In developing countries, farm productivity is low because _____
a. half of the labor force is involved in industrial activities
b. half of the labor force is involved in the service sector
c. more than half of the population consists of old people
d. farming methods are generally primitive
e. people prefer leisure over working
Answer: d. farming methods are generally primitive
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What will be the effect of a tax cut on consumption if consumption offers diminishing returns?
What will be an ideal response?
The Green GDP:
A. tries to capture the environmental effects regular GDP doesn't. B. subtracts the environmental costs of production from the positive outputs normally counted in GDP. C. values negative externalities. D. All of these statements are true.
The demand for microwaves in a certain country is given by: D = 8,000 -30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then this country will ________ microwaves.
A. import 800 B. import 400 C. export 800 D. export
Figure 4.3 illustrates the demand for tacos. Assume that tacos and beer are complements. A decrease in the price of beer would bring about a movement from:
A. point a to point c. B. point c to point a. C. D2 to D0. D. D0 to D2.