar exchanges for 1.89 Australian dollars, how much would it cost in U.S. dollars and cents to purchase an Australian video priced at 40 Australian dollars?
What will be an ideal response?