Recent research by Olmstead and Rhode (2002) emphasizes the importance of _________________in explaining increased agricultural productivity in the late 19th and early 20th centuries
a. "learning by doing"
b. the movement from family farms to corporate farms
c. better access to banks and financial capital
d. biological and chemical innovations
d. biological and chemical innovations
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What can be said about the market price when a good is in surplus (i.e., when the quantity supplied exceeds the quantity demanded)? How will demanders and suppliers respond to a surplus, and what will happen to the market price?
What will be an ideal response?
Ceteris paribus is the same as rise / run
Indicate whether the statement is true or false
If we ignore the negative or positive sign, the midpoint method of calculating a percentage change in price between two points on a demand curve results in
A) a smaller percentage change if the price rises than if it falls. B) the same percentage, regardless of whether the price increases or decreases. C) the price elasticity of demand. D) the price elasticity of supply. E) a higher percentage change if the price rises than if it falls.
What is the national security argument to support protection from international trade?
A) Domestic firms must be protected until they gain a comparative advantage. B) Any firm necessary in wartime must be protected. C) Foreign producers selling below cost to drive domestic firms bankrupt must be stopped. D) Domestic jobs must be protected from competition from low-paid foreign workers. E) Foreigners selling products in the economy limit the nation's diversity and stability.